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. (CZR) reported a significant increase in net revenues, reaching $1.5 billion in Q4 2020, up 152.9% year-over-year, while full-year revenues totaled $3.5 billion, a 37.4% rise. However, the company faced a net loss of $555 million for the fourth quarter, contrasting sharply with a net loss of $13 million in the same period last year. Adjusted EBITDA rose 91% to $296 million in Q4. Same-store revenues dropped 37.5% in Q4 compared to the previous year, highlighting the ongoing effects of COVID-19 restrictions. The company remains optimistic about recovery as restrictions ease.
Caesars Palace in Las Vegas will unveil the new Stadia Bar in spring 2021, enhancing the sports viewing experience. This 120-seat venue features high-end amenities, many HD TVs, and a curated cocktail menu with rare spirits. Designed by Rockwell Group, Stadia Bar offers unique seating options, including five VIP domes designed like football helmets. The bar will replace Slice Bar and is committed to maintaining health and safety protocols for guests and staff.
On January 25, 2021, Caesars Entertainment (NASDAQ: CZR) announced a strategic investment in SuperDraft, Inc., a daily fantasy sports platform. This investment enhances Caesars' mobile sports offerings and aims to attract and retain customers. Caesars will acquire an initial minority equity position with options to increase this stake. SuperDraft's unique Multiplier Mode game appeals to a broader audience and will join Caesars' suite of online brands. The partnership will kick off with a $1 million tournament on February 7, 2021, showcasing SuperDraft's potential in the competitive daily fantasy sports market.
Caesars Entertainment (NASDAQ: CZR) will release its financial results for Q4 and full-year 2020 after market close on February 25, 2021. A conference call is scheduled for the same date at 5:00 p.m. Eastern Time, where the company will discuss its results and pertinent matters. Participants can join by calling (833) 665-0647 or (914) 987-7309 for international callers, using Conference ID 5039038. The call will also be available on the Investor Relations section of Caesars' website for 90 days post-event.
Caesars Entertainment's Silver Legacy Resort Casino in Reno is embarking on a $47 million renovation of its resort rooms and suites, set to complete by June 2021. This follows a previous investment exceeding $100 million on a master renovation project completed in mid-2019. The current undertaking will revamp 1,199 rooms across the hotel's fifth to 25th floors, enhancing guest experiences with modern designs and luxury amenities. Collaborating with local and St. Louis-based design firms, the project aims to provide guests with sophisticated accommodations while maintaining the resort's vibrant atmosphere.
The year 2020 marked significant progress for online gaming legalization in the United States, with numerous states adding online casino betting following the November elections. President-Elect Joe Biden's support for the industry is expected to further drive momentum in 2021. Key players like Bragg Gaming Group, Wynn Resorts (NASDAQ:WYNN), MGM Resorts International (NYSE:MGM), Flutter Entertainment, and Caesars Entertainment (NASDAQ:CZR) are expanding their operations to seize new opportunities. Bragg has formed partnerships to enhance its market reach, while Wynn and MGM have launched online betting platforms, indicating a robust growth trajectory.
Caesars Entertainment, Inc. (NASDAQ: CZR) has announced the early termination of the waiting period under the HSR Act for its proposed combination with William Hill PLC, effective December 28, 2020. The acquisition received approvals from the Mississippi Gaming Commission and the West Virginia Lottery, with ongoing efforts to secure additional regulatory approvals. Caesars aims to complete the transaction by March 2021, pending approvals from various gaming commissions and the English High Court.
Caesars Entertainment (CZR) has entered a definitive agreement to sell the operations of Caesars Southern Indiana for $250 million to the Eastern Band of Cherokee Indians (EBCI). This transaction will result in a $32.5 million annual reduction in payments to VICI Properties (VICI) post-closing. Additionally, Caesars and EBCI will extend their partnership, allowing the continued use of the Caesars brand and Rewards loyalty program at the property. The deal is expected to close in Q3 2021, pending regulatory approvals.
Caesars Entertainment, Inc. (NASDAQ: CZR) has successfully closed the sale of Eldorado Resort Casino Shreveport to Bally's Corporation for $140 million in net proceeds. This divestiture fulfills a Federal Trade Commission requirement linked to the Caesars-Eldorado merger completed earlier in the year. CEO Tom Reeg expressed appreciation for the team’s contributions over the past 15 years and extended well-wishes under Bally's ownership. Macquarie Capital and Milbank LLP facilitated the transaction, highlighting Caesars' strategic approach to optimize asset allocation.
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