|Bid||11.12 x 3100|
|Ask||11.19 x 21500|
|Day's Range||10.89 - 11.25|
|52 Week Range||3.22 - 14.74|
|Beta (5Y Monthly)||1.96|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 03, 2020 - Aug 07, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||11.55|
Nevada Gov. Steve Sisolak will make the final announcement Tuesday at a news conference. Vegas hotel-casinos look to reopen soon.
Gambling companies like Penn National Gaming (NASDAQ:PENN) stock have been left in ruins, with Lady Luck nowhere to be found.Source: Casimiro PT / Shutterstock.com In fact, thanks to the novel coronavirus, casino stocks like PENN hemorrhaged cash instead of raking it in. MGM Resorts (NYSE:MGM) was reportedly losing up to $14.4 million a day. Boyd Gaming (NYSE:BYD) lost up to $3.2 million a day, says Best Casinos' contributor James Murray.Long-term investors didn't fare much better. Since the chaos began, Las Vegas Sands (NYSE:LVS) slipped from a high of $70 to a current price of about $48. Caesars Entertainment (NASDAQ:CZR) fell from $14.60 to a current price of about $11. Boyd Gaming fell from $35 to near $20.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Excellent Penny Stocks Ready to RoarBut with economies starting to reopen, now may be the perfect time to dig for diamonds in the rough. One of the stocks to consider is Penn National, whose stock recovered from low of $3.75 to nearly $30 per share. If the U.S. economy can successfully reopen, PENN stock could revisit highs of nearly $40. Long-Term Growth is IntactLike most casinos, Penn National Gaming had a tough first quarter, said President and CEO Jay Snowden."Penn National saw a phenomenal start to 2020, with record results in January and February. Our Company was performing well ahead of guidance in every segment, driven in large part by the introduction of retail sports betting at several properties, which has served as a catalyst for both gaming and non-gaming revenue. We also saw a strong positive reaction, including our stock price hitting an all-time high, following the announcement of our strategic investment in Barstool Sports."Unfortunately, growth was cut short in March 2020 thanks to the coronavirus, which required closure. As a result, first-quarter revenues fell $166.5 million year over year to $1.12 billion. Penn National Gaming also saw a loss of $608.6 million, as compared to a profit of $41 million in the first quarter of 2019.But as Snowden added, "The company's long-term growth strategy remains intact" as the company moves forward with projects like its Barstool Sports app. Barstool Sports App Could Be Worth MillionsWith torpedoed results, Penn National Gaming took a 36% stake in Barstool Sports for $163 million in cash and stock to help grow its sports betting and entertainment offering. By 2023, the company could pay another $62 million to increase its stake to 50%.This is great news for Penn National Gaming for two reasons. One, at the moment, Barstool has an audience of 66 million and growing. Better still, Barstool views on social media have already soared 50% since April 2020, a sign of an engaged audience."Penn will have its Barstool (sports betting) app running by the third quarter," said Macquarie's Chad Beynon, "and we believe the app (and the Barstool) database can be worth $10 to $25 per share of equity over time."In addition, we have to realize that legal sports betting is a big multibillion-dollar business. In fact, according to the American Gaming Association's Research on Sports Betting, "Our research showed sports betting, if available online and reasonably taxed, could have an impact of $41.2 billion annually."Plus, nearly 40% of U.S. adults are currently betting on sports. Nevada Approves Casino Reopening PlansBoosting the sector even more was the Nevada Gaming Commission approving guidelines to reopen Las Vegas again soon.Under new guidelines, casinos will be limited to 50% occupancy. Conventions will be limited to 250 people. Restaurants will have limited seating and allow for appropriate distancing. Seating at table games will be limited as well. With blackjack, for example, seating will be limited to three players. Chairs will only be permitted at every other slot machine, too.While there's not a defined timeline for reopening, at least they'll reopen sooner than later.While it won't be business as usual for quite some time, we are beginning to see big signs of recovery. From here, I strongly believe now is the best time to buy down-but-not-out casino stocks like Penn National Gaming.Ian Cooper, an InvestorPlace.com contributor, has been analyzing stocks and options for web-based advisories since 1999. As of this writing, Ian Cooper did not hold a position in any of the aforementioned securities. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * America's Richest ZIP Code Holds Shocking Secret * 1 Under-the-Radar 5G Stock to Buy Now * The 1 Stock All Retirees Must Own The post 3 Reasons to Buy Penn National Gaming Stock appeared first on InvestorPlace.
Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars Entertainment" or the "Company") today announced that it will resume gaming and hospitality operations in Las Vegas at its Caesars Palace and the Flamingo Las Vegas properties on the date and time for reopening specified by the State of Nevada. The Company intends to comply with all reopening directives from Nevada Governor Steve Sisolak, the Nevada Gaming Control Board, and public health authorities. The Company also announced that it expects Harrah's Las Vegas Hotel & Casino and the gaming floor at LINQ Hotel & Casino to be the next properties in Las Vegas to reopen, with timing based on customer demand.
Wyndham Rewards®, the world's most generous rewards program, today announced the extension through 2021 of its partnership with Caesars Entertainment and Caesars Rewards®, the world's leading casino and entertainment loyalty program. The collaboration delivers industry leading perks for members of both programs across Wyndham's approximately 9,300 hotels and more than 30 world-class Caesars destinations.
MGM Resorts International <MGM.N>, Caesars Entertainment Corp <CZR.O> and Boyd Gaming Corp <BYD.N> will participate in the testing plan. It will be conducted at the Las Vegas Convention Center in partnership with the University Medical Center, a Las Vegas hospital. If an employee tests positive, a health worker will provide the employee with that result and forward it to the Southern Nevada Health District for contact tracing.
Casino giant Caesars’ mountains of debt raises uncertainty about its pending merger with Eldorado (ERI) amid the pandemic, says Dan Wasiolek, senior equity analyst at Morningstar.
Concerns over the coronavirus pandemic continues to hurt the gambling stocks. Moreover, Las Vegas Sands (LVS) abandons its pursuit of Integrated Resort (IR) development in Japan.
Joining me today from Caesars Entertainment are Tony Rodio, chief executive officer; and Eric Hession, chief financial officer. Before we get under way, I would like to remind you that today's conference call will contain forward-looking statements that we are making under the safe harbor provisions of federal securities laws. The company's actual results could differ materially from the anticipated results in the forward-looking statements.
What happened Shares of Eldorado Resorts (NASDAQ: ERI) jumped 11% in morning trading Tuesday. The upward move comes despite the company's report the day before that first-quarter revenue tumbled 26% while Caesars Entertainment (NASDAQ: CZR), which Eldorado will be acquiring for $17 billion, saw a 14% drop.
The gambling industry, which counts on air travel and large groups of people in close proximity, is one of the hardest hit from the restrictions imposed to check the health crisis. "Our first-quarter performance reflects the significant revenue declines we experienced as a result of the closures and stable year-over-year labor costs in March," Chief Executive Officer Tony Rodio said in a statement. Caesars said almost all its casinos worldwide have been closed since March 17 and warned of an estimated daily cash burn of $9.3 million.
Caesars (CZR) delivered earnings and revenue surprises of -111.76% and -8.22%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Caesars Entertainment Corporation (NASDAQ: CZR) ("CEC," "Caesars," "Caesars Entertainment," or the "Company") today reported first quarter of 2020 results as summarized in the discussion below, which highlights certain GAAP and non-GAAP financial measures on a consolidated basis.
Caesars Entertainment Corporation ("Caesars", "Caesars Entertainment" or the "Company") (NASDAQ: CZR) today announced that it plans to resume operations at some properties across its network when permitted by applicable government or tribal bodies. In locations with multiple properties, the Company plans to phase its openings in line with demand and capacity. Across its network, Caesars properties will encourage social distancing practices consistent with recommendations from domestic and international authorities, including federal and applicable state and local public health authorities, and implement other enhanced health and safety protocols.
KlaymanToskes ("KT"), www.klaymantoskes.com, announced today that it is investigating damages sustained by current and former employees and investors of Caesars Entertainment (NASDAQ:CZR) ("Caesars") who held large, unhedged concentrated positions in Caesars stock and/or received margin calls resulting in the forced sale of stock. The recent losses were the result of unsuitable advice during the Coronavirus ("COVID-19") pandemic. The investigation focuses on full-service brokerage firms’ negligence and failure to supervise the management of concentrated, leveraged positions in Caesars stock.
Shares of casino giant Caesars Entertainment (NASDAQ: CZR) jumped 42.9% in April, according to data provided by S&P Global Market Intelligence, after investors started to think its merger with Eldorado Resorts (NASDAQ: ERI) seemed more likely. As April wore on, the market got a little more bullish as Caesars and Eldorado inched closer to their merger. Asset sales that were part of the agreement continue to move forward, with Caesars selling Bally's Atlantic City to Twin River Worldwide Holdings for $25 million in cash.
NOTE: On May 04, 2020, the press release was corrected as follows: In the first sentence of the third paragraph the Corporate Family Rating was changed to B2. New York, May 04, 2020 -- -- Moody's Investors Service today assigned a Ba2 rating to Twin River Worldwide Holdings, Inc.'s ("TRWH") $275 million add-on to the company's existing $298 million outstanding term loan B due 2026. TRWH's B2 Corporate Family Rating, B2-PD Probability of Default Rating, and Ba3 senior secured bank loan rating were affirmed.
Caesars Entertainment Corporation (NASDAQ: CZR) will release its financial results for the first quarter 2020 after the market closes on Monday, May 11, 2020. The company will also host a conference call on May 11, 2020 at 4:30 p.m. Eastern Time, 1:30 p.m. Pacific Time, to discuss its results and other matters related to the company.
Caesars Entertainment ("Caesars" or the "Company") (NASDAQ: CZR) today announced that an assistance fund has been established for purposes of supporting team members at the Company's properties across the U.S. who suffer unanticipated hardships, including during the closure of Caesars properties as a result of the COVID-19 public health emergency. The Company also announced that donations made by Caesars Foundation will support charities addressing COVID-19 issues in the communities where Caesars operates. The Foundation's initiatives will build on the Company's ongoing efforts to address COVID-19-related needs in these communities. The Company has donated hundreds of thousands of pounds of food to local food banks as well as cleaning supplies and thousands of personal protective equipment items to first responders and medical facilities battling the coronavirus, and recently contributed cots and hundreds of bed linens, pillows and hygiene kits to various homeless shelters and care facilities.