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. reports developments across its casino-resort portfolio, digital wagering business and hospitality brands. The company operates and manages Caesars, Harrah’s, Tropicana, Flamingo and other gaming destinations in Las Vegas, Atlantic City and regional markets, and it connects guests through the Caesars Rewards loyalty program.
Recurring updates include quarterly operating results, Caesars Digital performance, hotel and dining offers, entertainment residencies at Caesars Palace venues, resort renovation and amenity projects, and managed-casino openings such as Harrah’s Oklahoma. News also covers capital resources and debt levels when the company releases financial results.
The Nevada Supreme Court has denied Caesars Entertainment's request for a rehearing in a case involving Tipping Point Gaming (TPG). TPG, founded by Sam Johnson, had partnered with Caesars to bring innovative gaming technology to market. However, Caesars allegedly interfered with TPG's deals and delayed their product development, resulting in a lawsuit. Caesars sought to limit TPG's counterclaims, but the Nevada Supreme Court ruled in favor of a new trial. TPG aims to seek substantial damages for bad faith, fraud, and tortious interference.
Caesars Entertainment (NASDAQ: CZR) has agreed to sell the World Series of Poker® (WSOP) brand to NSUS Group for US$500 million. The deal includes $250 million in cash and a $250 million promissory note due in five years. Caesars retains the right to host the flagship WSOP summer series in Las Vegas for 20 years and will continue to use WSOP branding in its brick-and-mortar poker rooms. Caesars Digital will maintain its WSOP Online real-money poker business in select states. The transaction is expected to close by the end of 2024, subject to regulatory approvals.
NSUS Group, known for operating GGPoker, plans to expand WSOP globally and enhance the player experience using GGPoker's technology. This strategic move aims to position WSOP at the forefront of poker's growth worldwide.
Caesars Entertainment (NASDAQ: CZR) has announced a $3.1 million donation to various non-profit organizations through its Caesars Foundation. The company also raised an additional $1 million for Boys & Girls Clubs of America through its Caesars Makes Change program, which allows casino guests to donate a portion of their slot ticket payouts.
Key highlights include:
- A new partnership with the Arbor Day Foundation for environmental sustainability
- $827,110 of the $1 million raised goes directly to Boys & Girls Clubs of America's national program
- Caesars Makes Change program is now available in over 40 destinations
- Caesars is an official back-to-school partner of Boys & Girls Clubs of America
The company continues to demonstrate its commitment to corporate social responsibility and community support through these initiatives.
Caesars Entertainment, Inc. (NASDAQ: CZR) reported its Q2 2024 results with GAAP net revenues of $2.8 billion, down slightly from $2.9 billion in the prior year. The company posted a GAAP net loss of $122 million, compared to a net income of $920 million in Q2 2023. Same-store Adjusted EBITDA remained stable at $1.0 billion. Caesars Digital segment showed improvement with Adjusted EBITDA of $40 million, up from $11 million last year.
Key highlights include:
- Record same-store revenues, hotel occupancy, and ADR in Las Vegas segment
- Caesars Digital segment achieved a new Q2 Adjusted EBITDA record
- Regional segment faced competition in new markets
- Continued debt reduction with Term Loan B repayments over $100 million
- Full-year 2024 capital expenditures forecast at $800 million, excluding Danville project
Caesars Entertainment (NASDAQ: CZR) has been awarded the Corporate Social Responsibility Award by the National Council on Problem Gambling for its commitment to Responsible Gaming. The company implemented industry-leading policies in 2023, including a Universal Exclusion program and a 21+ Gaming policy.
Key initiatives include:
- Expanding self-exclusion across all Caesars gaming platforms
- Preventing under-21s from using Caesars Rewards® and accessing gaming products
- Providing Responsible Gaming training to all team members
- Deploying over 1,800 Responsible Gaming Ambassadors
- Establishing a Responsible Gaming Council of senior leaders
Caesars aims to ensure all visitors gamble responsibly and for entertainment purposes only.
Buddy 'Cake Boss' Valastro celebrated the grand opening of Buddy's Boardwalk Empire at Harrah's Resort Atlantic City. The new dining concept offers Jersey-style sandwiches, pizzas, pasta, and Valastro's iconic desserts from Carlo's Bake Shop. Opening day featured a ribbon-cutting ceremony, meet-and-greet with Valastro and his family, and exclusive merchandise.
Gregg Klein, Senior VP and GM of Harrah's Resort, expressed excitement about the new addition to their dining lineup. Valastro, a Jersey native, aims to bring the Boardwalk experience to Harrah's with fresh ingredients and signature dishes. The restaurant enhances Harrah's Resort's culinary offerings and solidifies its position as a premier dining destination in Atlantic City.
Buddy Valastro, known for his hit TLC series 'Cake Boss' and multiple bestselling books, continues to expand his culinary empire with various restaurant concepts across the United States.
Caesars Entertainment (NASDAQ: CZR) has expanded its mobile sports betting platform, Caesars Sportsbook, across Washington, D.C. The app is now available district-wide for users 21 and older, except on federal lands and areas near other professional sports venues. This expansion builds on Caesars' presence at Capital One Arena, where it opened the first sportsbook in a U.S. professional sports venue in 2021.
The Caesars Sportsbook app offers thousands of betting markets, live streaming of marquee sporting events, and integration with the Caesars Rewards loyalty program. New users can take advantage of a sign-up offer to get their first bet back up to $1,000 if it loses. Caesars emphasizes responsible gaming, implementing a 21+ policy for all domestic gaming operations.
Caesars Entertainment has appointed Rodney Williams to its Board of Directors, effective July 1, 2024, pending regulatory approvals. Williams brings a wealth of experience in luxury brand-building, strategic marketing, and corporate leadership from his tenure at Diageo and LVMH. His notable achievements include driving Guinness to become the fastest-growing on-premise brand in the U.S. and leading the growth of Hennessy’s U.S. business. Williams' expertise is expected to provide valuable insights as Caesars Entertainment integrates entertainment and culinary arts. The board's expansion to 11 members aims to enhance strategic vision and shareholder value.
Caesars Entertainment (NASDAQ: CZR) will announce its Q2 2024 financial results after the market closes on July 30, 2024. The company will hold a conference call the same day at 5:30 p.m. ET to discuss the results and other related matters. Participants can register for the call through the provided link and will receive a unique PIN for access. The call will also be available via a webcast on the Investor Relations section of Caesars Entertainment's website, and a replay will be accessible for 90 days.
Caesars Entertainment (NASDAQ: CZR) has completed the acquisition of WynnBET's Michigan iGaming operations. The deal includes a long-term extension of iGaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians. Caesars will continue using the WynnBET brand, ensuring no disruption for customers. The acquisition is expected to boost Caesars' iCasino net revenue and improve EBITDA.
In the second half of 2024, Caesars plans to launch a new online casino brand and transition WynnBET's operations to its own Michigan iGaming platform, subject to regulatory approval.