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 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.
On May 26, 2021, the William Hill Sportsbook officially opened at Washington D.C.'s Capital One Arena, marking a milestone as the first sportsbook within a U.S. professional sports facility. This 18,000 sq. ft venue includes 17 betting windows, 12 kiosks, and over 100 television screens, providing a premium experience for fans. The opening reflects a partnership between William Hill and Monumental Sports, enhanced by Michelin-starred Chef Nicholas Stefanelli's culinary offerings. The sportsbook is accessible year-round, aiming to attract millions of visitors attending the arena's 230 annual events.
Shania Twain has announced 14 new shows for her Las Vegas Residency at Zappos Theater, taking place from December 2 to 21, 2021 and February 11 to 26, 2022, including a Valentine's Day performance. Tickets go on sale June 1, 2021, with presales starting May 27 for Citi cardholders. Ticket prices begin at $60. A portion of ticket sales will be donated to Shania Kids Can, providing support to children in need.
Gwen Stefani has announced eight new dates for her residency, "Gwen Stefani – Just A Girl," at Zappos Theater, Planet Hollywood Resort & Casino, from October 22 to November 6, 2021. Tickets go on sale to the public on May 29, with presale options for Citi cardmembers and Caesars Rewards members. Prices start at $40. A portion of ticket sales will be donated to Cure 4 The Kids Foundation. Stefani, a multi-platinum artist with over 50 million records sold, continues to engage her audience with a dynamic performance celebrating her music career.
Bacchanal Buffet at Caesars Palace in Las Vegas reopened on May 20, 2021, after a multi-million dollar renovation, welcoming guests with a new dining experience. The buffet features nearly 100 new dishes, expanding its menu to include more vegan options and innovative offerings. Enhanced design elements emphasize nature and modern kitchen equipment. The buffet is now accepting reservations via OpenTable.com for the first time since its launch in 2012. Caesars promotes safety protocols to ensure guest well-being during this reopening.
Topgolf Entertainment Group announced the construction of a new venue in Baltimore, set to open in 2022. The 65,000 square-foot facility will feature 90 hitting bays, a full-service restaurant, and event spaces. It aims to create over 500 jobs and generate an estimated economic output of $264.5 million over a decade. Located in the Southern Gateway Entertainment District, this venue will enhance local entertainment options and support the area's redevelopment efforts. Groundbreaking is anticipated shortly, signaling a significant investment in Baltimore's community.
Caesars Entertainment announced the Nevada Gaming Control Board's approval for full occupancy on casino floors at all nine Las Vegas properties, eliminating social distancing. This decision follows the company's initiatives to vaccinate its workforce. CEO Tom Reeg emphasized the importance of employee vaccinations in the recovery process. Masks will still be required for employees, while guests can remove masks in designated areas if fully vaccinated. The properties impacted include Bally's, Caesars Palace, and Planet Hollywood, among others, enhancing the gaming experience as the industry rebounds.
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