Caesars Entertainment Inc Stock Price, News & Analysis

Caesars Entertainment (NASDAQ: CZR) has completed the previously announced sale of the LINQ Promenade for $275 million to a joint venture between TPG Real Estate and Acadia Realty Trust's Investment Management Platform. The company immediately utilized the proceeds to make a $275 million voluntary prepayment of their Term Loan B due 2030.

Caesars Entertainment and Tao Group Hospitality are launching Caramella, a new Italian restaurant and lounge at Planet Hollywood Resort & Casino in Las Vegas. The venue, now accepting reservations via OpenTable, features a 1970s Italian-inspired design with an expansive terrace overlooking The Strip.

The restaurant, designed by Fettle, includes a candy shop with Italian treats and a secret lounge behind it. Chief Culinary Officer Ralph Scamardella's menu offers regional Italian favorites, including specialties like Blue Crab Malfadine and Wagyu Beef Tartare.

Located on the Mezzanine level next to the Criss Angel Theater, Caramella operates from 4 to 10 p.m. daily, with the lounge open Thursday through Sunday from 6 p.m. to 2 a.m.

Lisa Vanderpump celebrated the grand opening of Pinky's by Vanderpump at Flamingo Las Vegas, a new 198-seat restaurant and cocktail bar spanning nearly 7,000 square feet. The venue features Art Deco glamour with a dramatic 32-seat bar and a VIP lounge for up to 40 guests.

The establishment offers unique cocktails like the Pinky's Martini, Flip the Bird, and Pump & Bump, alongside elevated bar staples and Las Vegas classics. The menu includes specialties such as Deviled Egg Gardens, Wagyu Sliders, and Pinky's Shrimp Cocktail. Operating hours are Sunday through Thursday from 3 to 11 p.m. and Friday and Saturday from 3 p.m. to 2 a.m., with brunch service coming soon.

Dominique Ansel Marché is set to open at Paris Las Vegas on December 6, marking the James Beard Award-winning pastry chef's second Las Vegas Strip location. The new 5,000-square-foot venue, inspired by Parisian markets, will feature both savory and sweet offerings, including made-to-order buckwheat crêpes, rotisserie meats, and Chef Ansel's signature Cronut®. The menu includes French classics like Bretonne Complète Crêpe and herb-rubbed Amish chicken. The space features café-style seating, park benches, greenery, and flower stands to recreate an authentic Parisian market atmosphere. Operating hours will be 7 a.m. to 11 p.m. daily.

Caesars Virginia has announced its opening date of December 12, 2024, at noon in Danville, Virginia. The 587,000 square foot casino resort will feature over 90,000 square feet of gaming space, including nearly 1,500 slots, 79 live-action table games, and 48 electronic table games. The property includes a 320-room hotel tower, 50,000 square feet of meeting space, and various dining options including Ramsay's Kitchen by Gordon Ramsay. Since opening its temporary facility in May 2023, the operation has contributed over $66 million in gaming taxes to Danville and The Commonwealth. The resort plans to employ more than 1,200 team members upon opening.

Caesars Entertainment (NASDAQ: CZR) has announced an agreement to sell the LINQ Promenade to a joint venture between TPG Real Estate and Acadia Realty Trust's Investment Management Platform for $275 million. The transaction is expected to close during the fourth quarter 2024, subject to customary approvals and closing conditions. The company's CEO, Tom Reeg, stated that this non-core asset sale will help accelerate their debt reduction goals.

Caesars Entertainment (NASDAQ: CZR) has completed the sale of its World Series of Poker® (WSOP) brand to NSUS Group for US$500 million, comprising $250 million in cash and a $250 million promissory note due in five years. Caesars retains the right to host the flagship WSOP tournament in Las Vegas for 20 years and maintains its WSOP Online operations in Nevada, New Jersey, Michigan, and Pennsylvania. Brick-and-mortar poker rooms will continue WSOP branding, with Caesars venues maintaining preferential rights for WSOP Circuit events. Key WSOP executives, including Ty Stewart as CEO, Gregory Chochon as COO, and Erik Eidissen as Communications Manager, will transition to NSUS.

Caesars Entertainment (CZR) reported Q3 2024 financial results with GAAP net revenues of $2.9 billion, down from $3.0 billion year-over-year. The company posted a net loss of $9 million compared to net income of $74 million in the prior year. Same-store Adjusted EBITDA remained stable at $1.0 billion. Caesars Digital showed strong performance with Adjusted EBITDA of $52 million, up from $2 million, driven by 40% growth in net revenues. Las Vegas operations achieved record Q3 hotel, F&B, and banquet revenues, while Regional segment faced challenges from new competition and construction disruption.

Gordon Ramsay is set to open his first Virginia restaurant, Ramsay's Kitchen, at Caesars Virginia in Danville later this year. The restaurant will offer an elegant yet approachable menu inspired by Ramsay's global travels, featuring signature dishes like Beef Wellington and Crispy Skin Salmon.

Located adjacent to Hotel Registration, Ramsay's Kitchen will have over 250 seating options, including a private dining room and outdoor patio. The restaurant will serve breakfast, lunch, and dinner in a modern ambiance with rich furnishings.

This opening is part of Gordon Ramsay North America's expansion across the U.S. and Canada, in partnership with Caesars Entertainment. Caesars Virginia, set to open in late 2024, will feature a 320-room hotel, 90,000 square feet of gaming space, and 50,000 square feet of meeting space.