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.
The Indiana Gaming Commission has amended its order, allowing Caesars Entertainment (NASDAQ: CZR) to retain ownership of Horseshoe Hammond and other properties in Indiana. This decision follows Caesars’ recent sale of Tropicana Evansville and the anticipated sale of Caesars Southern Indiana by Q3 2021. CEO Tom Reeg expressed confidence that maintaining Horseshoe Hammond is beneficial for employees, customers, and the local community, indicating a strong future for the property.
Caesars Entertainment, Inc. (NASDAQ: CZR) announced the mandatory conversion of its 5.00% convertible senior notes due 2024, totaling approximately $321.89 million. The conversion will occur on June 24, 2021, with each note converted into 0.013889365 shares of common stock and $1.166196 in cash. Interest will cease on the conversion date, with payments scheduled for June 29, 2021. This action reflects Caesars' strategic move to manage its debt obligations as it continues to expand its casino-entertainment business.
The World Series of Poker (WSOP) has announced its 2021 daily event schedule, starting September 30 and concluding November 23. Notable events include the $10,000 No-Limit Hold'em World Championship with four starting flights from November 4-7. The tournament returns to the Rio All-Suite Hotel in Las Vegas. This year's WSOP expects robust participation following a 26-month hiatus, with 2019 setting records of 187,298 entries and $293 million in prizes. New broadcasting partnerships will enhance visibility, offering 15 hours of Main Event coverage.
GRAMMY nominated band OneRepublic will perform at Zappos Theater in Planet Hollywood Resort & Casino this Labor Day Weekend, with shows on September 4 and September 5. This marks the venue's first performances of the year. An artist presale starts on June 15, followed by a presale for select customers from June 16 to June 17. General public tickets go on sale June 18, starting at $45. The band has achieved over 5B streams on Spotify and is promoting their upcoming album, Human.
On June 11, 2021, Caesars Entertainment announced the completion of a $200 million renovation at Harrah's Las Vegas. The project includes redesigned guest rooms, a remodeled casino floor, and new LED marquees. The renovations enhance accommodations and guest experiences, with highlights such as the Spa, PizzaCake by Buddy Valastro, and a multi-year residency by Donny Osmond starting August 31, 2021. The property also features direct access to the CAESARS FORUM Conference Center, which will host a conference from June 15-17. The upgrades aim to attract more visitors during the upcoming summer season.
Caesars Entertainment has successfully closed the sale of Tropicana Evansville for $480 million in cash to Gaming & Leisure Properties and Bally's Corporation. This transaction is subject to a customary working capital adjustment. CEO Tom Reeg expressed gratitude towards the employees of Evansville and wished them success under new ownership. Caesars, a leader in the casino-entertainment sector, has a rich history of growth through acquisitions and expansions, aiming for operational excellence and enhanced guest experiences.
Bally's Corporation has successfully acquired the Tropicana Evansville casino from Caesars Entertainment for $140 million. This acquisition includes rights to sports betting and iGaming skins, enhancing Bally's presence in the growing Indiana gaming market. The transaction involved a real estate acquisition by Gaming & Leisure Properties for $340 million, which Bally's will lease for $28 million annually. No cash expenditure was required from Bally's at closing, and the company anticipates immediate earnings accretion from this strategic move.
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