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 Entertainment, the largest casino-entertainment company in the U.S., has launched a new wellness center at The LINQ Hotel + Experience on the Las Vegas Strip, in partnership with Premise Health. The center is designed for eligible Caesars Team Members and offers in-person and digital health services, including primary care and physical therapy. It replaces an older facility and features expanded hours, a 24-hour fitness center, and access to fitness specialists. The wellness center aims to enhance health care experiences for team members and their families.
Caesars Sportsbook has entered a groundbreaking partnership with the Manning family, including Archie, Peyton, Eli, and Cooper Manning, to enhance its brand presence across the U.S. This unique collaboration marks the first of its kind between a sports betting company and a prominent sports family. The Mannings will serve as ambassadors, promoting responsible gaming and engaging with bettors through various initiatives. Caesars Sportsbook is operational in 20 states and offers extensive mobile betting options. This partnership also supports the Mannings' charitable efforts, highlighting their community involvement.
Caesars Entertainment (NASDAQ: CZR) has been recommended by the New York State Gaming Commission for a Mobile Sports Wagering License, paving the way for Caesars Sportsbook to launch in New York. CEO Tom Reeg highlighted the state's potential as the largest mobile sports betting market in the U.S. With over 19 million residents, Caesars plans to leverage its existing presence and established partnerships with various sports leagues to enhance customer experience. Currently operational in 20 states, Caesars Sportsbook aims to offer a comprehensive mobile betting experience and integrate its loyalty program for users.
Caesars Entertainment (CZR) reported strong Q3 2021 results, with net revenues reaching $2.7 billion, up from $1.4 billion year-over-year. The net loss narrowed to $233 million from $926 million in Q3 2020. Adjusted EBITDA increased to $882 million compared to $433 million last year. The Las Vegas segment achieved an all-time EBITDA quarterly record, while regional operations also showed significant growth. The company announced Sandra Douglass Morgan's appointment to the Board, effective November 7, 2021.
Caesars Entertainment and VICI Properties announced the completion of the sale of Harrah's Louisiana Downs Casino for $22 million. The proceeds were allocated with $5.5 million going to VICI and $16.5 million to Caesars, subject to standard cash adjustments. Despite the transaction, the annual base rent payments under the Regional Master Lease remain unchanged, indicating stability in their financial relationship going forward.
Caesars Entertainment (CZR) and VICI Properties (VICI) have finalized the sale of Harrah's Louisiana Downs to Rubico Acquisition Corp. for $22 million. The split of proceeds allocated $5.5 million to VICI and $16.5 million to Caesars, subject to customary adjustments. Importantly, the annual base rent payments under the Regional Master Lease between the two companies will remain unchanged. This transaction reflects Caesars’ ongoing strategy to optimize its asset portfolio while maintaining stable earnings from its lease agreements.
Sting has launched his residency, "My Songs," at The Colosseum at Caesars Palace in Las Vegas, featuring hits from his illustrious career, including "Roxanne" and "Every Breath You Take." Produced by the Cherrytree Music Company, Live Nation, and Caesars Entertainment, the residency runs through November 13, 2021, and will resume in June 2022. Tickets are currently available, including VIP packages that offer unique experiences. Sting's new album, The Bridge, will be released on November 19, showcasing his diverse songwriting talents amidst the pandemic's challenges.
On October 31, 2021, Caesars Entertainment (NASDAQ: CZR) launched in-person sports betting at Harrah's New Orleans and Horseshoe Bossier City, marking a historic milestone for the Louisiana market. The first bets were placed during simultaneous events, including a ceremonial bet by former NFL player Bobby Hebert. The company anticipates the launch of mobile betting once it receives regulatory approval. Caesars is committed to enhancing customer experience through its sports betting offerings and plans for new retail sportsbooks and extensive renovations at existing locations.
On October 22, 2021, Caesars Entertainment announced the launch of its Caesars Sportsbook app in Louisiana, coinciding with the state's legalized mobile sports betting. Eligible fans can download the app to access various betting options and promotions. Early registrants will receive a $100 Free Bet bonus and additional bonuses based on local team scores during launch week. Caesars also plans to offer in-person betting at Harrah's New Orleans and Horseshoe Bossier City. This launch aligns with Caesars' commitment to Louisiana, highlighted by a naming partnership with the New Orleans Saints.
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