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Caesars Entertainment Inc - Stock Quote CZR

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Morningstar's Caesars Entertainment Inc Stock Analysis

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Caesar Stock Appears to Price In Prolonged Period of Weak Economic Data; Shares Cheap

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

Caesars Entertainment's shares trade around a 50% discount to our $108 fair value estimate, as concerns surface about how inflation might affect future demand and debt-servicing ability for the company. We think investors are underappreciating Caesars’ demand opportunity and liquidity profile and see the pullback as an attractive entry point.

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Caesars Entertainment Inc's Company Profile

Business Description

Caesars Entertainment includes around 50 domestic gaming properties across Las Vegas (50% of 2021 EBITDAR before corporate and digital expenses) and regional (63%) markets. Additionally, the company hosts managed properties and digital assets, the later of which produced material EBITDA losses in 2021. Caesars' U.S. presence roughly doubled with the 2020 acquisition by Eldorado, which built its first casino in Reno, Nevada, in 1973 and expanded its presence through prior acquisitions to over 20 properties before merging with legacy Caesars. Caesars' brands include Caesars, Harrah’s, Tropicana, Bally’s, Isle, and Flamingo. Also, the company owns the U.S. portion of William Hill (it plans to sell the international operation in 2022), a digital sports betting platform.

Contact
100 West Liberty Street, 12th Floor
Reno, NV, 89501
T +1 775 328-0100
Sector Consumer Cyclical
Industry Resorts & Casinos
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Distressed
Employees 49,000