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 (CZR) is distributing 20,000 frozen turkeys and cookies to Las Vegas team members from December 21-24, 2020, in a festive drive-thru. This initiative coincides with the reopening of the Rio All-Suite Hotel & Casino on December 22, marking the last of Caesars' properties in Las Vegas to resume hospitality and gaming operations. The reopening follows compliance with Nevada's regulations post-pandemic, creating a celebratory environment for employees. The Rio offers various amenities, including restaurants, bars, and a new sports book with expanded betting options.
Caesars Entertainment plans to invest $325 million to transform Harrah's New Orleans into Caesars New Orleans by 2024. This project will enhance the property, featuring a new 340-room hotel tower and upgraded culinary offerings. As the only land-based casino in New Orleans, this development is projected to create 600 construction jobs and 500 permanent jobs. The investment underscores Caesars' commitment to the city and aims to boost its status as a leading entertainment destination, providing significant tax revenue to Louisiana.
Caesars Entertainment (NASDAQ: CZR) announced a definitive agreement to sell the Belle of Baton Rouge to CQ Holding Company (Casino Queen). The sale will result in the removal of Baton Rouge from the Gaming and Leisure Properties (GLPI) Master Lease, while the rent payments to GLPI remain unchanged. The transaction, expected to close in mid-2021, is subject to regulatory approvals. CEO Tom Reeg thanked the Baton Rouge team for their dedication during the COVID-19 pandemic.
Donny Osmond is set to return to Las Vegas with his first-ever solo multi-year residency at Harrah's Showroom, starting August 31, 2021. The residency will showcase his timeless hits, personal stories, and new music, marking a highly anticipated comeback after a record-breaking 11-year run at Flamingo Las Vegas. Tickets go on sale to the public on November 24, 2020, with prices starting at $65. The addition of Osmond is expected to enhance Harrah's reputation as a leading center-Strip property.
On November 19, 2020, Caesars Entertainment, Inc. (CZR) announced the successful approval of its recommended cash offer for William Hill PLC, with over 86% of shareholders voting in favor. The acquisition, valued at 272p per share, is anticipated to close by March 2021, pending regulatory approvals. Caesars aims to integrate William Hill into its sports betting and iGaming operations, enhancing its market position. CEO Tom Reeg expressed confidence in the transaction's strategic importance as both companies work toward completing the deal amidst existing regulatory conditions.
Caesars Entertainment announced the return of the 2020 World Series of Poker (WSOP) Main Event, featuring a hybrid online and live format due to COVID-19 precautions. The event begins for international players on Nov. 29 and for U.S. players on Dec. 13. Each segment includes independent prize funds, with a $1 million heads-up championship match between domestic and international winners on Dec. 30. Special safety measures will be in place, and the tournament aims to deliver a prestigious gaming experience amid health challenges.
Caesars Entertainment (NASDAQ: CZR) announced the reopening of the Rio All-Suite Hotel & Casino on December 22. This marks the final property reopening in the U.S. and Canada following the COVID-19 pandemic. The hotel will offer weekend accommodations and a gaming floor open daily. Amenities include various restaurants, bars, gaming options, and a new William Hill Sports Book. To celebrate, guests can save up to 20% on stays booked during the Fall Savings Sale.
Enhanced health protocols will be implemented to ensure safety for guests and staff.
Caesars Entertainment (NASDAQ: CZR) released its 2019-2020 PEOPLE PLANET PLAY Report on Corporate Social Responsibility, emphasizing its commitment to societal contributions post-merger with Eldorado Resorts. The report highlights growth in diversity, equity, and inclusion, with 45% women and 35% racial diversity in management roles. In 2019, Caesars contributed $67 million to community efforts and launched extensive renovations to enhance guest experiences. The creation of a new CSR Committee is set to drive future strategies, reinforcing its role as a responsible corporate citizen.
Caesars Entertainment, Inc. (CZR) reported a significant third-quarter net revenue of $1.4 billion, marking a 52% increase on a GAAP basis but a 34% decrease year-over-year on a same-store basis. The company faced a net loss of $926 million, down from a net income of $37 million last year. Following a merger with Eldorado Resorts, the firm raised $1.9 billion in equity, entered a multi-year sports betting partnership with ESPN, and announced plans to acquire William Hill plc. The sale of Tropicana Evansville for $480 million is set to close in mid-2021, pending regulatory approval.
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