Caesars and Mohegan Face Delays in Korean IR Projects

Thursday, 22 October 2020, 10:38:30
Caesars Entertainment Corp and Mohegan Gaming & Entertainment are facing significant delays in their Korean integrated resort projects due to the financing concerns caused by the COVID-19 pandemic. According to South Korean news outlets, Caesars Korea – part of the expansive project called Midan City in Yeongjong Island – and Mohegan’s Inspire are having […]
— European Gaming Media

US sports betting is losing money now, but Bank of America explains how long-term investors could see 30% profit margins

Wednesday, 21 October 2020, 16:22:00
Summary List Placement The world of sports betting and iGaming in the US is exploding. Startups, such as Rush Street Interactive and Golden Nugget Online Casino , are going public through SPACs. Caesars Entertainment (CZR) , William Hill’s (WMH) US partner, just signed an exclusive multi-year sponsorship deal with ESPN. And more and more states are legalizing sports betting . Amid the growing interest and opportunities in the sports betting and iGaming industries, Bank of America initiated coverage of DraftKings (DKNG) , an online sports betting service. After starting coverage of DraftKings, Bank of America has been receiving a significant number of questions from clients on the long-term margin structure and profit potential of sports betting. Bank of America equity analyst Shaun Kelley highlights that many of the sports betting and iGaming companies are incurring losses as they try to drive customer acquisition, create brand awareness and gain market share. But once these industries are mature and working at scale, Kelley predicts 30% EBITDA margins will be achievable for sports betting and online gaming companies.
— Business Insider

Following the Successful Merger of Eldorado Resorts and Caesars Entertainment, Caesars Rewards Loyalty Program Expands to 18 New Properties and Grows Membership by 20 Percent

Wednesday, 21 October 2020, 14:00:00
LAS VEGAS, Oct. 21, 2020 /PRNewswire/ — Caesars Rewards, the largest gaming loyalty program in the world, has recently grown by 20 percent and 18 properties thanks to the merging of Caesars Entertainment and Eldorado Resorts in July. Following the unprecedented merger, the combined…
— PR Newswire

Betting income returning to pre-Covid levels, says William Hill

Wednesday, 21 October 2020, 11:24:24
Bookmaker reports improved revenues but says it expects to feel effects of local lockdowns Coronavirus – latest updates See all our coronavirus coverage William Hill has said betting income is gradually returning to pre-Covid levels but it expects to feel the effects of regional lockdowns as well as from a string of unpredictable results in sports being played behind closed doors. The bookmaker, which is the subject of a £2.9bn takeover by the US casino company Caesars, reported third-quarter revenues that were 9% lower than the same period last year. Continue reading…
— The Guardian

Morgan Stanley Boosts Caesars Entertainment (NASDAQ:CZR) Price Target to $68.00

Tuesday, 20 October 2020, 04:34:49
Caesars Entertainment (NASDAQ:CZR) had its price target increased by Morgan Stanley from $54.00 to $68.00 in a research report sent to investors on Friday, The Fly reports. Morgan Stanley currently has an overweight rating on the stock. A number of other research analysts have also recently issued reports on the stock. BidaskClub cut shares of […]
— Stock Observer