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, Inc. (NASDAQ: CZR) reported its Q2 2024 results with GAAP net revenues of $2.8 billion, down slightly from $2.9 billion in the prior year. The company posted a GAAP net loss of $122 million, compared to a net income of $920 million in Q2 2023. Same-store Adjusted EBITDA remained stable at $1.0 billion. Caesars Digital segment showed improvement with Adjusted EBITDA of $40 million, up from $11 million last year.
Key highlights include:
- Record same-store revenues, hotel occupancy, and ADR in Las Vegas segment
- Caesars Digital segment achieved a new Q2 Adjusted EBITDA record
- Regional segment faced competition in new markets
- Continued debt reduction with Term Loan B repayments over $100 million
- Full-year 2024 capital expenditures forecast at $800 million, excluding Danville project
Caesars Entertainment (NASDAQ: CZR) has been awarded the Corporate Social Responsibility Award by the National Council on Problem Gambling for its commitment to Responsible Gaming. The company implemented industry-leading policies in 2023, including a Universal Exclusion program and a 21+ Gaming policy.
Key initiatives include:
- Expanding self-exclusion across all Caesars gaming platforms
- Preventing under-21s from using Caesars Rewards® and accessing gaming products
- Providing Responsible Gaming training to all team members
- Deploying over 1,800 Responsible Gaming Ambassadors
- Establishing a Responsible Gaming Council of senior leaders
Caesars aims to ensure all visitors gamble responsibly and for entertainment purposes only.
Buddy 'Cake Boss' Valastro celebrated the grand opening of Buddy's Boardwalk Empire at Harrah's Resort Atlantic City. The new dining concept offers Jersey-style sandwiches, pizzas, pasta, and Valastro's iconic desserts from Carlo's Bake Shop. Opening day featured a ribbon-cutting ceremony, meet-and-greet with Valastro and his family, and exclusive merchandise.
Gregg Klein, Senior VP and GM of Harrah's Resort, expressed excitement about the new addition to their dining lineup. Valastro, a Jersey native, aims to bring the Boardwalk experience to Harrah's with fresh ingredients and signature dishes. The restaurant enhances Harrah's Resort's culinary offerings and solidifies its position as a premier dining destination in Atlantic City.
Buddy Valastro, known for his hit TLC series 'Cake Boss' and multiple bestselling books, continues to expand his culinary empire with various restaurant concepts across the United States.
Caesars Entertainment (NASDAQ: CZR) has expanded its mobile sports betting platform, Caesars Sportsbook, across Washington, D.C. The app is now available district-wide for users 21 and older, except on federal lands and areas near other professional sports venues. This expansion builds on Caesars' presence at Capital One Arena, where it opened the first sportsbook in a U.S. professional sports venue in 2021.
The Caesars Sportsbook app offers thousands of betting markets, live streaming of marquee sporting events, and integration with the Caesars Rewards loyalty program. New users can take advantage of a sign-up offer to get their first bet back up to $1,000 if it loses. Caesars emphasizes responsible gaming, implementing a 21+ policy for all domestic gaming operations.
Caesars Entertainment has appointed Rodney Williams to its Board of Directors, effective July 1, 2024, pending regulatory approvals. Williams brings a wealth of experience in luxury brand-building, strategic marketing, and corporate leadership from his tenure at Diageo and LVMH. His notable achievements include driving Guinness to become the fastest-growing on-premise brand in the U.S. and leading the growth of Hennessy’s U.S. business. Williams' expertise is expected to provide valuable insights as Caesars Entertainment integrates entertainment and culinary arts. The board's expansion to 11 members aims to enhance strategic vision and shareholder value.
Caesars Entertainment (NASDAQ: CZR) will announce its Q2 2024 financial results after the market closes on July 30, 2024. The company will hold a conference call the same day at 5:30 p.m. ET to discuss the results and other related matters. Participants can register for the call through the provided link and will receive a unique PIN for access. The call will also be available via a webcast on the Investor Relations section of Caesars Entertainment's website, and a replay will be accessible for 90 days.
Caesars Entertainment (NASDAQ: CZR) has completed the acquisition of WynnBET's Michigan iGaming operations. The deal includes a long-term extension of iGaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians. Caesars will continue using the WynnBET brand, ensuring no disruption for customers. The acquisition is expected to boost Caesars' iCasino net revenue and improve EBITDA.
In the second half of 2024, Caesars plans to launch a new online casino brand and transition WynnBET's operations to its own Michigan iGaming platform, subject to regulatory approval.
Caesars Entertainment, the largest casino-entertainment company in the U.S., has published its 2023 Corporate Social Responsibility (CSR) report. The report outlines significant progress in environmental impact, diversity, equity, and inclusion initiatives, community investment, and team member development. Key achievements include surpassing emission reduction goals three years ahead of schedule and setting a new goal of a 46.2% reduction by 2030 from a 2019 baseline. Other highlights include the expansion of the 'Caesars Makes Change' program, which donated over $1.25 million in 2023, and the launch of a leadership development tool for team members, resulting in more than 3,100 completed learning programs.
The 55th annual World Series of Poker (WSOP) has officially commenced at Paris Las Vegas and Horseshoe Las Vegas, featuring Vegas Golden Knights champion Jonathan Marchessault delivering the opening "Shuffle Up & Deal." The 2024 series started with the Champions Reunion No-Limit Hold’em Freezeout, featuring a $5,000 buy-in and special entries for players eliminating former Main Event champions. The series runs from May 28 to July 17, 2024, with the Main Event beginning on July 3 and concluding on July 17. Last year’s Main Event set a record with 10,043 entrants and a $12.1 million prize for the winner, Daniel Weinman. The WSOP, part of Caesars Entertainment, continues its tradition of awarding prestigious gold bracelets and substantial prize money, with the 2023 series having attracted 214,641 participants from 114 countries and awarding over $403 million.
Caesars Entertainment and the World Series of Poker (WSOP) have launched WSOP Online, the first poker platform to pool players from Michigan, Nevada, and New Jersey. This historic move rebrands WSOP.COM and introduces improved functionality, including mobile capabilities, new tournaments, and larger prize pools. Effective immediately, players in Nevada and New Jersey must pre-register to transition their accounts to the new platform. The launch coincides with the 55th WSOP event starting on May 28, which features 30 online bracelet events and hybrid tournaments that conclude with live final tables in Las Vegas. Promotions include a $100,000 freeroll for deposits made from May 28 to June 29.
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