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.
On September 10, 2021, Caesars Entertainment (CZR) announced a cash tender offer for up to $1.2 billion of its 5.250% Senior Notes due 2025. The offer is set to expire at 12:00 a.m. on October 7, 2021, unless extended. Holders tendering by September 23, 2021, can receive an early payment of $30.00 per $1,000 of notes. The tender offer is contingent upon Caesars securing at least $1 billion in debt financing. Should the offer be under-subscribed, the company plans to redeem the remaining notes around October 15, 2021.
On September 10, 2021, Donny Osmond announced new performance dates for his solo residency at Harrah's Las Vegas through 2022. Following a successful opening with sold-out crowds, the show features Osmond's hits and personal stories in an engaging format. Produced by Mojave Ghost, the residency showcases Osmond's extensive career, including his iconic music and new songs. Upcoming shows are scheduled from September 2021 to November 2022, with tickets available now.
On September 10, 2021, Caesars Entertainment, Inc. (CZR) announced a proposed offering of $1 billion in senior notes due 2029. The offering targets qualified institutional buyers under Rule 144A and international buyers under Regulation S. The proceeds will be used to retire 5.250% Senior Notes due 2025 and cover related fees. This private placement will not be registered under the Securities Act, limiting domestic offers to exemptions.
Caesars Entertainment has officially launched sports betting in Arizona, celebrating the legalization with a kickoff event on September 9, 2021. Attendees, including Governor Doug Ducey and D-backs CEO Derrick Hall, placed the first ceremonial bets for charity. The Caesars Sportsbook app is now available, offering a risk-free bet of up to $5,000 until September 30. A two-story sportsbook and sports bar is set to open at Chase Field in early 2022, enhancing the betting experience for fans. Caesars also partners with multiple sports leagues, boosting its presence in the gaming industry.
Caesars Entertainment (NASDAQ: CZR) has reached an agreement to sell the non-US assets of William Hill to 888 Holdings Plc for approximately £2.2 billion. Following debt repayment and adjustments, Caesars anticipates net proceeds of around £835 million (approximately $1.2 billion). The deal is contingent on 888 Holdings Plc shareholder and regulatory approvals, with closure expected in Q1 2022. CEO Tom Reeg expressed gratitude to William Hill's team and confidence in the new ownership aligning with their long-term goals.
On September 8, 2021, Caesars Entertainment (CZR) announced a strategic partnership with the Baltimore Ravens, becoming the team's official sports betting partner. The five-year agreement includes naming rights at M&T Bank Stadium and a premium betting experience through Caesars Sportsbook. Fans will have access to various events, including annual signature events and digital content during the NFL Draft. This partnership aims to enhance fan engagement and expand the entertainment district around Horseshoe Baltimore, further solidifying Caesars' position in the sports betting market.
Genius Sports (NYSE:GENI) has entered a strategic partnership with Caesars Entertainment (NASDAQ:CZR), granting Caesars access to Genius' extensive portfolio of official sports data feeds. This agreement enhances Caesars’ sportsbook with essential data for betting on NFL, NASCAR, and other global sports. As part of the deal, Genius will also provide marketing technology to enhance customer engagement and acquisition. Both companies aim to elevate the betting experience and capitalize on the growing sports betting market in the U.S., improving their brand offerings and monetization opportunities.
VICI Properties Inc. has entered a triple-net lease agreement with EBCI Holdings in relation to the acquisition of Caesars Southern Indiana. The lease stipulates an initial total annual rent of $32.5 million for a term of 15 years, with annual rent escalations starting at 1.5%. This agreement reduces annual base rent payments under VICI's master lease with Caesars by $32.5 million. Additionally, VICI has a right of first refusal on real property related to a new casino resort in Danville, Virginia.
Caesars Entertainment, Inc. (NASDAQ: CZR) has successfully closed the sale of its operations at Caesars Southern Indiana to the Eastern Band of Cherokee Indians for approximately $250 million. This transaction will result in a reduction of Caesars' annual base rent payments to VICI Properties by $32.5 million. Furthermore, Caesars and the Eastern Band of Cherokee Indians have entered a long-term agreement to continue utilizing the Caesars brand and Caesars Rewards loyalty program at the sold operation.
Caesars Entertainment (CZR) has entered a groundbreaking partnership with the Fiesta Bowl Organization, marking the first exclusive sports betting and fantasy gaming alliance for a college football bowl game. This multi-year agreement aims to enhance fan engagement and expand Caesars' presence in Arizona, where legal sports betting is set to commence on September 9. The collaboration includes fan lounges at the Fiesta Bowl and Guaranteed Rate Bowl, as well as a commitment to responsible gaming education. The partnership is positioned to leverage the passion of college football fans while aligning with Caesars’ growing sports relationships.
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