Caesars Entertainment (CZR) - NASDAQ
  • Sat, Jul. 23, 12:40 PM
    • Fitch Ratings forecasts solid revenue trends for casino-hotel properties on the Las Vegas Strip as non-gaming amenities continues to drive growth.
    • Properties on the Las Vegas Strip now generate more than 60% of their profit from non-gaming amenities. Fitch says the trend supports the view that Strip resorts are real estate investments and should trade with REIT-like multiples. They are also seen as more attractive than some regional casino stocks in a recession due to the diversified income streams.
    • The ratings agency still exudes some caution on the highly-watched LV market.
    • Fitch on Vegas: "The Caesars' bankruptcy could impact some of its entities and Wynn's Las Vegas expansion could become a burden. New supply from Wynn or others could be problematic in a downturn, as the Strip's RevPAR growth has lagged the national average since the recovery, without new supply since 2010."
    • Full Fitch Ratings report
    • Previously: Asian-themed casinos and NHL hockey on tap for the Vegas Strip (July 9)
    • Related stocks: LVS, MGM, WYNN, FLL, CZR, BYD
    • Related ETF: BJK
    | Sat, Jul. 23, 12:40 PM
  • Fri, Jul. 22, 8:37 AM
    • Caesars Entertainment Group (NASDAQ:CZR) is on watch after Bloomberg reports that a consortium led by Giant Interactive Group is working on a formal offer for the company's online game unit.
    • The bid from the Chinese group for Caesars Interactive could top $4B, according to sources.
    • Hasbro (NASDAQ:HAS) and South Korean mobile game company Netmarble Games also participated in the auction before social game maker Giant Interactive won the right for an exclusivity period to work on a deal.
    • Caesars Acquisition (NASDAQ:CACQ) owns half of Caesars Interactive.
    | Fri, Jul. 22, 8:37 AM | 2 Comments
  • Mon, Jul. 11, 7:20 AM
    • Caesars Entertainment  (NASDAQ:CZR) and Caesars Acquisition Company (NASDAQ:CACQ) announce that they have agreed to amend the terms of their previously disclosed merger.
    • Caesars Entertainment and Caesars Acquisition initially entered into a merger agreement in December 2014.
    • The company says the amended and restated merger agreement represents an important milestone in the ongoing restructuring of Caesars Entertainment Operating Company as the restructuring is contingent upon, among other things, the completion of the merger.
    • Both Caesars Entertainment and CEOC point to the recent progress made with key creditor groups, and note they are pleased with the support received to date for CEOC's Plan of Reorganization. Caesars Entertainment and CEOC are continuing to engage with remaining creditor groups to achieve consensual agreements.
    • A confirmation hearing for CEOC's Plan of Reorganization has been set for January 17, 2017.
    • Source: Press Release
    | Mon, Jul. 11, 7:20 AM
  • Fri, Jul. 1, 12:42 PM
    | Fri, Jul. 1, 12:42 PM | 17 Comments
  • Fri, Jul. 1, 8:58 AM
    • Tentative labor agreements have lifted the threat of strikes at three Atlantic City casinos owned by Caesars Entertainment (NASDAQ:CZR) and from the Tropicana Casino and Resort (OTCQB:TPCA), but there is no new deal yet for the Trump Taj Mahal.
    • Unite Here, which represents cooks, cleaners, servers and other uniformed casino workers, announced tentative deals yesterday with Bally’s Atlantic City Hotel and Casino, Harrah’s Resort Atlantic City, and Caesars Atlantic City Hotel and Casino.
    • Talks continue between the union and the Trump Taj Mahal, which faces a deadline today to reach agreement on a new contract or face a walkout.
    | Fri, Jul. 1, 8:58 AM
  • Thu, Jun. 23, 4:54 AM
    • The casino operating unit of Caesars Entertainment (NASDAQ:CZR) can begin seeking creditor votes for a plan to exit its long and contentious $18B bankruptcy, Judge Benjamin Goldgar said in court in Chicago.
    • The move will set a final courtroom showdown for early next year between the casino giant and bondholders who say they're being shortchanged.
    | Thu, Jun. 23, 4:54 AM
  • Fri, Jun. 17, 7:41 AM
    • Casino workers in Atlantic City authorized a strike as part of their effort to gain better terms in a new contract.
    • The strike decision follows several months of stalled negotiations amid a stressed casino environment in AC. The Tropicana and Trump Taj Mahal just recently emerged from bankruptcy.
    • The strike date of July 1 set by casino workers is just in front of a high-traffic holiday weekend.
    • Related stocks: BYD, MGM, CZR.
    | Fri, Jun. 17, 7:41 AM | 1 Comment
  • Wed, Jun. 15, 2:05 PM
    • Caesars Entertainment (CZR +9.6%) pops after a bankruptcy judge halts all lawsuits until against the company on a temporary basis. The injunctive relief runs through August 29.
    • "There better be some talking and it better be fast," said Judge Goldgar about the narrow window he gave the company to work out settlement deals.
    • Caesars faces over $11B in combined claims from bondholder lawsuits, but will aim for a much lower amount in settlement talks.
    | Wed, Jun. 15, 2:05 PM | 5 Comments
  • Wed, Jun. 15, 8:48 AM
    • The New York State Senate approved a bill to make online poker legal in New York with restrictions.
    • The bill would allow New York's 11 racetrack casinos to host online poker tournaments.
    • New York will be the fourth state in the U.S. after Delaware, New Jersey, and Nevada with legalized online poker if the full state assembly approves the legislation. There's considerable debate over which direction the assembly will go.
    • A significant political battle over the potential development of new casinos in the northern part of New Jersey is in the background of the online poker discussion.
    • Related stocks: CZR, OTCPK:EIHDF, MGM, AYA, BYD, NYNY.
    | Wed, Jun. 15, 8:48 AM
  • Tue, Jun. 14, 12:54 PM
    • The NHL has decided to place an expansion team in Las Vegas for the 2017-2018 season, sources tip the Associated Press.
    • An announcement is expected during the NHL board of governors meeting on June 22.
    • Las Vegas also appears to be in the mix for NFL and NBA relocations. Recent comments from the league commissioners, although carefully crafted, are decidedly warmer than in the past.
    • Related stocks: LVS, MGM, WYNN, FLL, CZR, BYD
    • Related ETF: BJK
    | Tue, Jun. 14, 12:54 PM | 14 Comments
  • Fri, Jun. 10, 2:08 PM
    • P-E firms execs may contribute to an negotiated settlement between Caesars Entertainment's (CZR -0.1%) operating unit and creditors in order to maintain some level of control, according to the WSJ.
    • The most damaging accusation in the legal case swirling around Caesars is that Apollo Global Management and TPG breached their fiduciary responsibility by allowing assets to be stripped away.
    • TPG and Apollo Global Management haven't confirmed the report on the settlement proposal..
    | Fri, Jun. 10, 2:08 PM
  • Fri, Jun. 10, 8:19 AM
    • Shares of several Chinese railroad stocks fell sharply today after XpressWest called off a deal to use China-based companies to build a high-speed train between Los Angeles and Las Vegas.
    • XpressWest said it had trouble getting around federal requirements on using domestic manufacturers for the project.
    • China Railway Construction (OTC:CWYCF, OTCPK:CWYCY) fell 5.4% in Hong Kong trading and China Railway Group (OTC:CRWOF, OTCPK:CRWOY) was down 4.8%.
    • XpressWest CEO Tony Marnell said the company is still committed to the L.A-to-Vegas high-speed train. The $100 round-trip transportation initiative has been discussed for years, with construction finally slated to begin next year. That timetable looks likely to be scrapped.
    • Related stocks: LVS, MGM, WYNN, FLL, CZR, BYD.
    | Fri, Jun. 10, 8:19 AM | 4 Comments
  • Thu, Jun. 9, 2:45 PM
    • Casino operators continue to find new ways to generate sales with gaming revenue under some pressure. The last round of quarterly reports from the sector indicated strong RevPAR numbers which means the hotel and restaurant side of the business is working well.
    • A scan of Nevada gaming data over a 12-month period (5/1/15-4/30/16) might reveal some broader trends across the U.S. as the millennial generation factors into the equation.
    • Nevada games and table win revenue -4.03% to $4.096B. Win percentage 13.14% vs. 12.60% for the preceding year. Baccarat and roulette fell off during the one-year period, while craps and new games contributed positively.
    • Slot machine win revenue +2.8% to $7.013B. Win percentage 6.56% vs. 6.45% for the preceding year. Revenue from penny slots was up 7% Y/Y.
    • Sports betting revenue growth: Football -2%; Baseball +79%; Basketball +17%; Parlays -34%.
    • Sports betting win % comparisons: Football 5.4% vs. 5.5% prior; Baseball 4.3% vs. 3.1% prior; Basketball 5.2% vs. 5.1% prior; Parlays 26%. vs. 39% prior.
    • Source: Nevada Gaming Control Board reports
    • Related stocks: LVS, MGM, WYNN, FLL, CZR, BYD, ISLE, DRII, PNK, PENN, NYNY, OTCQB:TPCA, ERI.
    • Related ETF: BJK.
    | Thu, Jun. 9, 2:45 PM | 3 Comments
  • Wed, Jun. 8, 10:52 AM
    • The U.S. bankruptcy judge in the Caesars Entertainment (CZR -4.4%) case pushes back the decision date on a key ruling.
    • Judge Benjamin Goldgar will decide later this month if the operating unit of Caesars can move forward with a restructuring plan.
    • Goldgar said he doesn't know if the actual trial will be "short and sweet" or resemble "WWIII" in tone.
    | Wed, Jun. 8, 10:52 AM
  • Tue, Jun. 7, 2:57 PM
    • Shares of Caesars Entertainment (CZR +4.6%) stay on their upward track.
    • The extended rally has continued even with a casino workers union calling a REIT plan from Caesars very risky. The issue has also been teed up by some Congressman who think Caesars' REIT play would defeat the purpose of the investment vehicle.
    | Tue, Jun. 7, 2:57 PM | 4 Comments
  • Mon, Jun. 6, 2:21 PM
    • The purchase by MGM Resorts (NYSE:MGM) of the Borgata could help to usher in the second wave of online gambling legalization, according to analysis from USPoker.com's Steve Ruddock.
    • "If expansion occurs, multiple online gambling stakeholders will have national interests and realize a potential windfall from interstate agreements. This should make the barriers for interstate and even international agreements less daunting," writes Ruddock.
    • Caesars Entertainment (NASDAQ:CZR) and 888 Holdings (OTCPK:EIHDF) top the list of pro-online poker players. Mohegan Sun and MGM Resorts with its interests in New Jersey, Michigan, and New Jersey are also likely to support more legalization.
    • Previously: A deep dive into the Borgata deal (June 1)
    | Mon, Jun. 6, 2:21 PM | 5 Comments
Company Description
Caesars Entertainment Corp. is a diversified casino-entertainment company. The company operates its business through its wholly owned subsidiary, Caesars Entertainment Operating Company, Inc. It owns an online gaming business, which provides real money casino, bingo and poker games in the United... More
Sector: Services
Industry: Resorts & Casinos
Country: United States