Welcome to our dedicated page for Caesars Entertainment news (Ticker: CZR), a resource for investors and traders seeking the latest updates and insights on Caesars Entertainment stock.
Caesars Entertainment, Inc. (symbol: CZR) stands as the world's most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. Originating in Reno, Nevada, 75 years ago, Caesars has flourished into a global powerhouse, operating 50 casinos across 13 U.S. states and five international countries. Its well-known brands, including Caesars, Harrah's, and Horseshoe, are synonymous with high-quality entertainment and luxury.
Caesars' expansion was significantly bolstered by the 2020 acquisition by Eldorado Resorts, which doubled its U.S. footprint. Today, the company’s portfolio includes notable properties such as Tropicana, Bally's, Isle, and Flamingo. Additionally, Caesars owns the U.S. segment of William Hill, a leading digital sports betting platform, which it divested from its international operations in 2022.
The company generates substantial revenue from both its Las Vegas (49% of 2023 EBITDAR before corporate expenses) and regional markets (48%). Beyond physical casinos, Caesars also manages properties and digital assets, which have shown promising, albeit marginal, EBITDA in recent years. Caesars Entertainment remains committed to innovation, driven by a collaborative culture that values accountability, passion, and idea sharing.
Recent achievements highlight Caesars' forward-thinking approach. For instance, the sale of Casinos.com in 2022 for a multi-million-dollar deal underscores its strategic investments in high-value digital assets. The company also continually seeks talented individuals who share its core values and dedication to exceptional guest experiences, team member engagement, community impact, and environmental stewardship.
As Caesars Entertainment looks to the future, it remains a beacon of excellence in the casino-entertainment industry, blending tradition with cutting-edge innovation to offer unparalleled experiences to its guests and stakeholders around the world.
Caesars Virginia has announced its opening date of December 12, 2024, at noon in Danville, Virginia. The 587,000 square foot casino resort will feature over 90,000 square feet of gaming space, including nearly 1,500 slots, 79 live-action table games, and 48 electronic table games. The property includes a 320-room hotel tower, 50,000 square feet of meeting space, and various dining options including Ramsay's Kitchen by Gordon Ramsay. Since opening its temporary facility in May 2023, the operation has contributed over $66 million in gaming taxes to Danville and The Commonwealth. The resort plans to employ more than 1,200 team members upon opening.
Caesars Entertainment (NASDAQ: CZR) has announced an agreement to sell the LINQ Promenade to a joint venture between TPG Real Estate and Acadia Realty Trust's Investment Management Platform for $275 million. The transaction is expected to close during the fourth quarter 2024, subject to customary approvals and closing conditions. The company's CEO, Tom Reeg, stated that this non-core asset sale will help accelerate their debt reduction goals.
Caesars Entertainment (NASDAQ: CZR) has completed the sale of its World Series of Poker® (WSOP) brand to NSUS Group for US$500 million, comprising $250 million in cash and a $250 million promissory note due in five years. Caesars retains the right to host the flagship WSOP tournament in Las Vegas for 20 years and maintains its WSOP Online operations in Nevada, New Jersey, Michigan, and Pennsylvania. Brick-and-mortar poker rooms will continue WSOP branding, with Caesars venues maintaining preferential rights for WSOP Circuit events. Key WSOP executives, including Ty Stewart as CEO, Gregory Chochon as COO, and Erik Eidissen as Communications Manager, will transition to NSUS.
Caesars Entertainment (CZR) reported Q3 2024 financial results with GAAP net revenues of $2.9 billion, down from $3.0 billion year-over-year. The company posted a net loss of $9 million compared to net income of $74 million in the prior year. Same-store Adjusted EBITDA remained stable at $1.0 billion. Caesars Digital showed strong performance with Adjusted EBITDA of $52 million, up from $2 million, driven by 40% growth in net revenues. Las Vegas operations achieved record Q3 hotel, F&B, and banquet revenues, while Regional segment faced challenges from new competition and construction disruption.
Gordon Ramsay is set to open his first Virginia restaurant, Ramsay's Kitchen, at Caesars Virginia in Danville later this year. The restaurant will offer an elegant yet approachable menu inspired by Ramsay's global travels, featuring signature dishes like Beef Wellington and Crispy Skin Salmon.
Located adjacent to Hotel Registration, Ramsay's Kitchen will have over 250 seating options, including a private dining room and outdoor patio. The restaurant will serve breakfast, lunch, and dinner in a modern ambiance with rich furnishings.
This opening is part of Gordon Ramsay North America's expansion across the U.S. and Canada, in partnership with Caesars Entertainment. Caesars Virginia, set to open in late 2024, will feature a 320-room hotel, 90,000 square feet of gaming space, and 50,000 square feet of meeting space.
Caesars Entertainment, Inc. (NASDAQ: CZR) has announced the pricing of its Senior Notes due 2032 offering. The notes will have an interest rate of 6.000% per annum and an issue price equal to 100% of the principal amount. The aggregate principal amount has been increased to $1,100.0 million from the previously announced $1,000.0 million.
The offering is expected to close on or about October 17, 2024, subject to customary conditions. The notes are being offered in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act.
Caesars intends to use the proceeds to tender, redeem, or repurchase a portion of its existing 8.125% Senior Notes due 2027, and to pay related fees and expenses.
Caesars Entertainment, Inc. (NASDAQ: CZR) has announced its intention to offer $1,000.0 million aggregate principal amount of senior notes due 2032 in a private placement. The offering is subject to market and other conditions and will be made to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act.
The company plans to use the proceeds to tender, redeem or repurchase a portion of its existing 8.125% Senior Notes due 2027 and to pay associated fees and expenses. The new notes will not be registered under the Securities Act and may only be offered or sold in the U.S. under exemption from registration requirements.
Caesars Entertainment, Inc. (NASDAQ: CZR) has announced that it will release its financial results for the third quarter of 2024 after the market closes on Tuesday, October 29, 2024. The company will also host a conference call on the same day at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss the results and other company-related matters.
Interested participants can register for the call through a provided link, after which they will receive an email with the dial-in number and a unique PIN for access. The call will also be available via webcast on the Investor Relations section of Caesars Entertainment's website. A replay of the call will be accessible for 90 days following the event.
Caesars Entertainment (NASDAQ: CZR) has launched the Caesars Sportsbook Muckleshoot app at Muckleshoot Casino Resort in Auburn, Washington. The app allows guests 21 and older to place mobile sports bets while on the property, expanding the sports wagering experience beyond the on-premise sportsbook opened in 2022. The app offers live scoreboards, game streaming, secure payouts, and daily promotions.
The physical sportsbook features over 20 TVs, a video wall, and a live sports ticker. Caesars emphasizes responsible gaming, implementing a 21+ policy for all gaming options. This launch underscores Caesars' commitment to providing innovative gaming experiences in the Pacific Northwest.
Caesars Entertainment (NASDAQ: CZR) has launched Maine's first in-person sports wagering location at Oddfellahs, a new sports bar in downtown Portland. This milestone is achieved through a partnership with First Tracks Investments The venue offers a Vegas-style sportsbook experience with 36 screens, self-service betting kiosks, and a ticket window. Caesars Sportsbook has been offering mobile sports wagering in Maine since November 2023, in partnership with three Wabanaki Nations.
The company emphasizes its commitment to responsible gaming, having received RG Check accreditation in Ontario. Oddfellahs enforces a strict 21+ policy for entry and wagering. This expansion marks a significant step in Caesars' growth strategy and Maine's sports betting landscape.
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