Wed, Nov. 18, 11:18 AM
- Las Vegas sports books took a beating last Saturday night when Ronda Rousey was knocked out in the second round of her Ultimate Fighting Championship title fight.
- A huge amount of money came in on underdog Holly Holm in the last 24 hours before the fight as oddsmakers struggled to reverse the betting momentum. The losses were reportedly high enough to wipe out a weekend of football action at some betting venues.
- Casino operators report their betting profit as a hold percentage in earnings reports.
- Companies with a significant sports book presence in Nevada include Boyd Gaming (NYSE:BYD), MGM Resorts (NYSE:MGM), Wynn Resorts (NASDAQ:WYNN), Caesars Entertainment (NASDAQ:CZR), William Hill (OTC:WIMHF, OTCPK:WIMHY), and privately-owned Westgate Resorts.
Wed, Nov. 18, 9:14 AM
Mon, Nov. 9, 4:05 PM
Sun, Nov. 8, 5:35 PM
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Fri, Oct. 23, 1:12 PM
- Caesars Entertainment (CZR +1.1%) plans to spend $75M to give the iconic Caesars Palace in Las Vegas a facelift.
- The work on the 587-room Roman Tower is expected to be completed by next April.
- Many of the casino company's underlying properties have showed improved results over the last year, despite the uncertainty over the bankruptcy case still being worked out.
- Related stock: CACQ.
- Previously: Caesars Entertainment beats by $0.10, misses on revenue (Aug. 04 2015)
Wed, Oct. 21, 5:47 PM
- Caesars Entertainment (NASDAQ:CZR) landed a second extension from a bankruptcy judge in an action that will give it another four months to work out a deal with key lenders.
- The company was due to lose exclusivity on working out a deal on November 15.
- March 15, 2016 is the next key date to watch in the case, although there's sure to be plenty of legal wrangling before then.
Thu, Oct. 15, 7:12 PM
- Nevada -- a state where gaming companies have key political power -- has ordered the in-state shutdown of daily fantasy sports operations.
- The state's Gaming Control Board has said the sites, including key competitors DraftKings and FanDuel, can't offer their product in Nevada without a license, as they constitute gambling under state law.
- The sites are also under scrutiny in California, New Jersey and Massachusetts.
- Related stocks: OTC:WIMHF, OTCPK:WIMHY, MGM, CZR, WYNN
- Previously: Bloomberg analysts: CMCSA, TWX, FOX seeing 'win-win' from daily fantasy sports (Oct. 06 2015)
- Previously: Daily fantasy sports business on the radar of regulators (Sep. 22 2015)
Fri, Oct. 9, 9:37 AM
- The reorganization plan proposed by the operating unit Caesars Entertainment (NASDAQ:CZR) still involves converting into a REIT, even as lenders chip away at some of the terms.
- A REIT play by Caesars is seen as a way to separate out the company's casino prospects from the debt morass. Caesars has seen improved results at some properties in Las Vegas, in other parts of Nevada, Mississippi, and New Jersey. The casino operator also has international expansion on the plate in Canada, U.K., South Africa, Egypt, and potentially South Korea.
- Tale of the tape: Caesars Entertainment trades at $7.91 vs. a 52-week trading range of $3.30 to $17.39. Caesars Acquisiton (NASDAQ:CACQ) is swapping hands at $7.75 vs. a 52-week trading range of $4.82 to $10.90.
Thu, Oct. 8, 11:40 AM
- Caesars Entertainment (NASDAQ:CZR) asks the judge in its bankruptcy case to extend the deadline for working out an agreement with second-tier lenders to March.
- The company has made a significant amount of forward process on a reorganization plan considering the $22.6B in long-term debt it carries on its back.
- Shares of CZR are up 2.17% to $7.99 vs. the 52-week trading range of $3.30 to $17.39.
Fri, Oct. 2, 11:03 AM
- South Korea has selected nine potential locations to allow development of foreigner-only casino complexes. Only two of the sites will eventually be selected by the Ministry of Culture, Sports and Tourism.
- The list of gaming companies with a potential interest in developing casinos in South Korea includes Genting Singapore (OTCPK:GIGNY, OTCPK:GIGNF), Wynn Resorts (NASDAQ:WYNN), Caesars Entertainment (NASDAQ:CZR), and Mohegan Sun.
- Analysts see a minor economic benefit to the South Korean economy if the project comes to fruition.
- Related ETFs: EWY, FKO.
Wed, Sep. 30, 12:19 PM
- Gaming revenue in Nevada fell 1.4% to $908.2M in August to mark the third straight month of a declining tally.
- Las Vegas Strip revenue was down 4.66% to $527.4M as the weak baccarat trend continued. Strip slot revenue was higher during the month, while table game revenue fell.
- Fiscal YTD revenue (7/31-8/1): Nevada -1.17% to 1.831B; Las Vegas Strip -3.40% to 1.052B.
- Gaming Control Board report
- Related stocks: LVS, MGM, WYNN, FLL, CZR, BYD, OTCQB:TPCA.
- Related ETF: BJK.
Thu, Sep. 24, 12:40 PM
Thu, Sep. 24, 11:46 AM
- Talks between Caesars Entertainment (CZR -14.3%) and a committee of junior bondholders have stalled, sources tell Bloomberg.
- The company is also facing stiff resistance from private equity backers Apollo and TPG Capital Management - two powerful players that want to hold a significant stake in the parent company.
- Shares of Caesars are down 26% over the last five sessions as a settlement outside of more court battling appears unlikely.
- Caesars Acquisition Company (CACQ -7.1%) is also fading.
Tue, Sep. 22, 9:22 AM
- Fantasy sports sites are on the radar of regulators and legislators in several states with the explosive growth numbers hard to ignore.
- Bloomberg reported last week that DraftKings and FanDuel took in $60M in entry fees for the first weekend of the NFL season.
- The legality of daily fantasy contests is being looked at in Nevada, California, Massachusetts, and New Jersey - states where gaming companies have some say with politicians.
- Residents in Arizona, Iowa, Louisiana, Montana, and Washington are already prohibited from entering the daily fantasy contests.
- Related stocks: OTC:WIMHF, OTCPK:WIMHY, MGM, CZR, WYNN.
Sat, Sep. 19, 12:03 PM
- A new joint venture between a consortium led by China Railway and Xpress West Enterprises plans to build a bullet train from Los Angeles to Las Vegas.
- The agreement is an important victory for China Railway which edged out Japan's JR Central for the contact just ahead of China President Xi Jinping’s important state visit to the U.S.
- Construction on the $100M project could start as soon as next year. The high-speed train is expected to reduce L.A.-Vegas travel time to 80 minutes from a driving time on four to six hours (peak time) - a development seen as boosting weekend visitors to Sin City.
- Related stocks: LVS, MGM, WYNN, FLL, CZR, BYD, OTCQB:TPCA.
Fri, Sep. 18, 7:52 AM
- The Nevada Gaming Commission approved a set of rules to allow a new category of games which mix skill and chance.
- The aim of industry players is to introduce hybrid slot machines which appeal to millennials by incorporating skills such as knowledge of trivia, strategic thinking, or dexterity. Traditional slot machines haven't been popular with millennials in general.
- Related stocks: CZR, WYNN, SGMS, ISLE, PNK, PENN, MCRI, CNTY, IGT, MGM, BYD, OTCQB:TPCA, ATVI, TTWO, EA.
- Related ETFs: BJK
Caesars Entertainment Corp along with its subsidiaries is engaged in providing casino-entertainment and hospitality services. Its facilities include gaming offerings, food & beverage outlets, hotel & convention space, and non-gaming entertainment options.
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