WASHINGTON & LAS VEGAS - Caesars (NASDAQ:CZR) Entertainment, Inc. (NASDAQ: CZR), a prominent name in the casino-entertainment industry, has broadened the availability of its Caesars Sportsbook mobile app across Washington, D.C. As of today, the app is accessible to sports enthusiasts district-wide with certain federal lands and areas around other professional sports venues as exceptions.
This expansion comes after the company's notable entry into the U.S. sportsbook market, where they opened the first sportsbook in a U.S. professional sports venue at Capital One Arena in 2021. The mobile app offers a variety of betting options, including game markets, prop bets, and in-game live betting, alongside the ability to livestream NFL games and other major sports events.
Eligible users in Washington D.C. can now download the app, complete registration, and deposit funds to begin wagering. Moreover, Caesars is introducing a special offer for new users who sign up with the promo code CZR1000, providing a Bonus Bet up to $1,000 if their first cash bet loses.
The company emphasizes its commitment to responsible gaming, implementing a 21+ policy across its operations, including the Caesars Sportsbook app and in-person betting at Capital One Arena. The policy ensures that all gaming options are available only to individuals who are 21 years of age or older.
Users of Caesars Sportsbook can also earn Tier Credits and Reward Credits, which are redeemable through the Caesars Rewards loyalty program. The program offers a range of benefits, from discounted getaways to VIP hospitality at Capital One Arena.
The expansion of the Caesars Sportsbook app in Washington, D.C. is part of Caesars Entertainment's ongoing efforts to provide diverse gaming and entertainment experiences to its customers. The information regarding this expansion is based on a press release statement from Caesars Entertainment, Inc.
In other recent news, Caesars Entertainment has been the subject of varied analyst ratings with TD Cowen maintaining a Buy rating, Raymond James initiating a Strong Buy, and CFRA revising its price target downwards while keeping a Hold rating.
Investor Carl Icahn has also acquired a significant stake in the company, but has stated no intent to pursue activism. These developments follow the company's first-quarter results, which fell short of market expectations due to lower table hold in the Las Vegas segment.
TD Cowen's rating highlights confidence in Caesars' management and robust fundamentals, interpreting Icahn's stake as a positive sign of belief in the company's underlying potential. Raymond James, on the other hand, anticipates improved performance throughout 2024, citing a clear path to resolving concerns regarding digital profitability and high leverage.
CFRA, however, has expressed concerns over the company's financial leverage, leading to a reduced price target and lowered earnings per share estimates for the next two years. Despite these challenges, the research firm believes that the current valuation of Caesars' shares is nearing fair value.
In terms of earnings, Caesars reported a slight decline in consolidated net revenues to $2.7 billion and a 10% decrease in adjusted EBITDAR for the first quarter of 2024. Despite these challenges, the company remains optimistic about future growth driven by upcoming construction projects and digital sector expansion.
InvestingPro Insights
As Caesars Entertainment, Inc. (NASDAQ: CZR) continues to expand its digital footprint with the Caesars Sportsbook mobile app, investors and stakeholders are closely monitoring the company's financial health and market performance. Recent data from InvestingPro offers a snapshot of the company's status in the market.
With a market capitalization of $8.48 billion, Caesars stands as a significant player in the casino-entertainment industry. Its Price to Earnings (P/E) ratio, which is a measure of the company's current share price relative to its per-share earnings, stands at 11.06, with an adjusted P/E ratio for the last twelve months as of Q1 2024 at 9.93. This suggests that investors are paying less for each dollar of CZR's earnings than they were previously, potentially indicating a more attractive valuation.
InvestingPro data also reveals a Gross Profit Margin of 52.64% for the last twelve months as of Q1 2024, highlighting the company's ability to retain a significant portion of revenue after accounting for the cost of goods sold. This is a critical metric for investors, as it reflects the efficiency of the company's operations and its potential profitability.
For those interested in the company's stock performance, Caesars has experienced a significant return over the last week, with a 1-week price total return of 8.63%. This is a key highlight for traders who track short-term market movements.
InvestingPro Tips for Caesars Entertainment indicate that while analysts have revised their earnings downwards for the upcoming period, and net income is expected to drop this year, the company's stock price movements have been quite volatile. It is worth noting that Caesars does not pay a dividend to shareholders, which could influence investment strategies, particularly for those seeking regular income streams from their investments.
For readers looking to delve deeper into Caesars Entertainment's financials and stock performance, InvestingPro provides a plethora of additional insights. There are currently 8 more InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/CZR. To gain full access to these insights, readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.