Caesars Entertainment Inc Stock Price, News & Analysis

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.

Caesars Entertainment (CZR) has agreed to implement a majority vote standard for uncontested director elections by July 2022. This decision comes after UNITE HERE threatened to solicit proxies for a shareholder proposal on the matter. In 2019, approximately 70% of shareholders supported this change, highlighting a demand for increased shareholder influence. The reform aligns with corporate governance best practices, allowing shareholders to have a stronger voice in the election of directors.

Caesars Entertainment, in partnership with Bread Financial, has launched an upgraded Caesars Rewards Visa card program, enhancing customer loyalty by allowing members to earn both Reward Credits and Tier Credits with purchases. This new initiative offers several bonuses, including 2,500 Tier Credits upon card activation and 10,000 Reward Credits after spending $1,000 within 90 days. With over 65 million members, the Caesars Rewards program is the largest in the gaming industry, providing exclusive benefits across its destinations.

Vanderpump à Paris, a new restaurant at Paris Las Vegas, held its grand opening on April 22, 2022. Designed by Lisa Vanderpump, the venue features a Parisian-inspired ambiance with unique light fixtures and elaborate decor. Guests can enjoy crafted cocktails and a menu of reimagined Parisian classics. Vanderpump emphasized the immersive experience, aiming to evoke the essence of Paris. This marks her second Las Vegas location, enhancing the culinary offerings of the resort. The restaurant operates daily with varying hours, adding to the vibrant dining scene of Las Vegas.

Caesars Entertainment, Inc. (NASDAQ: CZR) announced a revised deal to sell its non-US assets of William Hill to 888 Holdings Plc, with an enterprise value of £1.95 billion to £2.05 billion. This reflects a £250 million reduction, with Caesars eligible for up to £100 million in deferred payments based on 888's 2023 performance. Expected net proceeds at closing are approximately £585 million ($785 million), pending shareholder and regulatory approvals, with a target closing date in June 2022.

Caesars Entertainment (NASDAQ: CZR) and the New York Mets have formed a multi-year partnership designating Caesars Sportsbook as the team's Official Sports Betting Partner. This collaboration includes the creation of a dedicated sportsbook lounge at Citi Field, expected to open in the 2022 MLB season, offering VIP experiences for Caesars Rewards members. The partnership capitalizes on New York's lucrative market, where Caesars Sportsbook is recognized as an authorized gaming operator of MLB and is operational in 23 jurisdictions.