Caesars Entertainment to Sell Belle of Baton Rogue

Louisiana State Flag With a Casino Background
Caesars Entertainment Inc announced on Tuesday that it has reached a definitive agreement to sell the Belle of Baton Rogue to CQ Holdings, Inc.

Caesars owns the operating rights to the Louisiana casino but the property is owned by Gaming & Leisure Properties Inc. Pursuant to the terms of the amended lease agreement with GLPI, Baton Rogue will be removed from GLPI Master Lease and the rent payments to GLPI will remain unchanged. GLIP will retain the ownership of the real estate of Belle of Baton Rogue.

Said Caesars Entertainment Inc. CEO Thomas Reeg in a statement:

“I want to thank all of our Baton Rouge Team Members for their hard work and dedication, especially during the COVID-19 pandemic. We wish them the best under Casino Queen’s ownership.”

Third Casino Sold in Louisiana

The Belle of Baton Rouge is one of the 15 riverboat casinos in the Pelican State. It was operated by Eldorado Resorts, the company which merged with Caesars Entertainment in a massive $17.3B transaction last July. It is currently selling several resorts across different markets to comply with anti-competitive rules brought up by state regulators and the Federal Trade Commission.

In Louisiana, Caesars Entertainment has sold Eldorado Shreveport along with the operations of MontBleu Resort Casino in Lake Tahoe, Nevada to Bally’s Corporation for a combined $155M. It also disposed Harrah’s Louisiana Downs Casino and Racetrack to Rubico Acquisition Corp for $22M. Those two deals are still pending although agreements have been reached.

Fifth Largest Gaming Market

Once the sale of Eldorado Shreveport, Harrah’s Louisiana Downs, and Belle of Baton Rogue are completed, Caesars Entertainment will still have three casinos in the state. Harrah’s New Orleans, which is the only land-based Louisiana casino for now, and two riverboat casinos, namely the Horseshoe Bossier City, and Isle of Capri Lake Charles.

Louisiana is the fifth biggest gaming market in the United States and an key area for several national casino operators at a time when Las Vegas is still sluggish due to the pandemic. Last month, voters in the Pelican state approved legal sports betting by an overwhelming vote. As one of the largest Louisiana casino operators, Caesars is expected to capitalize on that.

Caesars Gets One Year Reprieve For Horseshoe Casino Sale

Casino Roulette Table
The Indiana Gaming Commission has granted Caesars Entertainment more time to sell the Horseshoe Casino in Hammond, Indiana.

On Monday, the IGC unanimously agreed to give Caesars a one-year reprieve to sell the Indiana casino. The commissioners sided with IGC executive director Sarah Tait who opined that selling the Horseshoe Casino right now “presents unique challenges” that include the uncertainty over the gaming expansion in illinois and the effects of the COVID-19 pandemic on the gaming industry in general.

She mentioned the lease agreement on the property as one of the reasons. The rapid expansion of the Illinois gaming market on the Chicago area of the region. Likewise, Trait mentioned the pandemic causing uncertainty in the gaming market.

Per Tait:

“Granting relief regarding divestiture timing is in the best interest of the state and local community, and will not negatively impact operations at the property.”

Complying With IGC’s Stipulations

The Horseshoe Casino is one of three Indiana casinos that the gaming giant must sell to comply with the IGC’s stipulations for El Dorado’s $17.3B acquisition of Caesars. The sales was directed to prevent an “undue economic concentration of the state’s gaming industry following the merger.

Last month, Caesars announced the sale of Tropicana Evansville to Twin River Worldwide Holdings for $480M. Earlier this month, the Eastern Band of Cherokee Indians signed a letter of intent that gives the North Carolina tribal nation a 45-day period to buy Caesars Southern Indiana.

Caesars is retaining Harrah’s Hoosier Park and Indiana Grand. The two racinos are the only properties that are situated less than an hour away from Indianapolis. Aside from that, state legislature has allowed the two tracks to offer table games this year. Caesars is planning to infuse a combined $60M to add more table games to both spots

Biggest Casino in the State

The Horseshoe Casino is the biggest Indiana casino. Located less than a mile from Chicago and the state line of Illinois, it has 2,135 electronic games and 1,105 table positions which are the most by any Indiana casino.

Per the Gaming Commission’s annual report, the Horseshoe Casino generated a revenue of $309.3M during the fiscal year. That amount is $85M more than the income of the second-largest Indiana casino. It also generated $99.8M in taxes which was nearly double the $51.1M paid by the Indiana Grand.

Horseshoe’s $24.9M in local development agreement funding outpaced the next closest Indiana casinos combined. Hotel Lawrenceburg, Tropicana, and Ameristar East Chicago which have a total of $23.1M.

William Hill Shareholders Approve Caesars Entertainment Takeover

Odds Board and MoneyCaesars Entertainment’s proposed takeover of William Hill has been approved by the latter’s shareholders, paving the way for the “historic acquisition” to be completed next year.

In a virtual vote held on Thursday, over 86% of William Hill shareholders accepted Caesar Entertainment’s $3.7B bid for the U.K. bookmaker, subject to the approval of the English court. The number was easily more than the 75% needed to consummate the deal.

Both parties are said to be making progress towards securing all the necessary regulatory requirements needed to close the transaction. According to Caesars, they are expecting to conclude the deal by the end of the second quarter of 2021.

Said Caesars Entertainment CEO Tom Reeg:

“We are pleased to have received William Hill shareholder support for our recommended cash offer. We will continue to work towards satisfying the remaining regulatory conditions and look forward to completing the transaction next year and integrating William Hill US into our Caesars sports betting and iGaming franchise.”

Focus on US Assets

Caesars Entertainment has made it clear that its focus is on William Hill’s U.S. bookmaking business which consists of 170 retail shops in 13 different states. The owners of Caesars Entertainment added that they intend to sell the U.K. bookmaker’s non-US operations, including 1,400 U.K. betting shops.

Last week, GVC Holdings CEO Shay Segov said via Bloomberg that his company is interested in making a bid for William Hill’s UK and European assets. Also reportedly interested in bidding for William Hill’s non-US assets is Apollo Management Corporation which previously backed out of a bidding war with Caesars Entertainment for the entire William Hill business. Apollo is said to be particularly interested in William Hill’s UK business. William Hill’s online revenue in the UK is twice as large as its overseas online income.

Monumental Acquisition

Last September, Caesars Entertainment agreed to a monumental acquisition of the British-based gambling company. The move was aimed at the expansion of its share in the U.S. sports betting industry which has exponentially grown since the U.S. Supreme Court repealed the 1992 Professional and Amateur Sports Protection Act.

Caesars Entertainment currently owns 20% of William Hill’s U.S. operations. Under the current partnership, William Hill  has the exclusive right to operate sports betting under the Caesars brand. Caesars believes that merging the assets of both companies represents a compelling opportunity to improve the offering and experience for their customers.

The Sale of Bally’s AC Has Officially Concluded!

Bally's Atlantic City

Back in April, news broke that Caesars Entertainment was selling Bally’s Atlantic City to Twin River Holdings. It was one of the largest acquisitions for Twin River as a company in its history. New reports claim that the sale of Bally’s AC has now officially concluded.

Twin River is now going by Bally’s name. This company has worked hard to expand around the United States over the past few years. Today, we’re going to talk about what this sale means for Atlantic City moving forward.

Let’s get into it!

Caesars Entertainment Has Undergone Some Major Changes Recently

The name Caesars is synonymous with flashy hotels and casinos. This company was founded back in 1990 and quickly took control over some of the biggest and best gambling venues in the country. Over the past decade, however, the company began seeing large revenue declines.

In 2019, news broke that Eldorado Resorts paid an astounding $17 billion to acquire Caesars Entertainment. It was the largest casino sale in history. As many expected, however, it took more than a year for this deal to go through.

In order to gain approval from state gambling commissions and the SEC, both of these companies needed to make some major changes. Much of that centered around casino sales. Commissions wanted to ensure that this merged company would not form a monopoly.

This merger has been completed and things seem to be running smoothly. Not long ago, the new Caesars purchased Willaim Hill for more than $3 billion. This was done in an effort to break into the fast-growing US sports betting industry.

Caesars has also sold many of its properties recently. To the surprise of analysts, the company allowed Twin River to take control of its Bally’s brand name. Twin River is now known as Bally’s Corporation and is focused on expansion, too.

We’re set to see some big changes with Bally’s casino in Atlantic City sometime in the near future.

The Sale of Bally’s AC Has Finally Concluded!

As we just mentioned, Caesars Entertainment has gone through several major casino sales over the last year and a half. The company announced it was selling Bally’s Atlantic City to Twin River Holdings back in April. This sale was instrumental in Caesars getting its merger approval from the New Jersey Gaming Commission.

A major casino sale like this cannot happen overnight, though. There were several hoops that both Caesars and Twin River (now known as Bally’s Corporation) needed to jump through. Fortunately, this sale has now officially concluded.

The acquisition price for this venue was $25 million. That’s a good deal when considering the venue is situated in one of the country’s biggest gambling destinations. Historically speaking, however, Bally’s Atlantic City is one of the worst-performing casinos in New Jersey.

Officials within Bally’s Corporation are confident they can turn things around. Earlier this month, the company pledged to invest more than $90 million towards renovations for this venue. The goal is to make this the best new gambling venue in the city.

George Papanier, President and Chief Executive Officer of Bally’s Corporation released a statement this week on the final sale of this venue.

“We strongly believe in the potential of the Atlantic City market and are confident that we can restore Bally’s to its former glory,” he said. “We are pleased to close on this transaction, which represents the latest addition in our ongoing portfolio diversification strategy, and look forward to implementing our capital improvement plans to completely renovate the property with first-in-class amenities and offerings. We have a proven track record of implementing strategic initiatives at acquired properties in order to drive growth and revenue improvements, and plan to bring the iconic property to a level not seen in years.”

This is one of the biggest moves for Bally’s Corporation in years. Atlantic City has been improving massively over the years. 2020 has halted much of the progress being made, yet many analysts expect things to recover next year.

New Jersey’s Online Gambling Revenue is Holding Strong

The country’s land-based casino industry has been hurting badly this year. For months, all casinos around the US were completely shut down. Many, including some of the ones in Las Vegas, have remained closed to this day.

New Jersey started allowing its casinos to open again in July. Like casinos in other states, these venues struggled to attract players. As time went on and regulations were lifted, more people began flocking to Atlantic City.

Land-based casino revenue remains low, even with the uptick in tourism. Fortunately, New Jersey has a regulated online sports betting and casino gambling industry. These online gaming platforms are bringing the state some much-needed revenue right now.

New Jersey is proving how valuable these online gambling options can be. In October, for example, the state broke its own all-time revenue record for sports betting and online casino gambling. Many other states are now looking more into the regulation of these gambling options.

Many expect additional regulations to begin hitting the casinos in New Jersey. Earlier this month, Governor Murphy began ordering casino restaurants to close at night. He has warned that if things do not recover, the casinos here may be forced to shut down again. With the sale of Bally’s AC now finalized, everyone hopes that things are better here by the time the venue’s renovation is complete.

Are you excited to see what Bally’s Corporation does to its new casino in Atlantic City? Do you think the casinos in New Jersey will need to shut down again? Let us know in the comments section below!

The Opening Date of the Rio Las Vegas Has Been Revealed!

Rio Las Vegas

It’s been nearly eight months since the casinos across Nevada were shut down. Incredibly, some of the casinos here are still closed to the public. New reports indicate that the opening date of the Rio Las Vegas has been scheduled for December 22nd!

This is the last Caesars-owned Las Vegas property still shut down. Many fans of this venue are excited to see it up and running again. Today, we’re going to discuss what is being planned for the Rio.

Let’s get into it!

Las Vegas Officials Are Still Working Hard to Boost Tourism Numbers

Every city around the US has been affected by the events in 2020. Perhaps none have seen their economies hit quite as hard as Las Vegas. When the casinos shut down back in March, this city saw much of its economy completely come to a halt.

Las Vegas is known for its gambling and entertainment industry. It’s a city that relies on tourism in a major way. A huge percentage of the workforce in Las Vegas are involved in the tourism industry in one way or another.

In June, the casinos here began opening back up. Tourism rates slowly began to increase once again. As more venues reopened, tourism rates increased. These numbers are still significantly lower than what was seen in 2019, though.

The casino companies here continue to struggle. As a result, many have been forced to close for certain days of the week. The Encore Las Vegas and Park MGM are both shutting down for multiple days every week until further notice.

Officials here are working hard to increase tourism numbers. Unfortunately, many analysts predict that the upcoming winter months will lead to a major drop in tourism figures. Some even worry we could see another casino shutdown like the one back in March.

It’s a difficult time for casino operators. We’re now hearing when one of the most beloved casinos in Las Vegas will reopen to the public.

Caesars Offers Update on the Opening Date of the Rio Las Vegas

When most people think of Las Vegas, they imagine the Strip and all of the world-class casino-resorts featured here. As many know, however, some of the best gambling properties in the city are based away from the Strip. That includes the Rio Hotel and Casino on West Flamingo Road.

This venue, owned by Caesar Entertainment, closed its doors in March. Interestingly, it’s remained closed to the public since that time. Fans of this property have been asking for an update from Caesars Entertainment for years.

In early November, officials at Caesars claimed this property would reopen to the public before the end of 2020. This week, we received another update on the opening date of the Rio Las Vegas. Caesars claims it will finally begin accepting guests again on December 22nd.

Caesars president and chief operating officer Anthony Carano released a statement to the media about this situation to the media this week.

“We recognize the incredible effort it has taken to reopen our resorts and get us to this important milestone, and we look forward to welcoming our Team Members and Guests back to Rio with their health and safety still top of mind,” Carano said. 

It’s big news for Caesars. This company has been working hard to expand this year. Hopefully, the Rio manages to help boost tourism in Las Vegas.

Are More Casino Shutdowns on the Horizon?

It was incredible to see the country’s land-based casino industry completely shut down in March. This had never been done before and it had a huge number of unintended consequences. Some feel we’re heading towards another shutdown situation in the near future.

Cases of Covid-19 have been increasing around the country for weeks. Health experts across different states are trying to figure out the best approach to this situation. Casino companies are eagerly waiting to see what takes place.

Most agree that mass casinos could be devastating for the industry. Places like Las Vegas and Atlantic City are still struggling now with casinos open. If tourism stops in these places again, these cities may not recover for years.

Many casino companies are taking different approaches to increase revenue. Some have been adjusting hours to cut down on costs. Others, like Caesars, are working to break into the newly-emerging US sports betting market.

Casinos are still in uncharted waters. Even now, casinos remain closed. We’ll continue offering updates on the state of this industry over the next few months.

Are you excited to hear about the opening date of the Rio Las Vegas? Do you plan on visiting Las Vegas before the end of the year? Let us know in the comments section below!

Who Will End up Buying Las Vegas Sands Casinos?

Las Vegas Sands Casinos

The past eight months have been some of the hardest in history for US casino companies. No one could have anticipated that this industry would still be struggling today. Not long ago, Las Vegas Sands announced it was interested in selling some of its largest gaming properties. We’re now beginning to hear which companies may end up buying Las Vegas Sands casinos.

LVS, like many other major casino operators, continues to see low revenue figures. We may begin seeing more of these companies announce property sales in the near future.

Let’s take a look at where the company’s casinos may end up!

Casino Revenue Remains Low Around the United States

The US casino seemed to be growing at a rapid pace around the country for the past few years. More states were passing laws to open new gambling venues. Revenue was flowing in and gambling fans were given more options to play their favorite games.

In March of this year, all of the progress that had been made come to a screeching halt. All casinos around the United States were forced to shut down due to health concerns. It took months for major gaming destinations to begin opening back up.

Simply reopening didn’t prove to be a perfect solution. Many people around the country are unwilling to travel while a pandemic rages on. A hurting economy also means fewer individuals are wanting to risk their money gambling.

Casino companies are being hit extremely hard. Many, including Wynn Resorts, have begun shutting down properties on certain days of the week to cut down on costs. These new hours are expected to remain in place until visitation rates return to normal.

Some companies are taking even more intense measures. Las Vegas Sands recently announced it was interested in selling some of its biggest US casinos. It was shocking news to hear from such a powerful gaming operator.

We’re now beginning to hear which companies may be interested in taking over LVS’ properties.

Here’s Which Companies Could End Up Buying Las Vegas Sands Casinos

Las Vegas Sands was founded back in 1988 by gambling mogul Sheldon Adelson. Over the next three decades, the company grew to become one of the world’s largest casino operators. Today, LVS owns casinos in Nevada, Macau, and Singapore.

Prior to 2020, things seemed to be going smoothly for this company. No one could have expected that company officials would be looking to sell their biggest venues in the US. This is the year to expect the unexpected, though.

Back in October, news broke that Las Vegas Sands was interested in getting rid of several US properties. The reports began spreading like wildfire. Analysts were quick to predict the companies interested in buying Las Vegas Sands casinos.

There seem to be a few leading candidates right now. Gaming analyst Chad Beynon recently spoke with the Las Vegas Sun about the companies most likely to take control of these venues. He claims Crown Resorts, Tillman Fertitta, and Galaxy Entertainment are all possibilities.

“Buying Venetian and Palazzo, that’s not just buying a property on the Strip, that’s buying a convention business,” he said. “The buyers that were looking at Caesars, they’re probably the same ones that would at least look at this. Tilman Fertitta was interested in Caesars, so I certainly think he’d be interested. On paper, it seems like that could work.”

As of now, no companies have announced a direct interest in these purchases. There are obviously many factors that need to be considered. It’s clear that Las Vegas Sands has some exciting options ahead, though.

Will Caesars look to continue expanding with more casino purchases?

Caesars Entertainment May be Interested in More Property Purchases

It wouldn’t be a surprise if you’ve heard about Caesars Entertainment in the news recently. Over the past two years, this company has been involved in several massive deals. The biggest, of course, being the merger with Eldorado Resorts.

Back in 2019, Eldorado Resorts agreed to pay an astounding $17 billion to take over Caesars. It was the largest casino company purchase in history. In order to get the deal approved, these companies needed to sell many of their different casinos around the country. The merger was finally approved earlier this year.

In September, news broke that Caesars had agreed to pay $3.7 billion to acquire William Hill’s US assets. William Hill is one of the largest sports betting companies in the world. This acquisition gives Caesars tremendous leverage in this new industry.

Some now feel that Caesars will end up buying Las Vegas Sands casinos. It’s clear that officials within the company including Tom Reeg are interested in expansion. At this point, however, no one knows if more Las Vegas properties are appealing.

The land-based casino industry is in uncharted waters. No one can predict how things will look six months from now. Make sure to stay tuned for updates over the next few months!

Are you surprised that LVS is selling its properties in Nevada? Which company do you think will purchase them? Let us know in the comments section below!

Caesar’s to Reopen The Rio Before 2021

Outside the Rio Casino in Las Vegas
The last of Caesars Entertainment’s more than five dozen casinos nationwide to remain shut down due to the pandemic will be making its return very soon.

Caesars first opened its key properties like Caesars Palace Las Vegas, Flamingo Las Vegas, Harrah’s Las Vegs, Paris Las Vegas, Bally’s Las Vegas, The LINQ Hotel + Experience, and Planet Hollywood Resort & Casino. At the end of last month, The Cromwell also reopened as the final resort on the strip to do so. Now, only the off-strip The Rio remains closed, but not for long.

According to the gambling company, The Rio will return to serve its clients before the end of the year.Said Caesars Entertainment CEO Tom Reeg during Thursday’s quarterly earnings conference call:

“We opened Cromwell last week. I’d expect to see Rio open before the end of the year.”

Drop in Demand

The Rio closed last March when Las Vegas casinos were ordered nonessential businesses to shut down during the outbreak of the COVID-19 pandemic. Casinos were allowed to reopen last June 4th but on 50% capacity with social distancing measures put in place plus the mandatory wearing of face masks for guests and employees.

According to the Las Vegs Convention and Visitors Authority, midweek occupancy dropped to 39% in September, down 47% from the same month in 2019. On the other hand, weekend occupancy was reported at 66%, down 30% versus September 2019.

No Midweek Closures

Because of the slow demand, Wynn Las Vegas shut down Encore for midweek hotel bookings starting October 19th and closed its restaurants while the resort is closed from 2pm Mondays to 2pm Thursdays. Park MGM followed the lead, closing its hotel on weekdays beginning November 9th.

MGM isn’t joining the trend. Reeg says the MGM has an average overall occupancy of 60%- 50% during weekdays and mid to high 90% during weekends. Because of this, he says there is no need for them to enforce midweek closures as Vegas “continues to get better” for them.

Twin River Pledges $90M For Rehab of Bally’s Atlantic City

Ballys Atlantic City
The Rhode Island company which is buying the worst-performing Atlantic City casino has pledged to upgrade the property and beef up its current offerings.

During a public hearing before the Casino Control Commission last Wednesday, Twin River Worldwide Holdings Inc. committed to spending $90M over the next five years to rehabilitate Bally’s Atlantic City and make it competitive again.

Twin River is requesting for an interim casino authorization, a preliminary regulatory procedure before the granting of a full casino license, to operate Bally’s Atlantic City. The Rhode Island company, which will be changing its name to Bally’s on November 9th, agreed to purchase the casino hotel property from Caesars Entertainment Inc. and VICI Properties for $25M.

Said, Marc Crisafaulli, Twin Rivers executive vice president of strategic development and government relations:

“We want to make sure Bally’s is competitive again and return it to its former glory. We’re committed to making it a signature property again, right at the center of the Boardwalk. We know it’s going to take a lot of time, effort and investment.”

Expanding the Atlantic City Market

At Wednesday’s hearing, Executives from Twin River highlighted several key areas for the development plan for Bally’s. These include a partnership with FanDuel for a permanent sportsbook which will be opened in March, the renovation of more than 900 hotel rooms, creation of 30-40 mini-suites, and a brand new restaurant with bar which will be completed by summer.

Twin River CEO and President George Papanier also addressed the issue of a re-launched Bally’s hurting the other Atlantic City casinos. Papanier assured the Commission that it would be using its existing customer database from the New England, Delaware, Maryland, and Virginia regions to expand AC’s gambling market.

Dead Last Among Nine AC Casinos

Bally’s Atlantic City was the third Atlantic City casino to open in 1979 and once led the market. But it has seen a steady decline and the last years have not been kind to it as Bally’s as it currently ranks dead last among the nine Atlantic City casinos in terms of revenue wins from gamblers. Bally’s Atlantic City has reported a win of $72M for the period January to September 2020. In contrast, AC’s top performing casino, the Borgata, has posted a $373M win over the same period.

Twin River initially planned to invest $56M in Bally’s but during Wednesday’s statement, it revealed that the amount has been increased to $90M. According to its Chief Finance Officer Stephen Capp, Twin Rivers has close to half-a-billion dollars worth of liquidity to draw upon.

Reports on Caesars’ Third-Quarter Earnings Are Finally Out!

Building to Caesars Palace Casino in Las Vegas

Caesars Entertainment is having a busy year. A lot has been changing with the company, and analysts have been eagerly awaiting to see its financial reports for July, August, and September. This week, the reports on Caesars’ third-quarter earnings were finally released!

There’s obviously a lot that is impacting these revenue reports. Today, we’ll look at how the company fared during 2020’s Q3. We’ll also talk about some of Caesars’ plans for the future.

Let’s get into it!

Looking Back at Caesars’ Recent Sales and Purchases

Caesars Entertainment has been one of the biggest, most successful casino companies since the 1950s. Over the past few decades, the company has seen massive dips and surges in revenue. In recent years, the company began experiencing a large downward trend and officials hinted they could be looking at a sale.

In mid-2019, news broke that Eldorado Resorts had agreed to pay $17 billion to acquire Caesars Entertainment. It was the largest casino sale in history. Before the merger could be completed, however, the companies needed to jump through several hoops.

Finally, this summer, the deal was complete. Not long afterward, officials within Caesars announced they had agreed to purchase William Hill. It’s a huge move into the sports betting industry and gives Caesars Entertainment control of the company’s US assets.

Another big move took place in October. Officials at Twin River announced they were taking over Bally’s brand from Caesars Entertainment. This gives the company permission to rebrand nearly all of its properties with the Bally’s name.

It’s been a fascinating year for this company. Casino revenue has been extremely low, yet officials here still seemed determined to expand. Now, we’re finally hearing more about Caesars’ revenue figures for the year’s third quarter.

Here’s where things stand.

Here’s What Caesars’ Third-Quarter Earnings Reports Say

As most are already aware, all major US casino companies have seen sharp declines in their quarterly earnings reports this year. Some are faring better than others, yet it could take years before things get back to pre-pandemic levels. Today, Caesars Entertainment finally released its reports on Q3’s revenue.

According to these reports, the company managed to bring in $1.4 billion in net revenue over the year’s third quarter. This represents a solid 52% increase on a GAAP basis. Unfortunately, it’s a 34% decrease in year-on-year net revenue.

As we just detailed, these months were extremely busy for the company. CEO Tom Reeg spoke about these new reports to the media this week.

“Our third quarter was a busy period for the company. We officially closed our merger with Former Caesars on July 20, 2020,” Reeg said. “We announced a recommended offer to acquire William Hill plc on September 30, 2020 and successfully raised $1.9 billion of new equity that closed on October 1, 2020. Additionally, 55 out of our 56 properties have now reopened and operating results continue to improve sequentially. Regional markets continued to outperform destination markets and we remain optimistic regarding an eventual recovery of travel and tourism in the U.S. and especially in Las Vegas.”

Certain parts of the company fared better than others. Operations in Las Vegas saw a revenue loss of 60% during 2020’s Q3.

Most expect things to improve in 2021. Caesars’ acquisition of William Hill is almost guaranteed to help the company bring in more money. We’ll continue offering updates on Caesars’ plans over the next few months.

How Are Things in Las Vegas Right Now?

When most people think of US casino destinations, Las Vegas comes to mind. This city remains the biggest gambling destination in the country. A huge number of incredible casino-resorts are operating here and all are working hard to bring in more players.

Things haven’t been easy for the city and state of Nevada. While revenue seems to be increasing, it’s still low year-on-year. Hotels are operating at a limited capacity. Some have been forced to limit their operating hours out of health concerns.

The casino companies are still struggling. Wynn Resorts and Las Vegas Sands are seeing record-low revenue figures. The latter recently announced that it’s interested in selling some of its major US properties.

Caesars Entertainment, however, seems optimistic about the future. The aforementioned Tom Reeg touts high hotel occupancy as a sign that things are improving. He’s confident that things will be better than ever once the Covid-19 pandemic has come to an end.

“When we get into a post-COVID world, the pent-up demand you are going to see for gaming in general and Las Vegas in particular is going to be beyond your wildest dreams. The flow-through you are going to see in the sector is unlike anything that will happen historically in this space,” Reeg said to the media. 

Are you surprised at Caesars’ third-quarter earnings? When do you expect Las Vegas to return to normal? Let us know in the comments section below!

Caesars Offers Exciting Update on the New Casino in Danville

State of Virginia Made out of Money With Sportsbook Background

Virginia’s casino industry is about to expand. On November 3rd, voters in the state approved a measure to allow a new casino in Danville. This week, Caesars Entertainment offered some exciting new updates on this property.

There are some big changes coming here. Some feel Virginia will soon become one of the largest casino destinations in the United States. Now is a great time to look at what Caesars has planned in Danville.

Let’s get into it!

US Casinos Continue Asking for Aid From the Government

It’s been almost eight months since all of the country’s casinos were forced to shut down. Incredibly, things haven’t improved by very much. Nearly all casinos are still seeing massive drops in their year-on-year revenue earnings.

The biggest US casino companies are suffering right now. Many have recently been forced to implement new safety measures recently. With cases of Covid-19 increasing around the country, casinos are seeing major dips in visitation rates.

Many of these companies are now asking for more aid from the government. Not long ago, the head of the American Gaming Association sent a formal aid request to the federal government. This official claims many of these companies could fail without support.

This includes some of the biggest casino operators in Las Vegas. Not long ago, the Sheldon Adelson-run Las Vegas Sands announced it was interested in selling many of its US casinos. Most agree this decision is due to the state of the country’s land-based casino industry.

Things are clearly tough for all casinos around the country. That doesn’t mean this industry is heading towards a complete downfall, though. Some states are actually working to expand their number of casinos right now.

That includes Virginia. News has just broken that residents here have approved plans to open several more gambling venues.

Virginia Approves Measure to Open New Casino in Danville

Lawmakers in Virginia have been discussing plans to expand the state’s casino industry for years. Much of the focus centered around whether or not to allow a new commercial casino in the city of Danville. Most residents here seemed open to the idea.

Many seemed unwilling to bring this idea to the ballots. Finally, a bill to officially add a new casino in this city was approved earlier this year. It then came down to a public vote appearing on November 3rd.

News has broken that the vote to open a new casino in Danville was passed unanimously. Caesars Entertainment is already selected to operate this new venue. The company released an official statement this week expressing excitement to break into this new city.

“Caesars Entertainment thanks the voters of Danville for their support of the referendum that will bring Caesars Virginia to Danville. We look forward to fulfilling the trust the voters have placed in us by bringing 1,300 good-paying jobs, tourism dollars and economic development to the City, and we are incredibly excited to begin construction,” the statement said. “We’d like to offer our sincere thanks to all of our supporters, especially the City of Danville team, our campaign steering committee, campaign committee co-chairs Delegate Danny Marshall, Mayor Alonzo Jones, Dr. Tiffany Franks and Tammy Wright-Warren, Campaign Director Steven Gould, Josh Norris and the entire campaign staff.”

Officials within Caesars went on to state that this casino would be competitive with the other gambling venues in the state. Groundbreaking is expected to take place in mid-2021. If all goes according to plan, the casino-resort will open its doors to the public by 2023.

It’s an exciting time for gambling fans here. It seems likely that the US casino industry will be back to normal by the time the new casino in Danville opens. We’ll continue offering updates on this venue over the next few months!

The Sports Betting Industry Continues to Grow in the US

There has been a serious debate growing over how the US casino industry will fare over the next few years. It’s an unprecedented time for this industry and things are constantly changing. There’s no doubt that the sports betting industry in the United States is growing rapidly, though.

Back in May of 2018, the US Supreme Court struck down PASPA, allowing each state to set its own laws on sports betting. Within just a few weeks, several states approved this new form of gambling. Today, more than 25 states have approved measures to regulate sports betting.

News has now come out that several states have just approved sports betting legislation. Maryland, South Dakota, and Louisiana have all officially approved measures to allow sports gambling. Officials and residents in these states recognize how much revenue legal sports betting can bring in.

Many of the top European sports betting companies are now making their way into the US market. William Hill has been operating in the country for years. Not long ago, Caesars Entertainment purchased this company and will soon take over all of its US assets.

Virginia approved sports betting legislation this year, yet no sportsbooks have begun operating here yet. Soon, all of the state’s casinos will feature sportsbooks. This should help to bring some much-needed revenue in.

Are you excited to hear about the new casino in Danville? Let us know in the comments section below!