CZR - Caesars Entertainment Corporation

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
12.30
+0.14 (+1.15%)
At close: 4:00PM EDT
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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close12.16
Open12.40
Bid12.29 x 2900
Ask12.35 x 38500
Day's Range12.18 - 12.44
52 Week Range3.22 - 14.74
Volume13,982,983
Avg. Volume15,245,059
Market Cap8.414B
Beta (5Y Monthly)1.91
PE Ratio (TTM)N/A
EPS (TTM)-1.89
Earnings DateAug 03, 2020 - Aug 07, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est11.96
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • Barrons.com

    3 Casino Stocks to Buy, Despite Covid-19 Concerns

    As Covid-19 cases rise around the country, investors betting on a casino resurgence may be pressing their luck. Still, there are some regional players worth buying, says Jefferies.

  • As Coronavirus Cases Surge, MGM Stock Could Head Lower
    InvestorPlace

    As Coronavirus Cases Surge, MGM Stock Could Head Lower

    The reopening of Las Vegas last month made investors bullish on MGM Resorts (NYSE:MGM) stock. But, with a rise in new novel coronavirus cases, a rapid comeback for this casino giant looks questionable.Source: Jason Patrick Ross / Shutterstock.com The company is taking proactive moves to ensure safety, like requiring masks in public places on its properties. But that may not be enough to reassure potential visitors to its Las Vegas and regional hotels. With just 36% of Americans comfortable riding on a plane, Vegas casinos are going to have a tough time filling up hotel rooms and getting people to their gaming tables.So what does that mean for MGM stock in the near-term? Expect today's uncertainty to continue. Yet uncertainty may be good when it comes to making money with this stock.InvestorPlace - Stock Market News, Stock Advice & Trading TipsIf MGM's near-term prospects were brighter, its shares would be trading closer to their pre-pandemic price levels. In other words, their risk/reward ratio would not be very favorable. But, as the shares move lower, investors' odds improve.I'm not saying that the shares are a screaming buy at today's prices. But if the shares creep down to $10 and below, consider the stock a strong bottom-fishing pick. What a Second Wave Means for MGM StockEarlier this month, the shares of this hard-hit casino stock went higher, as investors wagered on a rapid, "V-shaped" recovery. In the minds of many, the pandemic was entering the rear-view mirror. Indeed, with many states opening up, it seemed like the nation was going to rapidly "return to normal." * 7 Utilities Stocks to Buy With Reassuring Dividends What a difference a few weeks makes. With reported cases rising, investors, political leaders, and other stakeholders may have gotten ahead of themselves. That is to say, we are far from out of the woods when it comes to the pandemic.Will Nevada and other states walk back their reopening plans? Will they impose a second lockdown? That remains to be seen. Also unclear is whether MGM's casino business will continue accelerating throughout the summer.As InvestorPlace columnist Mark Hake wrote in his June 25 column, "wait and see" is a good approach. With the July 4th weekend just days away, we'll soon see the extent to which MGM's operations are bouncing back. If the crowds during Independence Day weekend are larger than expected, that will be a clear sign that things aren't as bad as recent headlines indicate.Granted, many will still shun places with large crowds, like casinos. But, if the mask requirements can help minimize infection risks, and if enough people are daring (or stubborn) enough to hit the tables, MGM's comeback story may still be in motion.That being said, today's share price is reasonable, but not dirt cheap. Yet, considering the fact that other casino stocks have become frothier, valuation may not be much of an issue for MGM stock. MGM's Valuation Is ReasonableUsing the enterprise value/EBITDA (EV/EBITDA) metric, MGM looks reasonably priced, but not cheap. The shares have an EV/EBITDA ratio of 12.9. Rivals like Caesars Entertainment (NASDAQ:CZR), and Las Vegas Sands (NYSE:LVS) sell at similar or lower valuations.But, as I wrote earlier this month, the shares look like a bargain compared to Penn National (NASDAQ:PENN) stock. With Penn's sports-wagering catalyst helping to boost its valuation, that stock currently has an EBITDA multiple of 15.And that's despite the fact that the easy money's already been made with Penn stock. Even as "second wave" fears threaten this company's comeback, MGM remains a stronger bet on a casino comeback.Nevertheless, now may not be the best time to buy MGM stock. Given that rising coronavirus cases could cause another selloff, an opportunity to buy the shares at an even cheaper price may be just around the corner.Sure, there's a chance that MGM's July 4 weekend results could exceed expectations, sending its shares higher. But giving up some potential gains for less risk may be worthwhile. With Uncertainty Still in the Cards, Take Your Time Before Betting on MGM StockCasino stocks are less risky than the shares of other hard-hit sectors. Airline stocks, for example, face a bumpier road.Nevertheless, casino stocks could dip down the road, creating a solid entry point.I'm not saying, "bet big on MGM stock." It could be years before the company gets fully "back to normal." But if its stock continues to dip, take advantage of uncertainty and buy it on any pullback.Thomas Niel, contributor to InvestorPlace, has written single-stock analysis since 2016. As of this writing, Thomas Niel did not hold a position in any of the aforementioned securities. More From InvestorPlace * Why Everyone Is Investing in 5G All WRONG * America's 1 Stock Picker Reveals His Next 1,000% Winner * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * Radical New Battery Could Dismantle Oil Markets The post As Coronavirus Cases Surge, MGM Stock Could Head Lower appeared first on InvestorPlace.

  • Caesars Entertainment's Atlantic City Resorts Officially Welcomed Guests Back To Their World Famous Beaches, Boardwalk and Marina District
    PR Newswire

    Caesars Entertainment's Atlantic City Resorts Officially Welcomed Guests Back To Their World Famous Beaches, Boardwalk and Marina District

    Caesars Entertainment (NASDAQ: CZR) Atlantic City welcomed guests back to their world-famous resorts today at Caesars, Harrah's Resort and Bally's, in accordance with the New Jersey Governor's Executive Orders and all state directives, with a ribbon-cutting ceremony outside of Caesars' Boardwalk entrance on Friday, July 3.

  • Nobu Hotel Caesars Palace in Las Vegas Now Open
    PR Newswire

    Nobu Hotel Caesars Palace in Las Vegas Now Open

    In accordance with directives from Nevada Governor Steve Sisolak and the Nevada Gaming Control Board, Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars", "Caesars Entertainment" or the "Company") has resumed operations at Nobu Hotel Caesars Palace in Las Vegas today, July 2. This follows the successful reopenings of Caesars Palace Las Vegas, Flamingo Las Vegas, Harrah's Las Vegas, Paris Las Vegas, The LINQ Promenade and High Roller Observation Wheel, as well as the gaming floor and other amenities at The LINQ Hotel + Experience.

  • Las Vegas Casino Workers Sue Resort Owners Alleging Inadequate COVID-19 Safety Measures
    Benzinga

    Las Vegas Casino Workers Sue Resort Owners Alleging Inadequate COVID-19 Safety Measures

    Casino workers are suing MGM Resorts International (NYSE: MGM) and Caesars Entertainment Corporation (NASDAQ: CZR), alleging failure to protect employees from the new coronavirus. What Happened On Monday, the workers filed a lawsuit in the U.S. District Court in Las Vegas claiming that Caesars Entertainment owned Harrah's and MGM-owned Bellagio and MGM Grand did not end food and beverage operations at once after learning of COVID-19 positive cases, reported the Wall Street Journal. The lawsuit, filed by Culinary Union Local 226 and Bartenders Union Local 165, further alleges that employees were not informed immediately when co-workers tested positive, and contact-tracing of affected employees was not carried out adequately before they were allowed to return to work. An MGM spokesperson told the Journal that the resort operator had offered free testing to employees before they returned to work. The spokesperson also claimed that managers are trained in response protocols and worked with public-health officials on contact tracing.Caesars Entertainment revealed that a restaurant employee had tested positive, and an investigation had been conducted which identified co-workers that came in contact with the affected employee.Why It Matters The unions involved in the lawsuit represent 60,000 hospitality workers, according to the WSJ.Nineteen union workers or their dependants have died due to COVID-19, while three valets and bellmen have tested positive at the Signature at MGM Grand. Nevada Governor Steve Sisolak ordered compulsory face masks for anyone inside a casino starting June 26. Last week, Caesars Entertainment introduced a compulsory mask policy at all its resorts, which extends to employees, vendors, contractors, and guests.Businesses are vying for legal protection against liability arising from exposure to COVID-19, a topic that has led to a rift among Democrats and Republicans.Price Action MGM shares traded 0.71% higher at $16.94 in the after-hours session on Monday. The shares had closed the regular session 7% higher at $16.82.Caesars Entertainment shares traded 0.58% higher at $12.14 in the after-hours session on Monday. The shares had closed the regular session 2.72% higher at $12.07.See more from Benzinga * Amazon Web Services Establishes Dedicated Aerospace And Satellite Solutions * Iran Wants To Arrest Donald Trump Over General Qasem Soleimani Death In Baghdad * Xilinx Stock Soars As Chip Maker Forecasts Rise In Revenue(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Unions sue three Nevada casino properties, claiming dangerous working conditions
    Reuters

    Unions sue three Nevada casino properties, claiming dangerous working conditions

    The lawsuit filed Monday by the Culinary Workers Local 226 and Bartenders Union Local 165 against Harrah's Las Vegas and the Bellagio and Signature Condominiums claims the companies have not sufficiently protected workers and their families from the spread of COVID-19 and that rules and procedures for responding to workers who contract COVID-19 have been inadequate. Harrah's is owned by Caesars Entertainment Corp, and the Bellagio and Signature Condominiums are subsidiaries of MGM Resorts International.

  • Caesars Entertainment's Atlantic City Resorts To Reopen July 3rd
    PR Newswire

    Caesars Entertainment's Atlantic City Resorts To Reopen July 3rd

    In anticipation of New Jersey Governor Phil Murphy's order authorizing the reopening of Atlantic City casinos, Bally's, Caesars, and Harrah's Resort will re-open on Friday, July 3rd, just in time for the Fourth of July holiday.*

  • Federal Trade Commission Clears Eldorado and Caesars Merger
    PR Newswire

    Federal Trade Commission Clears Eldorado and Caesars Merger

    Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars," "Caesars Entertainment" or the "Company") announced today that the Federal Trade Commission (the "FTC") has accepted a proposed consent order, which concludes the FTC's Hart-Scott-Rodino review of Caesars' pending merger (the "Merger") with Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado"). The FTC's acceptance of the consent order satisfies all required antitrust clearances for the Merger.

  • Nobu Hotel Caesars Palace in Las Vegas to Reopen July 2
    PR Newswire

    Nobu Hotel Caesars Palace in Las Vegas to Reopen July 2

    Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars", "Caesars Entertainment" or the "Company") today announced plans to resume operations at Nobu Hotel Caesars Palace in Las Vegas on Thursday, July 2 at 10 a.m. Pacific Time, following the successful reopenings of Caesars Palace Las Vegas, Flamingo Las Vegas, Harrah's Las Vegas, and Paris Las Vegas. The LINQ Hotel + Experience also successfully reopened its gaming floor and other amenities recently. Nobu Hotel, the boutique hotel within the larger Caesars Palace destination resort, will be offering luxurious guest rooms and suites including the extravagant rooftop Nobu Villa, one of the world's largest Nobu restaurants – which reopened June 5 – and access to its exclusive fitness center.

  • TheStreet.com

    MGM and Caesars to Require All Guests to Wear Face Masks

    MGM and Caesars are both doubling down in their efforts to combat Covid-19 with new rules requiring all guests and patrons to wear face masks.

  • Caesars Introduces 'Universal Mask Policy' At All Properties
    Benzinga

    Caesars Introduces 'Universal Mask Policy' At All Properties

    Caesars Entertainment Corporation (NASDAQ: CZR), a casino operator, announced a policy that mandates wearing face masks at all its properties.What Happened The "Universal Mask Policy," effective midnight Thursday, applies to all employees, vendors, contractors, passersby, and guests.The policy requires that everyone indoors must wear a mask at all times, except when eating or drinking. Tony Rodio, CEO of Caesars Entertainment, said in a statement, "We are immediately requiring everyone in our properties to wear masks, because the scientific evidence strongly suggests that wearing masks and practicing social distancing may be the most important deterrents to spreading COVID-19 from person to person."Why It Matters According to Caesars Entertainment, the mask rule will apply to open businesses in Louisiana, Mississippi, Iowa, Missouri, Nevada, and Indiana.Patrons will also have to follow the rule at tribal properties in Arizona, California, and North Carolina.Additional properties as and when they reopen in Maryland, Pennsylvania, New Jersey, Illinois, and Ontario will also enforce the universal mask policy.Non-compliance will lead to removal after being asked to wear a mask. Previously, masks were needed only for participating in table games without barriers at the company's Las Vegas properties, as mandated by the Nevada Gaming Control Board.Caesars Entertainment has joined AMC Entertainment Holdings Inc (NYSE: AMC), which is also requiring guests to wear masks nationwide. The theatre chain reversed course on masks after an outcry from its customers.Price Action On Wednesday, Caesars Entertainment shares closed 3.21% lower at $12.05.See more from Benzinga * Minnesota Attorney General Files Suit Against Exxon, Koch Industries Alleging Companies Mislead Public On Climate Change * Bayer Settles Most Cases Related To Roundup Herbicide For Up To .9B * Tesla Wants To Build A 24-Hour Automotive Battery Plant In Fremont: Report(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Caesars Announces Universal Mask Policy In All Properties
    PR Newswire

    Caesars Announces Universal Mask Policy In All Properties

    Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars", "Caesars Entertainment" or the "Company") today announced that everyone indoors at its properties across the Caesars network will be required to wear masks at all times, except when eating or drinking. The updated mask policy becomes effective on June 24, 2020 at 12 p.m. Pacific Time and applies to all employees, vendors, contractors, guests and passersby in properties. Previously, all employees plus guests at table games were required to wear masks at Caesars properties.

  • Paris Las Vegas Now Open
    PR Newswire

    Paris Las Vegas Now Open

    In accordance with directives from Nevada Governor Steve Sisolak and the Nevada Gaming Control Board, Caesars Entertainment Corporation (NASDAQ:CZR) ("Caesars", "Caesars Entertainment" or the "Company") has resumed gaming and hospitality operations at Paris Las Vegas today, June 18. This follows the successful reopenings of Caesars Palace Las Vegas, Flamingo Las Vegas, Harrah's Las Vegas, The LINQ Promenade and High Roller Observation Wheel, as well as the gaming floor and other amenities at The LINQ Hotel + Experience.

  • Bloomberg

    Eldorado Resorts Launches $6 Billion Junk Bond for Caesars

    (Bloomberg) -- Eldorado Resorts Inc. launched the sale of about $6 billion of high-yield bonds on Wednesday to finance its acquisition of Caesars Entertainment Corp.The company is marketing a $3.08 billion five-year secured bond with early pricing discussions in the low-to-mid 6% range, and a $1.875 billion seven-year unsecured bond in the mid-to-high 8% range, according to people familiar with the matter. JPMorgan Chase & Co is leading the sale.Books had already reached about $6 billion as of Wednesday afternoon in New York on the two tranches, about half of which was spoken for before the launch, other people familiar said, who asked not to be named discussing a private transaction.The bonds launched on Wednesday and the deal is expected to price Friday.Under Caesars Resort, the company is also marketing $1.05 billion of five-year secured bonds. Credit Suisse Group AG is leading this portion.The financing was one of the largest commitments signed by banks before the Covid-19 pandemic. The banks on this deal recently negotiated better terms that gave them the flexibility to shift a substantial portion of the debt to secured bonds from leveraged loans.Read more: JPMorgan, Credit Suisse ready $7.2 billion debt sale for casinosThe company also launched a $1.47 billion Term Loan B to fund the acquisition. The commitment deadline was moved up to Friday June 19 from Wednesday June 24 originally. Pricing is being discussed at 450 basis points over the London interbank offered rate with a discount of 96 cents on the dollar.Moody’s Investors Service downgraded Eldorado Resorts on Wednesday by one notch to B2, five steps below investment grade, citing the increase in debt, risks associated with integrating and executing the acquisition. They also cited the disruption to casinos caused by the coronavirus. Moody’s rated the new secured notes B1 and the unsecured notes Caa1.(Updates with book color and Moody’s downgrade starting in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Moody's

    Caesars Entertainment Op. Co. LLC -- Moody's downgrades Eldorado Resorts CFR to B2, rates new debt for Caesars acquisition; outlook negative

    Moody's Investors Service, ("Moody's") downgraded Eldorado Resorts, Inc.'s ("Eldorado" or "ERI") Corporate Family Rating ("CFR") to B2 from B1 and Probability of Default Rating to B2-PD from B1-PD. Moody's assigned a B1 rating to the company's proposed $3.080 billion senior secured notes and a Caa1 rating to the company's proposed $1.875 billion senior unsecured notes. Moody's additionally downgraded Caesars Resort Collection, LLC's ("CRC") Corporate Family Rating ("CFR") to B2 from B1 and Probability of Default Rating to B2-PD from B1-PD.

  • JPMorgan, Credit Suisse Ready $7.2 Billion Debt Sale for Casinos
    Bloomberg

    JPMorgan, Credit Suisse Ready $7.2 Billion Debt Sale for Casinos

    (Bloomberg) -- A group of banks led by JPMorgan Chase & Co. and Credit Suisse Group AG is readying a $7.2 billion debt offering to finance Eldorado Resorts Inc.’s acquisition of Caesars Entertainment Corp., according to people familiar with the matter.Lenders began marketing some of the debt, among the largest commitments signed before the Covid-19 pandemic, on Tuesday, said the people, who asked not to be named because the discussions are private. The offering is expected to include leveraged loans and high-yield bonds, they said.The banks agreed to the financing a year ago, and recently negotiated better terms that give them flexibility to shift a substantial portion of the debt from leveraged loans to secured bonds, according to the people.That change isn’t expected to impact the company’s borrowing costs materially, but it will relieve banks from their original commitment to sell around $5.2 billion of the debt in the loan market where prices remain below levels reached before the outbreak, one of the people said.The deal with be financed with a mix of Caesars and Eldorado debt. Credit Suisse is leading the debt sale for Caesars, while JPMorgan leads the financing for Eldorado.Representatives for Credit Suisse, Eldorado and JPMorgan declined to comment. A representative for Caesars declined to comment on the financing but said the company continues to work toward the closing of the acquisition.The purchase of Caesars is one of the riskiest deals yet to close from the pre-virus era, and will make Eldorado -- once a small, family-run casino business -- the largest operator of gambling establishments in the U.S. The company is also planning to issue new shares, sell some Las Vegas real estate and take other steps to strengthen its finances. The stock offering could generate about $800 million.Read more: Banks promised $7 billion for a casino deal. Then the virus hitLeveraged loan prices have recovered to about 90 cents on the dollar, while an ebullient credit market has seen junk bonds recoup nearly all of their losses this year. Other acquisition financings including for Apollo Global Management Inc.’s buyout of Tech Data Corp have also launched this week. Radio Systems Corp., which owns PetSafe, is marketing a $625 million junk bond offering to finance its buyout by Clayton, Dubilier & Rice.(Updates with details of the financing starting in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    Kings of Controversial Debt Trades Cry Foul When on Other Side

    (Bloomberg) -- Apollo Global Management Inc. and Angelo Gordon & Co.’s Ryan Mollett are renowned on Wall Street for finding creative ways to wring money from distressed companies at the expense of other lenders.But when it came to Serta Simmons Bedding, they got a taste of their own medicine, after the struggling mattress maker decided to pass on their rescue financing package. The company instead negotiated with mutual funds and collateralized loan obligations that usually take a back seat in these transactions.Apollo and Angelo Gordon are suing to block the deal, which they say will hurt them. Still, peers across the industry can’t resist pointing out the irony that the duo, in the middle of plotting another one of their asset-grab trades, were caught flat-footed.Fights like this one are becoming increasingly common as the slowing global economy tips more companies into distress. They’re also getting more acrimonious, with lenders and owners bickering over how to divide shrinking pies.A representative for Apollo said its proposal with other lenders fully complied with the letter and spirit of the company’s credit agreements, while the defendants are attempting to violate the agreements in an unprecedented manner. Representatives for Angelo Gordon and Gamut Capital Management LP, another one of the plaintiffs, declined to comment, as did Doraville, Georgia-based Serta Simmons.Restructuring DebtSerta Simmons, owned by private equity firm Advent International Corp., negotiated with a group of lenders including Eaton Vance Corp. and Invesco Ltd. to essentially forgive some of the company’s debt in exchange for allowing the firms to fare better than other creditors if the mattress maker goes bankrupt. The investors also agreed to lend $200 million of new money to the company. The transaction included a debt swap, where the investors agreed to trade their loan holdings for a smaller amount of new debt that has the first claim on assets if the mattress maker fails.Apollo, Angelo Gordon and Gamut, like Eaton Vance and Invesco, were investors in the company’s first-lien loans, giving them all the first claim on the mattress maker’s assets if it went bankrupt. After the new financing, investors including Eaton Vance and Invesco have what is known as a superpriority, meaning they essentially jumped in line ahead of other lenders.That shift amounts to a “brazen collateral grab,” according to Angelo Gordon, Apollo and Gamut. In their lawsuit, they said the transaction was a violation of their lending agreements, and that a deal like this could damage the broader loan market.According to Serta Simmons, the deal with Eaton Vance, Invesco and other lenders was better for the company than the one contemplated by Apollo and Angelo Gordon.When Serta Simmons asked lenders for help in April, Apollo and Angelo Gordon helped devise a proposal to front $200 million -- provided the new debt was secured with intellectual property and licenses. The assets would be transferred to a special subsidiary that lenders wouldn’t be able to seize if the company failed, a maneuver known as an “asset-drop down.”In a court document responding to the firms’ lawsuit on Tuesday, Serta Simmons said, “Plaintiffs complain of the company changing the loan market when it is plaintiffs that would have had the company pursue an asset-drop down strategy that is the hallmark of aggressive borrower tactics in complex finance.”Fair Play?When Mollett, Angelo Gordon’s global head of distressed and corporate special situations, was at Blackstone Group Inc.’s GSO Capital Partners, he put together a similar transaction for retailer J. Crew Group Inc. The seller of preppy clothing moved its intellectual property, including the J. Crew brand, to a subsidiary, to borrow against it, triggering litigation that ultimately affirmed the company’s right to complete the transaction.Mollett also shepherded a different kind of transaction involving credit-default swaps tied to homebuilder Hovnanian Enterprises Inc. which caused a storm in the credit-derivatives market and sparked discussions on the legality and ethics of such moves.Apollo worked on a debt deal for Caesars Entertainment Corp. that transfered valuable assets from its operating unit to other parts of the casino company before that unit, Caesars Entertainment Operating Co., filed for bankruptcy in January 2015.The actions were at the heart of subsequent lawsuits by angry bondholders who claimed it created a “good Caesars” and a “bad Caesars,” the latter of which would be put in bankruptcy where bondholders would be forced to accept less than they were owed. While the deals were disputed at the time by lenders, they were never found to be illegal.(Updates with Serta location, ownership in fifth and sixth paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Coronavirus update: Global case tally tops 8 million and states reopen businesses even as infections and hospitalizations rise
    MarketWatch

    Coronavirus update: Global case tally tops 8 million and states reopen businesses even as infections and hospitalizations rise

    The number of confirmed cases of the coronavirus illness COVID-19 globally climbed above 8 million on Tuesday, and the number of infections continued to rise in many parts of the U.S. even as officials continued their push to reopen and end lockdowns.

  • TheStreet.com

    Caesars Reports Reopened Regional Casinos Post Gains

    Caesars Entertainment shares rose on Tuesday after the casino giant reported a modest bounce in revenue at its newly reopened regional casinos on the Gulf Coast and in Iowa and Missouri. The report from Caesars comes as coronavirus lockdown restrictions are rolled back. Caesars' stock price at last check rose 2.9% to $12.05 after the Las Vegas casino and hotel operator released early revenue results from casinos across the country that reopened in May and early June.

  • Eldorado Plans Sale of Stock, Vegas Land With Caesars Deal Near
    Bloomberg

    Eldorado Plans Sale of Stock, Vegas Land With Caesars Deal Near

    (Bloomberg) -- Eldorado Resorts Inc. said it plans to issue new shares, sell some Las Vegas real estate and take other steps to strengthen its finances ahead of a $17 billion merger of Caesars Entertainment Corp.The casino and gaming company is offering as many as 20.7 million shares of its stock, with the proceeds going to general corporate purposes, the company said Monday. At the closing price of $38.44, that could generate about $800 million.Vici Properties, a real estate investment trust spun off from Caesars, is providing a $400 million mortgage on a convention center Caesars opened in Las Vegas, and is purchasing 23 acres of land nearby for $4.5 million an acre. Eldorado also amended terms to a lease with Gaming and Leisure Properties Inc., which owns a number of casinos that it manages.Lastly, Eldorado and Caesars obtained waivers from banks to requirements that they maintain a certain level of debt to earnings.The acquisition of Caesars, which was first announced in June of last year, is one of the largest and riskiest deals yet to close from the pre-Covid era. The deal will make Eldorado, once a small, family-run casino business, the largest operator of gambling establishments in the U.S.The Reno, Nevada-based company was already having to find new owners for several properties in markets where it feared regulators may have objected to its increased market share. The length of time required to win approvals in each of the states the company would operate in extended into the coronavirus pandemic, which shuttered virtually all of the casinos in the country.Debt RevisionsEldorado and Caesars have obtained more flexibility from banks on key provisions in its debt documents that determine how much the company can borrow relative to its earnings. Companies in large swaths of the travel and entertainment industries have obtained similar concessions from lenders as their earnings plunged during the pandemic, avoiding a wave of defaults.The two companies said they amended terms of their existing bank credit lines and new debt that a group of lenders led by JPMorgan Chase & Co. had agreed to provide for the merger, according to filings. The amendment on the new credit line means Eldorado won’t be required to comply with a covenant that limits the amount of its secured debt to 6.35 times earnings until September 2021, unless it opts to terminate the waiver sooner.The bank group has also agreed to increase the credit lines they are providing to Eldorado and Caesars as part of the financing for the merger by a combined $210 million, according to the filings.Eldorado still requires the blessings of the Federal Trade Commission as well as regulators in New Jersey, Indiana and Nevada. Chief Executive Officer Tom Reeg, originally predicted a close for the deal in the second quarter of this year, while a filing on Monday said it would be in mid-2020.(Updates with Caesars waiver starting in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • MarketWatch

    Caesars provides sales update for reopened regional, Nevada properties

    Caesars Entertainment Corp. disclosed Tuesday that revenue for the reopened regional properties, for the period they were operating in May and/or June through June 10 were flat to up 2% from a year ago. For the reopened Nevada properties, revenue through June 10 dropped 56% to 58% from a year ago. Operating income for reopened regional properties through June 10 were up 60% to 70%, while income for reopened Nevada properties fell 110% to 120%. The casino operator after all of its properties were closed as of March 31 as a result of the COVID-19 pandemic, a gradual reopening had begun in Louisiana on May 18, in Mississippi on May 21 and Iowa and Missouri on June 1 and Nevada on June 4th. The stock, which was still inactive in premarket trading, has soared 92.6% over the past three months, while the S&P 500 has run up 28.5%.

  • Thomson Reuters StreetEvents

    Edited Transcript of CZR earnings conference call or presentation 11-May-20 8:30pm GMT

    Q1 2020 Caesars Entertainment Corp Earnings Call

  • Eldorado Resorts Raises Cash With an 18 Million-Share Offering
    Motley Fool

    Eldorado Resorts Raises Cash With an 18 Million-Share Offering

    As it moves forward with its plans to acquire and merge with Caesars Entertainment (NASDAQ: CZR), casino giant Eldorado Resorts (NASDAQ: ERI) announced several major moves today to raise additional cash. The company's deal to merge with Caesars, likely to close this month, amounts to a likely $17.5 billion, and will create America's largest gaming enterprise to date. Today, Eldorado announced it's publicly offering 18 million shares of common stock for sale, with an additional 2.7 million shares optionally available to the offering's underwriters for the next 30 days.

  • Moody's

    VICI Properties 1 LLC -- Moody's announces completion of a periodic review of ratings of VICI Properties L.P.

    Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of VICI Properties L.P. New York, June 12, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of VICI Properties L.P. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.