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.
On November 10, 2022, graduate students from NYU's School of Professional Studies collaborated with Caesars Sportsbook during a New York Rangers game to discuss responsible gaming. This initiative is part of a semester-long course aimed at promoting responsible gaming awareness. Students received insights into Caesars' marketing strategies and presented their own marketing plans. VP Jeff Gonyo emphasized the importance of innovation in sports betting. Caesars is committed to responsible gaming through programs and tools that help guests gamble responsibly, reflecting a long-standing focus on this issue.
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Caesars Entertainment (CZR) reported solid third-quarter results for 2022, achieving GAAP net revenues of $2.9 billion, up from $2.7 billion in the same period last year. The company posted a net income of $52 million, a significant recovery from a net loss of $233 million reported previously. Same-store Adjusted EBITDA rose to $1.0 billion, up from $880 million. Notably, Caesars Digital showed a revenue increase of 120.8% year-over-year. The company also highlighted efforts in debt reduction, with a total debt of $13.3 billion.
Caesars Entertainment has launched its Sportsbook app in Ohio ahead of the state's legalized sports betting set for January 1, 2023. Fans can register and deposit funds now, with a special sign-up offer of a $100 bet credit for first-time users who register with promo code CZR1H by the deadline. The app features multiple deposit options, faster payouts, and various betting options. Caesars is also partnering with the Cleveland Cavaliers to open a retail sportsbook and promote responsible gaming. This expansion enhances Caesars' presence in Ohio's gaming market.
Caesars Entertainment announced the opening of the all-new Horseshoe Lake Charles in Louisiana, set for December 12, 2022, after a two-year closure due to the pandemic and Hurricane Laura. This 60,000-square-foot resort will feature nearly 1,000 gaming machines, a WSOP® Poker Room, and a Caesars Sportsbook. Notably, it will introduce Gordon Ramsay Steak, the first Louisiana restaurant by the multi-Michelin-starred chef. The opening day includes a ribbon-cutting ceremony and community celebrations, showcasing the brand's commitment to offering premier gaming and hospitality services.
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Caesars Entertainment has selected Vince Vaughn as the new face of its iCasino platforms, enhancing its marketing strategy. Vaughn, known for his love of gaming and Las Vegas, will feature in upcoming campaigns alongside stars like JB Smoove and the Manning family. This partnership leverages Vaughn's previous involvement with Caesars and the World Series of Poker, promoting features such as easy app usage and integrated rewards. Caesars Sportsbook is operational in 27 states and emphasizes responsible gaming across its platforms.
SL Green and Caesars Entertainment have partnered to redevelop 1515 Broadway into Caesars Palace Times Square, aiming to enhance New York's economy and tourist appeal. The project includes significant investments in security and traffic improvements, promising billions in tax revenue and creating thousands of jobs through local business partnerships. The proposal will feature a Broadway Theater for The Lion King and aims to leverage Caesars Rewards for local economic benefits, enhancing the overall Times Square experience.
Jerry Seinfeld will perform at The Colosseum at Caesars Palace for the first time since 2019, with six shows scheduled for 2023. Ticket sales commence on October 21 at 10 a.m. PT, with presale access for Caesars Rewards members starting on October 19. Ticket prices start at $84. Seinfeld's career highlights include the acclaimed show Seinfeld and various successful Netflix projects, reinforcing his status as a premier entertainer.
The ARCADE at Bally's Las Vegas has officially opened, contributing to the property's transition to Horseshoe Las Vegas. This 7,000-square-foot venue features more than 80 games, including classic arcade favorites and immersive virtual reality experiences. The facility utilizes a cashless currency system for gameplay, enhancing guest convenience. Alongside the arcade, a refreshed bar will soon open, serving a variety of beverages. The project is part of a broader rebranding initiative, which includes a renovated casino floor and new dining options, emphasizing entertainment and customer engagement.