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Caesars Entertainment Inc CZR Stock Quote

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Morningstar‘s Stock Analysis CZR

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We Think Caesars' Demand Continue Amid Economic Growth Slowdown Fears

Dan Wasiolek Senior Equity Analyst

Business Strategy and Outlook

| Dan Wasiolek |

As a result of the acquisition of the legacy Caesars business by Eldorado (closed July 2020), we estimate Caesars holds more than a 10% revenue share of the domestic casino gaming market; this represents around 100% of the company's total EBITDA. The acquisition roughly doubled the company’s U.S. portfolio to around 50 properties while lifting its loyalty membership to over 60 million from 55 million (loyalty stood at 65 million at the end of 2021). Caesars has realized over $1 billion in combined revenue and cost synergies from its merger with Eldorado, representing around a 30% increase to pro forma 2019 EBITDAR. Before this recent combination, legacy Eldorado successfully integrated the Isle and Tropicana acquisitions in 2017 and 2018, respectively, with both deals driving about a 30% return on investment, based on our calculation.

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Key Statistics CZR

Company Profile CZR

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.

100 West Liberty Street, 12th Floor
Reno, NV, 89501
T +1 775 328-0100
Industry Resorts & Casinos
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Employees 49,000