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 (CZR) operates a diversified portfolio of casino resorts and digital platforms across the United States. This news hub provides investors and industry observers with official press releases, financial updates, and strategic announcements from one of gaming's most established operators.
Access real-time updates on earnings reports, property expansions, and regulatory developments alongside analysis of Caesars' digital initiatives like sports betting integrations. Our curated feed includes announcements about flagship brands including Harrah's, Tropicana, and the Caesars Rewards loyalty program.
Key areas of coverage include casino operations, hospitality partnerships, technology implementations, and market expansion strategies. Bookmark this page for streamlined access to CZR's evolving position in the competitive entertainment landscape.
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.
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.
