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Caesars Entertainment

6/20/2013, 4:46 AM ET

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Monday, June 10, 12:32 PM Nevada casino revenue came in at $854M for April, down 0.2% Y/Y and 0.7% lower M/M. Las Vegas Strip casinos (LVS, MGM, WYNN, PENN, ASCA, BYD, CZR) underperformed the rest of the state with gaming revenue slipping 2.3% Y/Y to $448.6M. Comment! [Consumer]
Wednesday, June 5, 1:15 PM The current session of the Nevada legislation is moving along quite nicely for the casino industry (MGM, WYNN, BYD, PENN, ASCA, PNK, CZR, LVS, BJK). Bills to legalize online poker in the state and to protect large casino properties from slot machine parlors and establishments with sports betting kiosks have both passed, while a bill that would see casino employees avoid state taxes on comped meals looks likely to pass. (Previous: Vegas casino stocks falling faster than Macau plays) Comment! [Consumer]
Wednesday, June 5, 11:20 AM Casino stocks are taking the weak economic news worse than other sectors as they under-perform major indexes. Bets on Vegas are going south at a higher rate than bets on Macau. Decliners: Caesars Entertainment (CZR) -6.2%, Boyd Gaming (BYD) -5.5%, MGM Resorts (MGM) -3.3%, Pinnacle Entertainment (PNK) -2.8%. Comment! [Consumer, On the Move]
Wednesday, May 22, 9:48 AM Credit Suisse cuts Caesars Entertainment (CZR -1.5%) to a Neutral rating from Outperform on its view valuation is too pricey. SA author Eric Rodawig goes even further, thinking the case for going short CZR looks compelling with the company stuck in a no growth, low cash flow loop. Also, speculating on booming online gaming revenue looks a bit like a roulette bet. Comment! [Consumer, On the Move]
Wednesday, May 1, 5:27 PM More on Caesars Entertainment (CZR): Q1 result misses on both bottom and line expectations as total sales decline by 6% Y/Y. Net losses narrowed however, as the the lower revenues were offset by a tax benefit and a decrease in depreciation expense. Las Vegas segment revenue fell 2.6%, weighed down by construction and renovation activities, with revenue from the Iowa and Missouri region -6.9%, Illinois and Indiana -4.6% and Louisiana and Mississippi -8.1%. Shares -1.6% AH. Comment! [Earnings, Consumer, On the Move]
Wednesday, May 1, 5:24 PM Caesars Int'l (CZR): Q1 EPS loss of $1.74 misses by $0.16. Revenue of $2.14B (-6% Y/Y) misses by $50M. (PR). Shares -1.6% AH. Comment! [Earnings, Breaking News, On the Move, Consumer]
Tuesday, April 30, 7:43 AM Ultimate Gaming will become the first fully legal real-money online poker website in the U.S. when it launches today in Nevada. Players will have to prove they reside in Nevada before being allowed to open an account. What to watch: The lure of tax revenue could be too great for other states to pass up. Expect more states to add online poker or add even more forms of casino gambling online like New Jersey and Delaware have allowed. The big boys (WYNN, MGM, CZR) aren't snoozing the trend and have key online partnerships and initiatives ready to go. Comment! [Consumer]
Wednesday, April 24, 12:51 PM RBC Capital isn't wowed by the news that Caesars Entertainment (CZR +1.8%) will form a joint venture to find growth opportunities as it reiterates an Underperform rating on the gaming company. Analysts with the firm estimate investors jumping through the hoops to acquire a stake in Caesars Growth Partners need it to appreciate rapidly to offset the declining value of their holdings in the legacy Caesars stock. Comment!
Tuesday, April 23, 12:56 PM Midday top 10 gainers: SCON +118%. MEMS +49%. CZR +29%. NFLX +24%. ARL +18%. CPLA +18%. VECO +17%. HSTM +17%. SANM +16%. ILMN +15%.
Midday top 10 losers: CPRX -15%. IIVI -13%. UNTK -13%. ABIO -13%. CASM -10%. EFUT -9%. GASS -9%. TAX -8%. SIFY -7%. USTR -7%. Comment! [On the Move]
Tuesday, April 23, 11:13 AM Shares of Caesars Entertainment (CZR +32.7%) soar as investors bet the company's new growth venture will help set it on a path to return to profitability. Unlike larger peers, Caesars lacks a presence in Macau to help it ride out sluggish growth in Las Vegas - but flush with $500M in funding from big-name partners, the new JV could tiptoe into new growth areas. Comment! [Consumer, On the Move]
Tuesday, April 23, 9:10 AM Premarket gainers: MEMS +50%. SCON +46%. NFLX +24%. VECO +14%. COH +12%. ILMN +10%. ARMH +9%. CZR +8%. STM +6%. AMRN +6%.
Losers: IRWD -10%. RSH -7%. IOC -6%. Comment! [On the Move]
Tuesday, April 23, 8:32 AM Caesar's Entertainment (CZR) announces it will form Caesars Growth Partners, a joint venture between it, participating shareholders, and some fresh partners. The new venture is designed to help fund new growth opportunities and will include close to $500M in funding from Apollo Management and TPG. CZR +12.2% premarket to $14.01. Comment! [Consumer, On the Move]
Wednesday, April 10, 10:17 AM Casino stocks (BJK) are reacting to a report from the Nevada Gaming Control Board that revenue on the Las Vegas Strip rose 31.7% Y/Y in February to $696M. The news helps take much of the sting off of the poor performance for January. (full gaming win report .pdf) 3 Comments [Consumer]
Thursday, April 4, 8:58 AM Gaming companies in Nevada are asking the state legislature to restrict the growth of strip mall slot machine parlors and sports betting kiosks as the proliferation of smaller gambling outlets starts to threaten the casino model. The big picture: Though they still hold most of the cards, look for intensified lobbying from casino execs as online ventures and looser gambling laws continue to chip away at the industry. Comment! [Consumer]
Wednesday, April 3, 10:42 AM Casino stocks trade sluggishly as Zynga's push into real-money gaming in the U.K. appears to make it a more formidable threat to the sector. Though nearly all the brick-and-mortar gaming companies are involved in extensive planning for the expected opening up of online gambling in the U.S., pure Internet companies are still set to have lower cost structures and the ability to move more nimbly. Sector watch: Caesers Entertainment (CZR) -2.5%, Las Vegas Sands (LVS) -2.3%, Boyd Gaming (BYD) -2.2%, Wynn Resorts (WYNN) -2.1%, MGM Resorts (MGM) -2%, Penn National Gaming (PENN) -1.4%. 2 Comments [Consumer, On the Move]
Monday, April 1, 8:20 AM The allure of tax revenue from sports betting is too great for lawmakers in California and Illinois to pass up as both states see sports gambling bills gain more support. What to watch: Professional sports leagues and the NCAA (along with the DOJ) will fight to keep the ban on sports betting outside of Nevada in place in a case which may end up decided by the Supreme Court. Last year, Nevada took in more $3.4B in bets on sports last year, a tally which doesn't include the extra tourism revenue for Vegas-based casino operators such as Las Vegas Sands (LVS), Wynn Resorts (WYNN), Caesars Entertainment (CZR), and MGM Resorts (MGM). 2 Comments [Consumer]