Caesars Entertainment expected to announce positive results?on April 30

Caesars Entertainment (NASDAQ: CZR), the listed Casino giant is expected to post positive results in its quarterly earnings on April 30, 2024. US-based equity research analysts advise to hold or buy the stock ahead of the results call. The company stated that the re-branding of its online casino has been successful, while sale of non-core assets is also on the agenda.

Market views 

According to MarketBeat.com, Caesars Entertainment presently has an average rating of “Moderate Buy” and an average target price of $57.73. Five US-based equities research analysts have rated the stock with a hold rating and seven have given Caesars a buy rating ahead of the company’s results on April 30, 2024. Last August CEO Tom Reeg said that the operator’s 2023 re-branding of its online casino to the Caesars Palace name has been a success and it even topped its own internal revenue estimates. Reeg added that 50% year-over-year growth is the expectation, with February revenue standing at $40 million. 

Mergers and Acquisitions 

In addition to internal successes, Caesars Entertainment, extended its iGaming market operations two months ago by buying WynnBET’s, Michigan iGaming business, contributing to further positive results. Last year Caesar’s also tried to sell Flamingo Casino and hotel, in order to pay down some of the group’s debt and maximise its value. The Flamingo’s casino is an icon for the Strip in Vegas having opened on December 26, 1946, and thus being the oldest continuously operating resort there.

Always a backdrop for drama in Vegas, the hotel is infamous as Siegel its first owner was killed in June 1947 by an unknown shooter in Vegas. This started a chain of ownership changes over the years. Caesars still owns the hotel and casino however as it didn’t get the price it wanted for the iconic venue. The location is amazing as it’s linked to the Linq promenade but Flamingo needs major updating, and buyers just didn’t offer enough. Real estate experts said this could change as the value of property in Vegas has increased. Caesars CEO Thomas Reeg also didn’t rule out selling one of its Las Vegas Strip resort casinos during its first-quarter earnings call. However, he said nothing was imminent unless they get approached with a good offer.

Caesars Entertainment, Inc. was founded in 1937 and is based in Reno, Nevada. It owns, leases, or manages properties in 18 states; operates and conducts retail and online sports wagering across 31 jurisdictions in North America and operates iGaming in five jurisdictions in North America.