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 secured a multi-year agreement with ESPN, enhancing their sports betting operations through direct link integrations with ESPN's digital platforms, notably featuring William Hill's sportsbook odds. This partnership will allow seamless access for ESPN users to Caesars Sportsbook in legalized betting states. Following their exclusive partnership with William Hill, Caesars aims to deepen its foothold in the U.S. sports betting market. William Hill has already opened 12 branded sportsbooks at Caesars' venues, with plans for more across multiple states pending regulatory approval.
Caesars Entertainment, Inc. (NASDAQ: CZR) announced the reopening of The LINQ Hotel + Experience for weekend stays starting Sept. 10. The gaming floor and amenities had reopened on June 12. This follows successful reopenings of other properties like Caesars Palace and Flamingo. Enhanced health and safety protocols are in place, including health screenings and mandatory mask-wearing. The LINQ offers various amenities including dining options and gaming. Caesars' Vegas Getaway Sale allows guests to save up to 25% until Sept. 14.
Caesars Entertainment (CZR) and VICI Properties (VICI) have finalized agreements to sell Harrah's Louisiana Downs to Rubico Acquisition Corp. for $22 million. The proceeds will be distributed as $16.5 million to Caesars and $5.5 million to VICI, adjusted for cash and working capital. The deal is anticipated to close by early 2021, pending regulatory approvals. Importantly, annual base rent payments under the existing lease between Caesars and VICI will remain unchanged, indicating stability in their ongoing financial arrangements.
ESPN and Caesars Entertainment (CZR) have announced the launch of a new state-of-the-art studio at The LINQ Hotel in Las Vegas, debuting on August 24, 2020. This facility will enhance ESPN's content related to sports betting, including the relocation of Daily Wager starting September 8, and the introduction of a new digital sports betting show this fall. The studio is equipped with advanced 4K technology and will serve as the hub for ESPN’s sports betting content. This partnership signifies Caesars' commitment to establishing Las Vegas as a major sports betting destination.
Caesars Entertainment's Harrah's Resort Atlantic City is launching Bayside ROCK Live, an outdoor entertainment series from August 28 to October 23, featuring tribute bands playing 70's and 80's music. The event, located at The Waterfront Conference Center, will offer socially-distanced seating for two at a price of $44.50 per ticket, available via Ticketmaster. In partnership with LG Business Solutions and New Jersey Lottery, this initiative aims to revive outdoor entertainment while ensuring health protocols are in place. A portion of ticket sales will support local charities.
Caesars Entertainment has launched the "Caesars For Danville" referendum campaign to develop Caesars Virginia, a proposed $400 million resort and casino in Danville, set to open in 2023. The project promises to create 900 construction and 1,300 operational jobs, generating over $34 million annually in gaming tax revenue. The resort will feature 300 hotel rooms, a state-of-the-art entertainment theater, and extensive meeting space. The referendum will be voted on November 3, 2020, with early voting beginning on September 18.
Caesars Entertainment reported significant financial challenges for the second quarter of 2020, revealing a net revenue of $126.5 million, a drastic 80.1% decline year-over-year. The company experienced a net loss of $100 million compared to a profit of $18.9 million the previous year. Adjusted EBITDA stood at negative $10.4 million, a stark contrast to $164.8 million from the same period in 2019. The merger with Eldorado Resorts was finalized in July 2020, creating the largest casino and entertainment entity in the U.S. Despite operational setbacks due to COVID-19, all properties have reopened, fostering optimism for recovery.
On July 23, 2020, Caesars Entertainment (CZR) reopened Bally's Las Vegas following state directives. This reopening follows the successful merger with Eldorado Resorts, forming the largest casino and entertainment company in the U.S. Key amenities at Bally's now open include the Blu Pool and various dining options. Enhanced health and safety protocols are in place to ensure guest safety. Management expressed excitement for the reopening and emphasized the company's commitment to service and safety during this transition.
Caesars Entertainment, Inc. has successfully completed its acquisition of Caesars Entertainment Corporation, establishing the largest casino and entertainment company in the U.S. The merger expands Caesars' portfolio to over 55 properties globally, enhancing its position in the regional and destination gaming markets. Caesars Rewards now boasts over 60 million members, offering enhanced loyalty benefits. The combined entity aims to capitalize on growth opportunities while focusing on corporate social responsibility initiatives, including diversity and inclusion programs.
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