CZR vs LVS: Caesars Entertainment and Las Vegas Sands compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Las Vegas Sands is the larger company, worth $23.3B, about 3.7 times Caesars Entertainment.
- Caesars Entertainment grew revenue faster over the last year (+3.0% vs -0.7%).
- Las Vegas Sands keeps more of each dollar of revenue as operating profit (21.5% vs 15.9%).
- Las Vegas Sands's price assumes faster free cash flow growth: about -1% a year, against -1% for Caesars Entertainment (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CZR | LVS |
|---|---|---|
| Market cap | $6.2B | $23.3B |
| Share price | $29.50 | $36.17 |
| Revenue (last fiscal year) | $11.5B | $13.0B |
| Free cash flow (last fiscal year) | $497M | $1.9B |
| Revenue growth, last year | +3.0% | -0.7% |
| Revenue growth per year, last 5 fiscal years | +4.7% | +32.4% |
| Operating margin | 15.9% | 21.5% |
| Net margin | -4.0% | 12.6% |
| Return on equity | -13.8% | 297.2% |
| P/E (trailing) | — | 14.1x |
| Price / free cash flow | 12.0x | 13.1x |
| EV / EBITDA | 9.05x | 8.34x |
| FCF growth the price implies | -1.1% | -1.1% |
| Dividend yield | — | 3.1% |
| Debt / equity | 8.35x | 32.7x |
| Fundamental grade | D | C |
| Superinvestors holding it | 6 | 6 |
| Insider purchases, last 12 months | 1 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Caesars Entertainment
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.6B | $679M | 15.3% |
| 2022 | $10.8B | $41M | 16.1% |
| 2023 | $11.5B | $545M | 21.4% |
| 2024 | $11.2B | -$221M | 20.5% |
| 2025 | $11.5B | $497M | 16.2% |
Las Vegas Sands
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.2B | -$1.1B | -16.3% |
| 2022 | $4.1B | -$1.6B | -19.3% |
| 2023 | $10.4B | $2.2B | 22.3% |
| 2024 | $11.3B | $1.6B | 21.3% |
| 2025 | $13.0B | $1.9B | 21.6% |
Where the revenue comes from
Caesars Entertainment · by segments, 2025
Regional$5.8B50%
Las Vegas$4.0B35%
Caesars Digital$1.4B12%
Managed and Branded$279M2%
Las Vegas Sands · by products, 2025
Casino$9.8B75%
Rooms$1.4B11%
Mall$801M6%
Food and Beverage$644M5%
Convention, Retail and Other$361M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CZR in InvestinglyQuestions
Which is bigger, Caesars Entertainment or Las Vegas Sands?
Las Vegas Sands (LVS), at $23.3B against $6.2B.
Which grows faster, CZR or LVS?
Caesars Entertainment: revenue grew +3.0% over the last year, against -0.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.