Caesars Entertainment Corporation (Nasdaq: CZR) is the world’s most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company.
Caesars is mainly comprised of the following three entities: the majority owned operating subsidiary Caesars Entertainment Operating Company, wholly owned Caesars Entertainment Resort Properties and Caesars Growth Properties, in which we hold a variable economic interest.Since its beginning in Reno, Nevada, 75 years ago, Caesars has grown through development of new resorts, expansions and acquisitions and its portfolio of subsidiaries now operate 50 casinos in 13 U.S. states and five countries.
Caesars resorts operate primarily under the Caesars, Harrah’s and Horseshoe brand names and Caesars Entertainment in the UK.Caesars builds loyalty and value with guests through a unique combination of great service, unbeatable gaming, hospitality and entertainment offerings, operational and technology excellence and industry-leading corporate citizenship.
President of entertainment
Jim Hunt is chairman of Caesars Entertainment.
Hong Kong-listed R&F Properties is seeking new financing and a casino operator partner for the Midan City development in Incheon, attempting to recover from Caesars Entertainment’s abandonment of the partnership.
South Korea, which attracted significant interest when it first opened for foreign investors, is now seen as holding limited appeal unless the government agrees to relax its stance on local gaming.
South Korean IRs and casinos have received some positive news as companies try to recover from setbacks that were mainly the function of the Covid pandemic.
In a report last year, ratings agency Moody’s predicted a surge in merger and acquisitions between online and land-based gambling operators as the latter seek to cement new revenue streams after the chaos wreaked by Covid-19.
Caesars' Entertainment CEO Tom Reeg responded to an analysts' question on the sale of its Korea venture by saying: "Korea has gone, we sold it for some barbecue pork. We sold it back to our partners and have no more commitment. We're out."
Caesars Entertainment posted a loss for Q4 of $555 million compared with a $13 million profit in the prior year, but said it has seen a pick up in demand in the New Year, especially at its regional properties.
R&F Properties, a Hong Kong-listed company that bought out Caesars Entertainment's share in a joint venture project in Incheon, South Korea, needs government approval to continue with the development.
The reports in the Korea media last week have proven to be correct: Caesars Entertainment has withdrawn from its project in Incheon, and in doing so gave up its last interest in Asian gaming under its new, US market-focused leadership.
Reports in the South Korean media suggest that Caesars Entertainment may have decided to completely withdraw from its IR project in Incheon, South Korea, in order to focus exclusively on the domestic US market.
Confirming the major shift in the US market of traditional land-based operators moving big into the online market, the latest news is that Caesars Entertainment has made a strategic investment in the daily fantasy sports platform SuperDraft.
Caesars Korea, a major IR development project in Incheon, may have its license canceled in March due to the long suspension of construction activities and the failure to meet various benchmarks and commitments.
Caesars Entertainment’s intentions regarding its IR development in South Korea remains a mystery, fully ten months after construction of the facility has been frozen. While it is apparent that official deadlines will not be met, applications for a business plan change have not even been filed.
Caesars Entertainment has recorded a net loss of US$926 million in the July-September period. Net revenues came in at US$1.4 billion, a decrease of 34 percent on a same-store basis versus the comparable prior-year period.
Caesars Entertainment, Inc. said it agreed to sell Tropicana Evansville to Gaming and Leisure Properties and Twin River Worldwide Holdings for US$480 million in cash, subject to a customary working capital adjustment.
Caesars Rewards, the largest gaming loyalty program in the world, has recently grown by 20 percent and 18 properties thanks to the merging of Caesars Entertainment and Eldorado Resorts in July.
Both Caesars Korea and Mohegan’s Inspire Resort have suspended construction of their facilities in Incheon for months, with no word on when the building will continue. The outlook for the Caesars IR is particularly cloudy.
Caesars Entertainment says it’s in advanced talks to buy William Hill for GBP2.9 billion ($3.7 billion) to position itself to take full advantage of the expanding U.S. sports betting market.
Ambitious plans to build a cluster of IRs near Incheon Airport are beginning to hit roadblocks as Covid-19 disrupts financing options, according to the Korean media. There are three major facilities in the area: Paradise City, which is already open and operating; the under-construction Inspire Entertainment Resort led by Mohegan Gaming & Entertainment, and the […]
Caesars Entertainment Inc has opened 51 out of 54 properties across the U.S. since mid-May 2020, with only three in Las Vegas remaining closed amid the coronavirus pandemic. The closures understandably affected the company’s second-quarter operating results, but CEO Tom Reeg said that demand trends since reopening have been stronger than expected. “Our second-quarter operating […]
The effective takeover of Eldorado Resorts of Caesars Entertainment to create a new, merged company under the Caesars name has created the largest casino company in the United States. The blockbuster US$17.3 billion deal was first announced in June 2019, but now all of the regulatory and other hurdles have been overcome. The combined company […]
Caesars Entertainment Corp has implemented a universal mask policy across all of its properties starting Wednesday, June 24, 2020, according to a company announcement. The mask policy will require that everyone indoors at its properties across the Caesars network will be required to wear masks at all times, except when eating or drinking. It applies […]
Casino shares in the U.S. surged on Thursday on the expectation the U.S. government will provide assistance to the sector as part of its economic stimulus efforts.
Caesars Entertainment recorded strong operational performance in the fourth quarter of 2019 but swung to a net loss of $304 million due to a change in the fair value of one of its key financial instruments. During the quarter, Caesar’s net revenue increased 2.6 percent to $2.2 billion, driven by growth in all business verticals, […]
The blockbuster $17.3 billion deal by which Eldorado Resorts will take over Caesars Entertainment, thus creating the largest US IR operator, has cleared one of its main hurdles as the stockholders of both companies gave their consent on Friday.
Caesars Entertainment Corp CFO Eric Hession said the company is “currently evaluating” its spend for its Korea IR project, named “Caesars Korea”. Hession made the comments during a Q3 earnings call on Wednesday. According to the Caesars Korea website, Caesars Korea is a joint venture project formed through the partnership of Caesars Entertainment Corporation and […]
U.S. casino operator Caesars Entertainment posted a 2.3 percent increase in net revenue in 19Q3, driven by increased consumer demand, and its hotel business in Las Vegas. Tony Rodio, CEO of Caesars Entertainment said the results were in spite of headwinds across their portfolio. “Revenue performance was driven by our Las Vegas region due to […]
Caesars Entertainment said it agreed to sell the Rio All-Suite Hotel & Casino to a company controlled by a principal of Imperial Companies for $516.3 million, in a deal that will allow it to focus on its Las Vegas Strip properties.
Caesars Entertainment Corporation has honored the 30th anniversary of its Responsible Gaming program by pledging more than $1 million to the National Center for Responsible Gaming and other third-party institutions to help further advance the future of responsible gaming. “Thirty years ago, Caesars Entertainment took the initiative to create the first responsible gaming program, serving […]
Caesars Entertainment built up one of the strongest ground games among the international operators campaigning for an IR license, but instability at the parent company in Las Vegas undermined the local team’s efforts, and has now caused the company to become the first major IR operator to pull out of the Japanese market. Under the […]
Caesars Entertainment Corp has pulled out of the race for a Japanese casino license and will focus instead on its current plans and commitments, including a merger with Eldorado Resorts. The U.S. casino operator made the announcement in a press release on Wednesday night. “The timing of our decision is driven by sensitivity to the […]
The municipal government told reporters on Monday that Yokohama’s long period of indecision had ended and that Mayor Fumiko Hayashi would announce later in the week that her city would seek to host a major urban IR at the 47-hectare Yamashita Pier location.
The strong performance of its Caesars Entertainments’ Las Vegas properties helped to boost total revenue for the second quarter of 2019, in-line with analyst estimates. Said revenue rose 4.9 percent year-on-year, reaching $2.22 billion, with management attributing the results to contribution from Centaur and strength in its Las Vegas hotel and food beverage businesses. “Our […]
Caesars Forum, a state-of-the-art 550,000 square-foot conference facility under construction in Las Vegas, is on pace to meet its scheduled March 2020 opening date. Last month the final steel beam was placed atop the structure, forming a key milestone in its construction. The $375 million conference center will feature the world’s two largest pillarless ballrooms […]
Caesars Entertainment has announced that it is partnering with Taito, Japan’s leading arcade game company, to jointly host an eSports tournament in Las Vegas next month.
Caesars Entertainment has told staff that its $17.3 billion merger with Eldorado Resorts will likely result in a reduction in headcount, though it’s too early in the process to give details.
Tom Reeg, chief executive officer of Eldorado, raised eyebrows among Asia observers by suggesting that the new Caesars Entertainment would be focused on the United States IR market, perhaps exclusively.
Eldorado Resorts has reached a $17.3 billion merger agreement with Caesars Entertainment, in a deal which will create the largest US IR operator.
Caesars Entertainment has announced a partnership with University of Nevada, Las Vegas (UNLV), to create a technology hub where new gaming and hospitality concepts will be developed and tested in a 43,000 square-foot space.
In a crowded field of international IR operators hoping to obtain one of the three licenses available in Japan, Caesars Entertainment hopes that one of its key competitive advantages is its commitment to “the highest levels of integrity.”
Tangam Systems, a company specializing in gaming optimization and business intelligence software, is helping Caesars Entertainment identify gaming trends among its table games. By utilizing the software program “Table Games Yield Management” (TYM), properties can optimize the guest experience by forecasting player demand, staffing needs on the casino floor, table spreads and pricing. “We’re thrilled […]
U.S. casino operator Caesars Entertainment delivered a solid quarter of revenue and EBITDAR growth in the first quarter of 2019, driven by strong contributions from its Las Vegas gaming business, the acquisition of Centaur, as well as operating and corporate efficiencies. Net revenues increased 7.3 percent to $2.1 billion, while income from operations increased 92 […]
Caesars Entertainment Corporation today confirmed that its Board of Directors has named Anthony Rodio as its new chief executive officer. Mr. Rodio, who is currently CEO of Affinity Gaming, will be transitioning to Caesars during the next thirty days. “Tony brings to Caesars a track record of operational excellence, proven leadership, and deep industry knowledge […]
Casino operator Caesars Entertainment is reportedly preparing to name a new CEO, Anthony Rodio, to replace Mark Frissora, according to a report from the Wall Street Journal. The news, which is expected on Monday U.S. time, will see Frissora booted from the current CEO helm at Caesars. Rodio is the CEO of Affinity Gaming, and […]
It would appear that the competition to partner with the Tomakomai municipal government has now narrowed down to six serious suitors—Caesars Entertainment, Hard Rock International, Mohegan Sun, Rush Street, Clairvest, and Foxwoods.
The victory of the All-Okinawa candidate for governor, Denny Tamaki, would appear to bring to an end any chance that Okinawa Prefecture will join the race to host an IR. Tamaki was the designated successor to the late Governor Takeshi Onaga, who in 2014 turned against the pro-casino policies of his predecessor on the argument […]
Caesars Entertainment unveiled its “100 Year Partnership for Japan” campaign, and made a number of significant announcements about recent developments in the firm’s local IR initiatives.
A dozen companies submitted plans and information to the Yokohama municipal government before the RFI deadline last Friday. Among these, eight were international IR operators, two were domestic property developers, and two were other kinds of Japanese firms.
U.S casino operator Caesar Entertainment Corp has applied for trademark protection in Macau, according to an entry in the Official Gazette. The company applied for trademarks under two subsidiaries, including Flamingo Las Vegas Operating Company LLC, which applied for four trademarks under the name ‘Flamingo’, and Corner Investment Company LLC under the brand ‘The Cromwell’. […]
Several international IR operators have been meeting with members of the Tomakomai Chamber of Commerce & Industry to discuss their bids to partner with this northern Japanese city. At an event attended by about 110 people held Wednesday, Caesars Entertainment and the Clairvest Group made their pitches to the local business community. The Caesars presentation […]
Caesars Entertainment Corp said its board of directors have increased its share repurchase authorization to $750 million common shares, a $250 million increase from the initial plan announced in May.
Caesars Entertainment swung to a profit in Q2 as revenue doubled due to the inclusion of income from Caesars Entertainment Operating Company, which emerged from bankruptcy late last year.
Caesars Entertainment Corporation has broken ground on its newest development, CAESARS FORUM, a $375 million, 550,000 sq ft conference center in Las Vegas. CAESARS FORUM will be the first facility of this size built on one level and will feature the two largest pillarless ballrooms in the world, equivalent to twenty-seven tennis courts or three […]
Japan’s largest weekly news magazine by circulation, Shukan Bunshun, has published an article accusing Caesars Entertainment of engaging in a practice which they contend effectively amounts to the bribery of Japanese politicians, but which Caesars argues is an accepted and legal practice. The substance of the allegation is that an advisor to Caesars Entertainment bought […]
Canadian pop singer Celine Dion performed a sold out, two-hour show in Tokyo on June 26, her first appearance in Japan in about a dozen years, as part of Caesars Entertainment’s campaign to win one of the three IR licenses that will be up for grabs after the expected passage of the IR Implementation Bill […]
Jason Gastwirth, Caesars’ president of entertainment, confirmed in an exclusive interview with Asia Gaming Brief that he has entered into “initial discussions” with Japanese talent agencies and related groups to explore possible cooperation regarding programming at a potential theater for a Caesars IR in Japan.
Caesars Entertainment Corporation has announced plans to license its Caesars Palace, Flamingo, The Cromwell and The LINQ brand in overseas destinations. The move will allow Caesars and select strategic partners to expand the reach of these brands into gateway cities around the world, said the company in a press release. “Caesars Entertainment (CZR) brings instant […]
Thousands of hotel and casino workers in Las Vegas are set to walk off the job next month, with calls from unionized workers for wage increases, job security and strengthened protections against sexual harassment. At the end of May, the contracts for around 50,000 unionized workers will expire, while new contracts with the aforementioned inclusions […]
Caesars Entertainment is counting on its MICE and entertainment experience to carry off the prize of a casino license in Japan, says William Shen, the company’s managing director for Japan and South Korea.
The level of foreign ownership allowed by the Japanese government in the country’s IRs may play a significant role in determining who gets the coveted licenses, experts told a panel session at G2E Asia.
Las Vegas-based Caesars Entertainment Corp saw first quarter net revenue more than double in 18Q1 compared to the prior year, reaching $1.97 billion.
South Korea wants to turn the area near Incheon International Airport into a version of Manila’s Entertainment City, but its vision is at risk from competition from Japan.
The Abe government's decision to drag its feet on more detailed regulations governing the IR industry and to delay the establishment of the Casino Management Board may exercise an effect on which local governments get licensed and which IR operators are selected.
Gaming companies have long recognised the lucrative potential of teaming up with sports, and as new jurisdictions open up to casinos, operators are seeking to leverage these ties to boost brand recognition, woo the public and dull the gambling edge.
Besides being titans in the casino world, there’s something else that Sheldon Adelson, Stanley Ho, Lim Kok Thay and Steve Wynn have in common and this factor may lead to important regulatory repercussions for their business empires.
The season has come for the sixteen or seventeen interested IR operators to concretely develop their strategies to woo local governments and to position themselves to be chosen as partners.