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 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.
Bacchanal Buffet at Caesars Palace will reopen on May 20, 2021, after extensive renovations and enhancements. The multimillion-dollar upgrade includes the addition of over 30 new dishes and a redesigned dining area. First-time reservations will be available through OpenTable.com. Features include nine interactive kitchens and new open-fire roasting grills. Bacchanal Buffet aims to continue its legacy as a top culinary destination in Las Vegas, having been recognized as the number one buffet shortly after its 2012 opening.
Caesars Entertainment (CZR) has partnered with the Arizona Diamondbacks to launch mobile sports betting in Arizona and build a new sportsbook and bar near Chase Field. This deal grants Caesars exclusive mobile betting market access and sponsorship opportunities in sports betting and daily fantasy sports for the team. Following new legislation in Arizona, fans will be able to access the sportsbook app for betting anywhere within the state. This partnership marks a significant expansion for Caesars, which recently secured a multi-year agreement with Major League Baseball as an Authorized Gaming Operator.
Caesars Entertainment reported first-quarter 2021 results with net revenues of $1.7 billion, a 259.2% increase year-over-year but 16.0% decline on a same-store basis. The net loss widened to $423 million from a loss of $176 million a year earlier. Adjusted EBITDA rose to $548 million, compared to $410 million in the prior year. The company completed the acquisition of William Hill PLC on April 22, 2021, and expanded its NFL partnership, becoming one of three official sports betting partners. Overall, operating efficiencies improved, fueled by an increase in consumer activity.
On April 23, 2021, Usher announced six additional dates for his Las Vegas residency at The Colosseum at Caesars Palace. The new shows will take place from August 4 to 14, 2021, following a high demand for tickets. The residency promises an intimate experience for fans, featuring a repertoire of Usher's hits over his 20-year career. Ticket sales will start on April 29, 2021, with presales from April 24. General ticket prices begin at $59, with a portion of proceeds going to Usher's New Look, Inc., which supports underserved youth.
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