Earned & PaidCaesars
Caesars spent $237M on advertising and marketing in fiscal 2025, up 2.6% on the year before and +717% since 2019. That's 2.1% of revenue, more than in 2019: leaning in.
Marketing spend by year
Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue. Years where the filing's revenue line isn't comparable are left out of the line.
What they told investors
“What that tells me is we have lower acquisition cost and lower churn than our peers, and that's been a significant benefit to us, particularly recently, as you've seen others start to talk about customer acquisition costs, ours have been pretty steady.”management · 2026 Q1 · transcript
“Recall that the bulk of our customer acquisition comes from our Caesars Rewards database.”Thomas Reeg · 2026 Q1 · transcript
“But to your point about heading into next year, I would say the vast majority of our marketing spend has traditionally been earmarked towards the direct channels like Facebook, Google, Snap, those types of things.”management · 2025 Q3 · transcript
“There is an opportunity to do a little bit more at the top of funnel type advertising.”Eric Hession · 2025 Q3 · transcript
“In our we did our big brand campaign in '21 when sports betting kicked off and our app was not as competitive as it needed to be versus our peers, we've done a lot of work in getting the app up to par, culminating with shared wallet as you pointed out, we need to give that…”management · 2025 Q3 · transcript
Say vs do
Caesars's management has talked about its marketing budget, but in ways annual filings can't check: one quarter, one brand or channel, or the mix.
What they said
“But to your point about heading into next year, I would say the vast majority of our marketing spend has traditionally been earmarked towards the direct channels like Facebook, Google, Snap, those types of things.”
Management on the 2025 Q3 earnings call, Oct 28, 2025 · transcript
Can't tell from annual filings It's about part of a year; filings report full years.
“There is an opportunity to do a little bit more at the top of funnel type advertising.”
Eric Hession on the 2025 Q3 earnings call, Oct 28, 2025 · transcript
Can't tell from annual filings Filings don't split brand from performance or report spend by channel.
What they did
| Year | Marketing spend | Change | Share of revenue |
|---|---|---|---|
| FY2025 | $237M | +2.6% | 2.1% |
| FY2024 | $231M | -10.8% | 2.0% |
| FY2023 | $259M | -54.6% | 2.2% |
| FY2022 | $571M | +10.2% | 5.3% |
| FY2021 | $518M | +709.4% | 5.4% |
| FY2020 | $64M | +120.7% | 1.8% |
Against its peers. Compared with the 2 other Gambling advertisers we track (DraftKings, MGM Resorts): since 2019 its marketing spend went +717% (peer median +104%); its share of revenue moved +0.9 pts (median +0.8); last year +2.6% (median +5.3%).
How we check: a statement gets a verdict only when it's clearly about the size of the whole company's marketing budget over a full fiscal year; we compare it with the advertising and marketing expense in that year's 10-K. Statements about one quarter, one brand or channel, or the mix between brand and performance can't be checked against annual filings.
What they say about media
The marketing channels it talks about using for itself on earnings calls and in its 10-Ks and 10-Qs, since 2019; counts are statements, not spending.
- CRM, loyalty & first-party data “We've got Caesars Rewards, which we think is our largest acquisition and retention tool.” Anthony Carano on the earnings call · Apr 28, 2026 · source
- Sponsorships & athletes · Experiential & events “The Company has agreements with certain sporting event facilities and professional sports teams primarily for tickets, suites, advertising, marketing, promotional and sponsorship opportunities.” 10-K · Feb 17, 2026 · source
- Paid search · SEO & AI search “I know that has been a big topic this quarter, geo versus SEO, and maybe some potential savings.” Eric Hession on the earnings call · Feb 17, 2026 · source
- Creative campaigns “In our we did our big brand campaign in '21 when sports betting kicked off and our app was not as competitive as it needed to be versus our peers, we've done a lot of work in getting the app up to par, culminating with shared wallet as you pointed out, we need to give that…” Thomas Reeg on the earnings call · Oct 28, 2025 · source
- Affiliate & lead gen “These relationships, along with providers of online services, search engines, social media, directories and other websites and e-commerce businesses direct consumers to our offerings. While we” 10-K · Feb 20, 2024 · source
What they see in the market
What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.
- Sponsorships & athletes “The Company has agreements with certain professional sports leagues and teams, sporting event facilities and media companies for tickets, suites, advertising, marketing, promotional and sponsorship opportunities including communication with partner customer databases.” 10-Q · Apr 30, 2024 · source
In the news
- Saracen Casino Resort Names Rod Centers CEO Just Days After Firing GM and CMO Casino.org · Sep 29, 2026 · marketing leader