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.
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.
Summary not available.
ESPN and Caesars Entertainment (CZR) have announced the launch of a new state-of-the-art studio at The LINQ Hotel in Las Vegas, debuting on August 24, 2020. This facility will enhance ESPN's content related to sports betting, including the relocation of Daily Wager starting September 8, and the introduction of a new digital sports betting show this fall. The studio is equipped with advanced 4K technology and will serve as the hub for ESPN’s sports betting content. This partnership signifies Caesars' commitment to establishing Las Vegas as a major sports betting destination.
Caesars Entertainment's Harrah's Resort Atlantic City is launching Bayside ROCK Live, an outdoor entertainment series from August 28 to October 23, featuring tribute bands playing 70's and 80's music. The event, located at The Waterfront Conference Center, will offer socially-distanced seating for two at a price of $44.50 per ticket, available via Ticketmaster. In partnership with LG Business Solutions and New Jersey Lottery, this initiative aims to revive outdoor entertainment while ensuring health protocols are in place. A portion of ticket sales will support local charities.
Caesars Entertainment has launched the "Caesars For Danville" referendum campaign to develop Caesars Virginia, a proposed $400 million resort and casino in Danville, set to open in 2023. The project promises to create 900 construction and 1,300 operational jobs, generating over $34 million annually in gaming tax revenue. The resort will feature 300 hotel rooms, a state-of-the-art entertainment theater, and extensive meeting space. The referendum will be voted on November 3, 2020, with early voting beginning on September 18.
Caesars Entertainment reported significant financial challenges for the second quarter of 2020, revealing a net revenue of $126.5 million, a drastic 80.1% decline year-over-year. The company experienced a net loss of $100 million compared to a profit of $18.9 million the previous year. Adjusted EBITDA stood at negative $10.4 million, a stark contrast to $164.8 million from the same period in 2019. The merger with Eldorado Resorts was finalized in July 2020, creating the largest casino and entertainment entity in the U.S. Despite operational setbacks due to COVID-19, all properties have reopened, fostering optimism for recovery.
On July 23, 2020, Caesars Entertainment (CZR) reopened Bally's Las Vegas following state directives. This reopening follows the successful merger with Eldorado Resorts, forming the largest casino and entertainment company in the U.S. Key amenities at Bally's now open include the Blu Pool and various dining options. Enhanced health and safety protocols are in place to ensure guest safety. Management expressed excitement for the reopening and emphasized the company's commitment to service and safety during this transition.
Caesars Entertainment, Inc. has successfully completed its acquisition of Caesars Entertainment Corporation, establishing the largest casino and entertainment company in the U.S. The merger expands Caesars' portfolio to over 55 properties globally, enhancing its position in the regional and destination gaming markets. Caesars Rewards now boasts over 60 million members, offering enhanced loyalty benefits. The combined entity aims to capitalize on growth opportunities while focusing on corporate social responsibility initiatives, including diversity and inclusion programs.
Bugsy & Meyer's Steakhouse has officially opened at Flamingo Las Vegas, representing a $10 million investment that honors the resort's rich 75-year history. The restaurant features six unique dining experiences, an interactive design by renowned artists, and a menu highlighting classic steakhouse dishes with modern twists. Award-winning chef Lamar Moore leads the culinary team, enhancing the dining experience with a specialty curated art collection. The venue ensures health and safety protocols due to ongoing health concerns, opening Thursday to Monday from 5-10 p.m.
On July 3, 2020, Caesars Entertainment (CZR) reopened its Atlantic City resorts, including Caesars, Harrah's Resort, and Bally's, after over 100 days of closure due to state directives. The reopening was marked by a ribbon-cutting ceremony attended by company officials and local leaders. With enhanced health and safety protocols, the resorts now offer socially distanced gaming and outdoor dining experiences, including options from notable chefs. The company is also providing a 10% discount for first responders as a gesture of appreciation.