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 has completed its acquisition of William Hill for approximately $4 billion. This strategic move positions Caesars as a leader in the U.S. sports betting and online gaming sectors, expanding its operations to 20 U.S. jurisdictions by year-end 2021. The deal enhances Caesars Rewards, integrating William Hill members into its loyalty program. Caesars plans to sell non-U.S. operations of William Hill. Industry experts expect the acquisition to drive long-term growth and improve customer service through a unified wallet for sports betting and gaming.
Caesars Entertainment has announced a $400 million investment plan to enhance its three Atlantic City resorts: Caesars, Harrah's Resort, and Tropicana. The multi-year project includes room renovations worth $170 million, new dining experiences, and improved gaming facilities, aiming to elevate Atlantic City as a premier tourism destination. The first phase, focusing on room upgrades at Caesars and Harrah's, is set to launch in Summer 2021. This initiative aligns with local economic growth efforts and is expected to create jobs while positioning Caesars for long-term success.
ZK International Group's subsidiary, xSigma Entertainment, has acquired live golf betting software to offer as a B2B solution for iGaming operators. The software enables real-time betting on golf games, supporting hole-by-hole bets with quick integration via API. A beta test will involve existing sportsbooks, with production set for Q3 2021. xSigma is also investing $50 million in MaximBet, a US sports betting venture, leveraging a projected $10 billion market by 2025. This acquisition is expected to enhance xSigma's presence in the growing online gaming market.
CBS Sports Network is set to be the exclusive U.S. television home for the World Series of Poker (WSOP) starting in 2021. This multi-year agreement with PokerGO includes 15 hours of Main Event coverage and 36 hours of additional Gold Bracelet events. The partnership revives a historic collaboration, as CBS was the first to broadcast poker in the U.S. The WSOP has awarded over $3.29 billion in prize money since its inception, attracting significant participation and enhancing its global brand.
Caesars Entertainment (NASDAQ: CZR) solidifies its presence in the sports betting market by becoming an Official Sports Betting Partner of the NFL starting with the 2021 season. This multi-year agreement expands their existing partnership, allowing Caesars to leverage NFL branding for both retail and online betting, while enhancing fan engagement through NFL-themed games. Caesars continues as the NFL's Official Casino Sponsor, retaining exclusive rights to use NFL trademarks, creating experiences across its 50+ properties, and committing to responsible gaming practices.
On April 7, 2021, Caesars Entertainment (NASDAQ: CZR) finalized the sale of MontBleu Resort Casino & Spa to Bally's Corporation. This divestiture fulfills a commitment made to the Federal Trade Commission during the merger with Eldorado, completed in July 2020. CEO Tom Reeg acknowledged the dedicated service of MontBleu's team, especially during the COVID-19 pandemic, wishing them success under Bally's ownership. The transaction was facilitated by Macquarie Capital and Milbank LLP.
Bally's Corporation (NYSE: BALY) has finalized the acquisition of MontBleu Resort Casino & Spa from Caesars Entertainment (NASDAQ: CZR). This strategic acquisition enhances Bally's portfolio, positioning MontBleu as a key entertainment destination near Lake Tahoe, complementing its existing properties. The resort features 418 slots, 17 tables, and 438 hotel rooms, aiming to attract loyal customers. Following the acquisition, Bally's intends to expand its market presence, which currently includes 12 casinos across eight states.
Caesars Entertainment has announced the much-anticipated return of the World Series of Poker (WSOP) in 2021, featuring the iconic $10,000 No-Limit Hold'em World Championship, known as 'The Main Event'. This in-person event will take place at the Rio All-Suite Hotel & Casino from Sept. 30 to Nov. 23. The opening weekend will include a charity event for frontline health workers and a $5 million GTD No-Limit Hold'em tournament. Additionally, WSOP plans to host an online series starting July 1, after achieving record participation and prize payouts in 2020, totaling nearly $150 million across events.
Caesars Entertainment (NASDAQ: CZR) will announce its Q1 2021 financial results after market close on May 4, 2021. A conference call to discuss these results will take place on the same day at 5:00 PM ET. Interested participants can join by calling (833) 665-0647 or (914) 987-7309 (international). The call will be accessible on the Investor Relations section of their website. A recording will be available for 90 days post-event.
Penn & Teller will return to the Rio All-Suite Hotel & Casino on April 22, 2021, featuring new content along with fan favorites. The duo expressed excitement about performing again after more than a year, emphasizing safety measures for audiences, including mandatory masks and social distancing. The show will have a capacity of 257 and will offer tickets starting at $60. Public sales begin on April 2, while Caesars Rewards members can access a presale on April 1. This marks a significant step towards revitalizing live entertainment in Las Vegas.
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