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Caesars Entertainment (CZR)

  • Thu, Jul. 23, 8:26 AM
    • The threat of bankruptcy now lingers around Caesars Entertainment (NASDAQ:CZR) after a devastating court ruling sent shares crashing late yesterday, down 40.7% at the bell.
    • The company says it will fight the decision which puts it on the hook for hundreds of millions owed by its operating unit.
    • Other stocks hit late yesterday by the Caesars drama include Caesars Acquisition Company (NASDAQ:CACQ) which fell -13.5% and PE-backer Apollo Global Management (NYSE:APO) with a -2.8% loss.
    • CZR is down another 4.7% in today's premarket session.
    | Thu, Jul. 23, 8:26 AM | Comment!
  • Wed, Jul. 22, 3:11 PM
    | Wed, Jul. 22, 3:11 PM | 6 Comments
  • Wed, Jul. 22, 12:45 PM
    | Wed, Jul. 22, 12:45 PM | 10 Comments
  • Wed, Jul. 22, 4:00 AM
    • The bankruptcy drama at Caesars Entertainment (NASDAQ:CZR) will come to a head today, after a U.S. judge in Chicago rules whether the casino empire is shielded from a storm of litigation.
    • Caesars put its largest unit in chapter 11 protection in January, rather than the whole company, preserving many investments of shareholders.
    • Creditors argue that Caesars didn't act fairly ahead of the filing, since it transferred assets out of their reach, and stripped them of certain protections.
    • CZR fell 6.5% in after-hours trading.
    | Wed, Jul. 22, 4:00 AM | 1 Comment
  • Tue, Jul. 21, 12:45 PM
    | Tue, Jul. 21, 12:45 PM | Comment!
  • Tue, Jul. 21, 10:31 AM
    • Caesars Entertainment (NASDAQ:CZR) is up 16.6% and Caesars Acquisition Company (NASDAQ:CACQ) is 7.1% higher after a significant deal with lenders was struck last night.
    • The development will eliminate some of the legal roadblocks standing in front of Caesars in addition to reducing the overall debt load.
    • Previously: Caesars Entertainment reaches deal with lenders
    | Tue, Jul. 21, 10:31 AM | Comment!
  • Tue, Jul. 21, 4:17 AM
    • Caesars Entertainment (NASDAQ:CZR) has reached an agreement with its lenders that will reduce its operating company's debt by about $10B, paving the way for new debt worth $8.6B.
    • The deal will see Caesars Entertainment contribute an additional $200M of convertible notes to the second lien noteholders, and about 5% equity in company property to investors.
    • CZR +1.5% premarket
    | Tue, Jul. 21, 4:17 AM | 1 Comment
  • Mon, Jul. 20, 2:49 PM
    • The merger between 888 Holdings (OTCPK:EIHDF) and (OTCPK:PYGMF) creates some intriguing possibilities if online gaming is approved in more U.S. states or under a federal framework.
    • 888 partners with Caesars Entertainment (NASDAQ:CZR) in Nevada, while Bwin has an agreement struck with Boyd Gaming and MGM Resorts in New Jersey. Some analysts think those partnerships could be easily expanded at scale.
    • If online gaming remains a three-state phenomenon, the combined Bwin-888 entity faces a challenge with competition from Betfair (OTC:BTFRF) and Amaya Gaming (NASDAQ:AYA) which owns PokerStars and Full Tilt Poker.
    • Shares of are up 8% over the last year, although they stand well off their all-time highs. 888 Holdings is +32% over the last year.
    • Previously: 888 scoops up for $1.4B (Jul. 17 2015)
    | Mon, Jul. 20, 2:49 PM | Comment!
  • Thu, Jul. 9, 2:04 PM
    • Caesars Entertainment (CZR +4.1%) is in advanced talks with a group of creditors over a restructuring of the company's operating unit, sources tell Bloomberg.
    • Junior debt holders - including Paulson & Co, Soros Fund Management, and Canyon Partners - are looking for better terms than previously offered up by Caesars which is also negotiating with first-lien debt holders.
    • Outside of the legal wrangling, Caesars has a new CEO on the job with Mark Frissora taking over this month and is still moving forward with expansion projects in Asia.
    • Share of Caesars have slowed down their sharp 2015 slide over the last month, stabilizing in the $6.00-$6.30 range.
    | Thu, Jul. 9, 2:04 PM | 2 Comments
  • Mon, Jun. 29, 1:47 PM
    • The Internet Poker Freedom Act was introduced last week in the House of Representatives by Rep. Joe Barton from Texas. The bill aims to legalize online poker under a federal framework.
    • The Senate has the Restoration of America’s Wire Act in front of it which calls for a major crackdown on all forms of online gambling. Las Vegas Sands (LVS -1.8%) chairman Sheldon Adelson is a sponsor of the legislation and longtime advocate of banning online gambling.
    • The burgeoning sports betting industry which includes daily fantasy game sites such as FanDuel and DraftKings will be watching the developments on Capital Hill closely.
    • Previously: Momentum builds for legalized sports betting (March 10)
    | Mon, Jun. 29, 1:47 PM | 13 Comments
  • Mon, Jun. 29, 10:30 AM
    • The latest bankruptcy filing from Caesars Entertainment (CZR -4%) indicates its operating unit turned a profit of $53M in April.
    • Revenue from Caesars Entertainment Operating Co. was $328M for the month.
    • The operating unit is at the heart of a contentious lawsuit entangled in the bankruptcy case.
    | Mon, Jun. 29, 10:30 AM | Comment!
  • Mon, Jun. 29, 8:14 AM
    • Nevada gaming revenue rose 3.33% in May to $1.003B to mark the first time the casinos in the state generated over a billion dollars since December of 2013.
    • The boxing match between Floyd Mayweather and Manny Pacquiao was a significant traffic driver during the month.
    • Slot revenue +8%.
    • Baccarat revenue -33%.
    • Las Vegas Strip revenue +1.4%, while downtown Vegas casinos saw a 15% upturn.
    • Fiscal YTD Nevada gaming revenue -0.99%.
    • Nevada State Gaming Control Board report (.pdf)
    • Related stocks: CZR, CACQ, MGM, WYNN, LVS, BYD, OTCQB:TPCA,
    • Related ETF: BJK
    | Mon, Jun. 29, 8:14 AM | 2 Comments
  • Wed, Jun. 24, 3:08 PM
    • Online gaming revenue in New Jersey rose 19.1% in May to $12.5M.
    • If discontinued operations are backed out, the year-over-year increase is +25%.
    • The online category is up 12.6% YTD to $60.31M.
    • Brick-and-mortar casinos have seen revenue from slot machines and tables games fall off this year.
    • Division of Gaming Enforcement report (.pdf)
    • Related stocks: BYD, CZR, MGM, OTCPK:EIHDF.
    | Wed, Jun. 24, 3:08 PM | 1 Comment
  • Tue, Jun. 23, 12:59 PM
    • The bankruptcy trial of Caesars Entertainment (CZR +2.3%) has been delayed until early October, according to court-watching site
    • The judge in the case agreed to the two-month delay to allow attorneys for junior bondholders more time for discovery.
    | Tue, Jun. 23, 12:59 PM | Comment!
  • Wed, Jun. 17, 8:17 AM
    • UMB Bank filed a $6B lawsuit against Caesars Entertainment (NASDAQ:CZR) alleging the company breached terms of notes it issued.
    • The bank acts as the trustee on several first-lien Caesars notes for bondholders which include several in support of the company's restructuring plan.
    • Stuck in the middle of the legal proceedings, operating unit Caesars Entertainment Operating Company is looking to separate itself from ongoing litigation.
    | Wed, Jun. 17, 8:17 AM | Comment!
  • Mon, Jun. 15, 2:20 PM
    • Bills to legalize online gaming in Pennsylvania are seeing support from legislators in the state staring down a projected budget shortfall.
    • While politicians in the Keystone state see online gaming as a way to recoup some tax dollars bleeding to New Jersey, gaming industry officials are looking to tap into the under-40 demographic with online play.
    • One of the bills floating around the State Senate would still require gamblers to visit a physical casino to register their account unless they live more than 20 miles from a gaming establishment.
    • Harrah's Philadelphia (NASDAQ:CZR) is a vocal supporter of the online gaming push, while Sands Bethlehem (NYSE:LVS) opposes it due to the position of parent company CEO Sheldon Adelson.
    • The most interesting part of the online gaming debate could be how much room is left for casino operators to partner with tech companies on initiatives.
    | Mon, Jun. 15, 2:20 PM | 12 Comments
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Company Description
Caesars Entertainment Corpalong with its subsidiaries is engaged in providing casino-entertainment and hospitality services. Itsfacilities include gaming offerings, food & beverage outlets, hotel & convention space, and non-gaming entertainment options.
Sector: Services
Country: United States