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.
Sting has extended his Las Vegas residency, My Songs, at The Colosseum at Caesars Palace with six new performance dates in April 2023: April 1, 2, 5, 7, 8, and 9. Tickets go on sale to the public on June 17, with presale options available for fan club members and certain cardholders starting June 14. The residency showcases Sting's greatest hits along with new material from his latest album, The Bridge. The show has received positive reviews, confirming its popularity and significance in the Las Vegas entertainment scene.
Caesars Entertainment (NASDAQ: CZR) has announced a multiyear strategic partnership with Peyton Manning's Omaha Productions to produce a range of digital content. This collaboration will launch the Omaha Audio Network, featuring podcast series and live events tailored for Caesars' platforms. The partnership highlights responsible gaming initiatives and aims to enhance the Caesars Rewards program through unique member interactions. Caesars Sportsbook operates in 24 states and is committed to providing tools for responsible gambling.
Caesars Sportsbook, in partnership with NYRA Bets, has launched the Caesars Racebook app in Florida and Ohio, providing users with a premier horse racing experience. The app offers access to over 250 racetracks globally and features livestreaming capabilities. New users can receive a 100% deposit match up to $500. This initiative aims to enhance customer engagement in horse racing and is part of a broader strategy to expand into up to 30 states. The horse racing sector generated $12.2 billion in wagering handle in 2021, highlighting its significant market potential.
Caesars Entertainment (NASDAQ: CZR) has introduced a new educational assistance program called All-In On Education for its nearly 50,000 eligible Team Members. The initiative offers various benefits including up to $5,250 annually for tuition assistance and student loan repayment. It also features a 529 college savings plan and the Don Carano Legacy Scholarship, providing up to $20,000 for dependents. This program aims to support Team Members' educational goals, enhancing retention and community engagement.
UNITE HERE Local 54 has launched a website, ACTravelAlert.org, to inform travelers about potential labor disputes in Atlantic City as casino contract negotiations approach. With gaming profits back to pre-pandemic levels, workers are pushing for significant wage raises, with contracts for nine casinos, including Bally's (BALY) and Caesars (CZR), expiring on May 31, 2022. Union members are determined to secure better wages to cope with rising living costs, emphasizing that they have previously sacrificed pay for the industry's health.
Jane Lynch, the iconic actor and comedian, has been officially inaugurated as Funner, California's first female mayor. This marks a significant milestone as she succeeds past celebrity mayors. During her swearing-in ceremony, Lynch expressed excitement for her new role, which includes launching a zero-proof cocktail menu and new vegan offerings at Harrah's Resort Southern California. The mayor plans to promote the resort's entertainment and culinary experiences to enhance the community's appeal and embody the 'Funner state of mind.'
Caesars Entertainment (NASDAQ: CZR) has partnered with Indianapolis Motor Speedway (IMS) to become the Official Sports Betting Partner of the Indy 500 and other IMS races in 2022. This partnership introduces the first Caesars Sportsbook Lounge at Pagoda Plaza, offering an enhanced experience for fans during May events. The collaboration includes advertising, promotions, and access to exclusive VIP experiences through the Caesars Rewards program. Additionally, Caesars plans a $39 million investment to expand Harrah's Hoosier Park facility, following a $33.7 million enhancement at Horseshoe Indianapolis.
Caesars Entertainment has partnered with the Chicago White Sox, becoming the Exclusive Casino Partner and the Official Sports Betting Partner. This collaboration enhances Caesars' brand presence in Illinois and northwest Indiana, providing fans access to official logos, digital assets, and exclusive experiences through Caesars Rewards. The partnership integrates the sportsbook into marketing strategies and offers fans promotions via the Caesars Sportsbook app. As an authorized MLB gaming operator, Caesars Sportsbook operates in 24 states, reinforcing its market leadership in sports betting.
Caesars Entertainment reported Q1 2022 results, revealing net revenues of $2.3 billion, up from $1.8 billion in Q1 2021. However, the company faced a net loss of $680 million, a decline from $423 million year-over-year. Adjusted EBITDA decreased to $296 million from $521 million. Strong performance in Las Vegas was noted, achieving record EBITDA, while regional segments also showed growth. The company aims for debt reduction through improved cash flows and asset sales.
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