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.
Garth Brooks has announced a new residency titled Garth Brooks/Plus ONE at the Colosseum at Caesars Palace, starting in 2023. The show promises unique performances with varying band members and occasional special guests. Tickets will be available through Ticketmaster Verified Fan, with registration open until November 17, 8 a.m. PT. A special Citi Presale is also available for cardholders. A commemorative boxed set, Garth Brooks LIVE LIVE, is available for pre-order. This residency adds to Caesars Palace's entertainment legacy, enhancing its market appeal.
On November 10, 2022, graduate students from NYU's School of Professional Studies collaborated with Caesars Sportsbook during a New York Rangers game to discuss responsible gaming. This initiative is part of a semester-long course aimed at promoting responsible gaming awareness. Students received insights into Caesars' marketing strategies and presented their own marketing plans. VP Jeff Gonyo emphasized the importance of innovation in sports betting. Caesars is committed to responsible gaming through programs and tools that help guests gamble responsibly, reflecting a long-standing focus on this issue.
Caesars Entertainment (CZR) reported solid third-quarter results for 2022, achieving GAAP net revenues of $2.9 billion, up from $2.7 billion in the same period last year. The company posted a net income of $52 million, a significant recovery from a net loss of $233 million reported previously. Same-store Adjusted EBITDA rose to $1.0 billion, up from $880 million. Notably, Caesars Digital showed a revenue increase of 120.8% year-over-year. The company also highlighted efforts in debt reduction, with a total debt of $13.3 billion.
Caesars Entertainment has launched its Sportsbook app in Ohio ahead of the state's legalized sports betting set for January 1, 2023. Fans can register and deposit funds now, with a special sign-up offer of a $100 bet credit for first-time users who register with promo code CZR1H by the deadline. The app features multiple deposit options, faster payouts, and various betting options. Caesars is also partnering with the Cleveland Cavaliers to open a retail sportsbook and promote responsible gaming. This expansion enhances Caesars' presence in Ohio's gaming market.
Caesars Entertainment announced the opening of the all-new Horseshoe Lake Charles in Louisiana, set for December 12, 2022, after a two-year closure due to the pandemic and Hurricane Laura. This 60,000-square-foot resort will feature nearly 1,000 gaming machines, a WSOP® Poker Room, and a Caesars Sportsbook. Notably, it will introduce Gordon Ramsay Steak, the first Louisiana restaurant by the multi-Michelin-starred chef. The opening day includes a ribbon-cutting ceremony and community celebrations, showcasing the brand's commitment to offering premier gaming and hospitality services.
Caesars Entertainment has selected Vince Vaughn as the new face of its iCasino platforms, enhancing its marketing strategy. Vaughn, known for his love of gaming and Las Vegas, will feature in upcoming campaigns alongside stars like JB Smoove and the Manning family. This partnership leverages Vaughn's previous involvement with Caesars and the World Series of Poker, promoting features such as easy app usage and integrated rewards. Caesars Sportsbook is operational in 27 states and emphasizes responsible gaming across its platforms.
SL Green and Caesars Entertainment have partnered to redevelop 1515 Broadway into Caesars Palace Times Square, aiming to enhance New York's economy and tourist appeal. The project includes significant investments in security and traffic improvements, promising billions in tax revenue and creating thousands of jobs through local business partnerships. The proposal will feature a Broadway Theater for The Lion King and aims to leverage Caesars Rewards for local economic benefits, enhancing the overall Times Square experience.
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