Caesars Entertainment Inc Stock Price, News & Analysis

Caesars Entertainment has successfully closed the sale of Tropicana Evansville for $480 million in cash to Gaming & Leisure Properties and Bally's Corporation. This transaction is subject to a customary working capital adjustment. CEO Tom Reeg expressed gratitude towards the employees of Evansville and wished them success under new ownership. Caesars, a leader in the casino-entertainment sector, has a rich history of growth through acquisitions and expansions, aiming for operational excellence and enhanced guest experiences.

Bally's Corporation has successfully acquired the Tropicana Evansville casino from Caesars Entertainment for $140 million. This acquisition includes rights to sports betting and iGaming skins, enhancing Bally's presence in the growing Indiana gaming market. The transaction involved a real estate acquisition by Gaming & Leisure Properties for $340 million, which Bally's will lease for $28 million annually. No cash expenditure was required from Bally's at closing, and the company anticipates immediate earnings accretion from this strategic move.

On May 26, 2021, the William Hill Sportsbook officially opened at Washington D.C.'s Capital One Arena, marking a milestone as the first sportsbook within a U.S. professional sports facility. This 18,000 sq. ft venue includes 17 betting windows, 12 kiosks, and over 100 television screens, providing a premium experience for fans. The opening reflects a partnership between William Hill and Monumental Sports, enhanced by Michelin-starred Chef Nicholas Stefanelli's culinary offerings. The sportsbook is accessible year-round, aiming to attract millions of visitors attending the arena's 230 annual events.

Shania Twain has announced 14 new shows for her Las Vegas Residency at Zappos Theater, taking place from December 2 to 21, 2021 and February 11 to 26, 2022, including a Valentine's Day performance. Tickets go on sale June 1, 2021, with presales starting May 27 for Citi cardholders. Ticket prices begin at $60. A portion of ticket sales will be donated to Shania Kids Can, providing support to children in need.

Gwen Stefani has announced eight new dates for her residency, "Gwen Stefani – Just A Girl," at Zappos Theater, Planet Hollywood Resort & Casino, from October 22 to November 6, 2021. Tickets go on sale to the public on May 29, with presale options for Citi cardmembers and Caesars Rewards members. Prices start at $40. A portion of ticket sales will be donated to Cure 4 The Kids Foundation. Stefani, a multi-platinum artist with over 50 million records sold, continues to engage her audience with a dynamic performance celebrating her music career.

Bacchanal Buffet at Caesars Palace in Las Vegas reopened on May 20, 2021, after a multi-million dollar renovation, welcoming guests with a new dining experience. The buffet features nearly 100 new dishes, expanding its menu to include more vegan options and innovative offerings. Enhanced design elements emphasize nature and modern kitchen equipment. The buffet is now accepting reservations via OpenTable.com for the first time since its launch in 2012. Caesars promotes safety protocols to ensure guest well-being during this reopening.

Topgolf Entertainment Group announced the construction of a new venue in Baltimore, set to open in 2022. The 65,000 square-foot facility will feature 90 hitting bays, a full-service restaurant, and event spaces. It aims to create over 500 jobs and generate an estimated economic output of $264.5 million over a decade. Located in the Southern Gateway Entertainment District, this venue will enhance local entertainment options and support the area's redevelopment efforts. Groundbreaking is anticipated shortly, signaling a significant investment in Baltimore's community.

Caesars Entertainment announced the Nevada Gaming Control Board's approval for full occupancy on casino floors at all nine Las Vegas properties, eliminating social distancing. This decision follows the company's initiatives to vaccinate its workforce. CEO Tom Reeg emphasized the importance of employee vaccinations in the recovery process. Masks will still be required for employees, while guests can remove masks in designated areas if fully vaccinated. The properties impacted include Bally's, Caesars Palace, and Planet Hollywood, among others, enhancing the gaming experience as the industry rebounds.