Caesars Entertainment Inc Stock Price, News & Analysis

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.

Bacchanal Buffet at Caesars Palace will reopen on May 20, 2021, after extensive renovations and enhancements. The multimillion-dollar upgrade includes the addition of over 30 new dishes and a redesigned dining area. First-time reservations will be available through OpenTable.com. Features include nine interactive kitchens and new open-fire roasting grills. Bacchanal Buffet aims to continue its legacy as a top culinary destination in Las Vegas, having been recognized as the number one buffet shortly after its 2012 opening.

Caesars Entertainment (CZR) has partnered with the Arizona Diamondbacks to launch mobile sports betting in Arizona and build a new sportsbook and bar near Chase Field. This deal grants Caesars exclusive mobile betting market access and sponsorship opportunities in sports betting and daily fantasy sports for the team. Following new legislation in Arizona, fans will be able to access the sportsbook app for betting anywhere within the state. This partnership marks a significant expansion for Caesars, which recently secured a multi-year agreement with Major League Baseball as an Authorized Gaming Operator.

Caesars Entertainment reported first-quarter 2021 results with net revenues of $1.7 billion, a 259.2% increase year-over-year but 16.0% decline on a same-store basis. The net loss widened to $423 million from a loss of $176 million a year earlier. Adjusted EBITDA rose to $548 million, compared to $410 million in the prior year. The company completed the acquisition of William Hill PLC on April 22, 2021, and expanded its NFL partnership, becoming one of three official sports betting partners. Overall, operating efficiencies improved, fueled by an increase in consumer activity.

On April 23, 2021, Usher announced six additional dates for his Las Vegas residency at The Colosseum at Caesars Palace. The new shows will take place from August 4 to 14, 2021, following a high demand for tickets. The residency promises an intimate experience for fans, featuring a repertoire of Usher's hits over his 20-year career. Ticket sales will start on April 29, 2021, with presales from April 24. General ticket prices begin at $59, with a portion of proceeds going to Usher's New Look, Inc., which supports underserved youth.

Caesars Entertainment has completed its acquisition of William Hill for approximately $4 billion. This strategic move positions Caesars as a leader in the U.S. sports betting and online gaming sectors, expanding its operations to 20 U.S. jurisdictions by year-end 2021. The deal enhances Caesars Rewards, integrating William Hill members into its loyalty program. Caesars plans to sell non-U.S. operations of William Hill. Industry experts expect the acquisition to drive long-term growth and improve customer service through a unified wallet for sports betting and gaming.

Caesars Entertainment has announced a $400 million investment plan to enhance its three Atlantic City resorts: Caesars, Harrah's Resort, and Tropicana. The multi-year project includes room renovations worth $170 million, new dining experiences, and improved gaming facilities, aiming to elevate Atlantic City as a premier tourism destination. The first phase, focusing on room upgrades at Caesars and Harrah's, is set to launch in Summer 2021. This initiative aligns with local economic growth efforts and is expected to create jobs while positioning Caesars for long-term success.

ZK International Group's subsidiary, xSigma Entertainment, has acquired live golf betting software to offer as a B2B solution for iGaming operators. The software enables real-time betting on golf games, supporting hole-by-hole bets with quick integration via API. A beta test will involve existing sportsbooks, with production set for Q3 2021. xSigma is also investing $50 million in MaximBet, a US sports betting venture, leveraging a projected $10 billion market by 2025. This acquisition is expected to enhance xSigma's presence in the growing online gaming market.

CBS Sports Network is set to be the exclusive U.S. television home for the World Series of Poker (WSOP) starting in 2021. This multi-year agreement with PokerGO includes 15 hours of Main Event coverage and 36 hours of additional Gold Bracelet events. The partnership revives a historic collaboration, as CBS was the first to broadcast poker in the U.S. The WSOP has awarded over $3.29 billion in prize money since its inception, attracting significant participation and enhancing its global brand.