Caesars Entertainment Inc Stock Price, News & Analysis

Harveys Lake Tahoe Hotel & Casino has completed a $41 million renovation of all 519 guest rooms in its Tahoe Tower, enhancing guest experiences with modern amenities. The project, part of a two-year investment, follows the remodeling of balcony suites in 2018. The updated rooms incorporate natural elements and offer amenities like power charging ports and flat-screen TVs. This investment reinforces Caesars Entertainment's commitment to the Lake Tahoe tourism economy, alongside the recent opening of Gordon Ramsay HELL'S KITCHEN Lake Tahoe.

Caesars Entertainment (NASDAQ: CZR) and VICI Properties (NYSE: VICI) have finalized the sale of Harrah's Reno Hotel and Casino for $41.5 million. The financial proceeds from the transaction are allocated 75% to VICI and 25% to Caesars. This sale will not affect the annual rent payments under the existing Regional Master Lease between the two companies. This move aligns with Caesars' strategy to optimize its portfolio while providing VICI with an opportunity to enhance its gaming and entertainment property holdings.

On September 30, 2020, Caesars Entertainment (CZR) announced a cash acquisition agreement to acquire William Hill for approximately £2.9 billion. This strategic move aims to position Caesars among the largest gaming and entertainment companies in the U.S. by merging its extensive land-based casinos with William Hill's sports betting expertise. The acquisition, subject to regulatory approvals, is expected to finalize in the second half of 2021, enhancing Caesars' market access and customer experience in the growing U.S. sports betting sector.

On September 29, 2020, Caesars Entertainment (NASDAQ: CZR) announced a public offering of 31 million shares at $56.00 per share, with an option for underwriters to buy an additional 4.65 million shares. The proceeds will be utilized for general corporate purposes, potentially including a cash offer for William Hill plc. Deutsche Bank Securities and J.P. Morgan serve as joint lead managers for the offering, which is part of an effective shelf registration with the SEC. This offering is critical as it reflects the company's strategic growth amidst the challenges posed by the COVID-19 pandemic.

Caesars Entertainment, Inc. (NASDAQ: CZR) has launched an underwritten public offering of 30 million shares of common stock, with an option for underwriters to purchase an additional 4.5 million shares. The proceeds from this offering will be used for general corporate purposes, including a possible cash offer for William Hill plc. The offering is managed by Deutsche Bank Securities and J.P. Morgan. This announcement follows the company's efforts to support operations amid the economic challenges posed by COVID-19.

On September 18, 2020, Caesars Entertainment (NASDAQ: CZR) announced a $400 million mortgage with VICI Properties (NYSE: VICI), secured by the CAESARS FORUM Conference Center in Las Vegas. The five-year mortgage carries an initial interest rate of 7.7% and permits prepayment starting in the third year. Concurrently, Caesars and VICI amended their existing Put-Call Right Agreement, accelerating VICI's call option to 2025. The conditionality regarding a potential land sale near The LINQ has been waived, and both parties are evaluating this land transaction.

Caesars Entertainment has secured a multi-year agreement with ESPN, enhancing their sports betting operations through direct link integrations with ESPN's digital platforms, notably featuring William Hill's sportsbook odds. This partnership will allow seamless access for ESPN users to Caesars Sportsbook in legalized betting states. Following their exclusive partnership with William Hill, Caesars aims to deepen its foothold in the U.S. sports betting market. William Hill has already opened 12 branded sportsbooks at Caesars' venues, with plans for more across multiple states pending regulatory approval.

Caesars Entertainment, Inc. (NASDAQ: CZR) announced the reopening of The LINQ Hotel + Experience for weekend stays starting Sept. 10. The gaming floor and amenities had reopened on June 12. This follows successful reopenings of other properties like Caesars Palace and Flamingo. Enhanced health and safety protocols are in place, including health screenings and mandatory mask-wearing. The LINQ offers various amenities including dining options and gaming. Caesars' Vegas Getaway Sale allows guests to save up to 25% until Sept. 14.

Caesars Entertainment (CZR) and VICI Properties (VICI) have finalized agreements to sell Harrah's Louisiana Downs to Rubico Acquisition Corp. for $22 million. The proceeds will be distributed as $16.5 million to Caesars and $5.5 million to VICI, adjusted for cash and working capital. The deal is anticipated to close by early 2021, pending regulatory approvals. Importantly, annual base rent payments under the existing lease between Caesars and VICI will remain unchanged, indicating stability in their ongoing financial arrangements.