The Caesars-William Hill Takeover Has Officially Been Confirmed

Over the past few years, Caesars has grown to become one of the most powerful gambling companies in the world. Rumors of this company acquiring William Hill have been circulating for weeks. New reports are now surfacing that the Caesars-William Hill takeover has been officially confirmed.Handshake Picture

This is another huge move for Caesars. Today, we’re going to look at the specific details of this massive new acquisition. We’ll also talk about what it means for the US gambling industry moving forward.

Let’s get into it!

Caesars is Now the Biggest US Casino Companies

There’s a good chance you’ve heard about Caesars sometime over the past few years. Back in mid-2018, news broke that the company was being taken over by Eldorado Resorts. This merger cost an astounding $17 billion and would form the largest US casino company in history.

This deal took much longer to complete than many initially predicted. Both Caesars and Eldorado Resorts needed to gain approval from various state gambling commissions. The companies also needed to receive permission from the FTC for the merger to finalize.

Finally, this summer, the merger was completed. Eldorado decided to retain the Caesars name, yet kept the company’s headquarters in Reno, Nevada. As of now, Caesars owns and operates 50 major casinos around the country.

The merger didn’t finish at the most ideal time. At the time of its completion, the US casino industry was still struggling to get back on track. Even today, land-based casinos around the country are still seeing significantly lower revenue earnings than they did in 2019.

Some felt that Caesars would simply hold back and wait while the gambling industry recovers. That doesn’t appear to be the case. This massive company is now set on taking over one of the world’s largest sports betting operators.

New reports claim this deal has officially been agreed to.

The Caesars-William Hill Takeover is Now Confirmed

As we just mentioned, the US gambling industry is in a very unusual position right now. Land-based casino earnings have been dropping, yet many states are seeing massive surges in sports betting revenue lately. That fact seems to have gained the attention of Caesars, which is now looking for new ways to profit off this industry.

Reports recently surfaced that William Hill was receiving offers from several companies for a potential buyout. That included Caesars, although the specific bid amount was not revealed. News has now broken that the Caesars-William Hill takeover is officially underway.

According to these reports, Caesars paid $3.7 billion to acquire the company. Company officials claim to be mostly interested in William Hill’s U.S. assets and plan to sell the majority of the company’s operations in the United Kingdom and elsewhere around the world.

Tom Reeg, CEO of Caesars, spoke about the new deal with the media this week.

“The opportunity to combine our land based-casinos, sports betting and online gaming in the U.S. is a truly exciting prospect,” Reeg said. “William Hill’s sports betting expertise will complement Caesars’ current offering, enabling the combined group to better serve our customers in the fast growing U.S. sports betting and online market.”

Interestingly, Apollo Global Management has also acquired a piece of William Hill. Some analysts speculate this company will take over the brand’s UK assets. That has yet to be officially confirmed.

This is a huge move for Caesars and should help the company establish a foothold in the sports betting market. What states will this company now begin to focus on?

US Sports Betting Market Continues to Grow

It’s been more than two years since the US Supreme Court struck down PASPA. Doing so gave every state in the country the ability to legalize sports betting. Today, 24 states have approved legislation to legalize and regulate their sports betting industries.

Unlike the land-based casino industry, sports betting has been surging this year. Many of the top US sports leagues have resumed their operations. As more seasons begin to start, sports gambling revenue increases around the country.

Revenue has been growing particularly quickly over the past couple of months. Not long ago, New Jersey saw a record-high level of sports betting revenue. Colorado has also been seeing massive earnings from this industry.

The 2020 NFL season officially began earlier this month. With the league now up and running, sports betting has been surging. Many analysts predict that states will see another record set during the month of September.

William Hill already operates in several states. With the Caesars-William Hill takeover now confirmed, it’s likely that the company will begin focusing more on states where sports betting has only recently been legalized. It certainly comes at a good time.

Are you surprised to hear that Caesars has purchased William Hill? Will this be a smart long-term investment for Caesars? Let us know in the comments section below!

William Hill Receives Offer from Caesars and Apollo For a Potential Takeover

Caesars Entertainment
William Hill Plc announced last Friday that it has received separate offers from Caesars Entertainment Inc. and Apollo Global Management Inc. for a potential takeover.

The U.K.-based sports betting company said that talks on the two different cash proposals are ongoing but added that it remains uncertain if there will be a formal offer presented. William Hill said in a statement that both Apollo and Caesars have until October 23rd to make a formal offer or walk away from a potential deal as per UK takeover rules.

Per William Hill:

“Following an initial written proposal from Apollo on 27 August 2020, William Hill received a further proposal from Apollo and proposals from Caesars.”

Shares Surge

Shares of William Hill surged as much as 41% in London trading on Friday, which was an intraday record. The UK bookmaker now has a market value of about $4B. Rival betting companies also saw their stock rise last Friday with GVC Holdings Plc putting on an extra 15.5% and Flutter Entertainment Plc gaining 6.7%. Similarly, shares for Apollo was up by almost 3% while Caesars jumped by as much as 8.4%.

Apollo has a history of making investments in the gambling sector. In 2008, it joined forces with TPG for the buyout of Harrah’s Entertainment Inc. which was subsequently renamed as Caesars. Last year, the buyout firm also acquired a share in Italy’s Gamenet Group SpA.

Partnership With Caesars

William Hill already has a partnership with Caesars. Earlier this month, it was announced that Caesars had forged a deal with ESPN to link William Hill’s sports betting app in states where sports betting is already legalized in the United States. William Hill has also been appointed as the official odds provider of ESPN and as such, it will appear in all of ESPN’s platforms.

Last month, ESPN opened a high-tech studio at the Linq Hotel + Experience. The 6,000 square foot facility has been tabbed as the epicenter of ESPN’s sports-betting themed content. ESPN’s “Daily Wager” program was also transferred to the new studio which will broadcast Las Vegas-exclusive sports betting and entertainment news.

One of the World’s Largest Sportsbooks

William Hill is one of the largest sportsbooks in the world with offices in 10 different countries. Since Chief Executive Officer Ulrik Bengtsson took over last year, the company has been focused on building its online business.

Since the United States Supreme Court repealed the Professional and Amateur Sports Protection Act in 2018, William Hill has been building up its presence in the U.S. The American market has become more attractive for the company after UK gambling regulators slapped a stake limit on betting machines. This regulation led to the closure of 700 shops in Great Britain.

Free Parking at Caesars Resorts is Now Being Offered

Caesars Resorts is one of the biggest casino-resort companies in the US. This week, the company announced a new offer for certain members of its reward program. Free parking at Caesars Resorts is now available and gambling fans are rejoicing.

Monopoly Free Parking Spot

Caesars Entertainment is going through some major changes right now. Today, we’ll look at the details of the company’s new offer and explain what to expect in the future from Caesars. Let’s get into it!

Caesars Entertainment-Eldorado Resorts Merger Continues

Earlier this year, Eldorado Resorts announced that it paid $17.4 billion to acquire Caesars Entertainment. It’s the largest casino company merger in history. Initially, the hope was that the merger would be completed by the end of 2019.

This finalization of this deal is taking a little longer to finalize than initially expected. Before these companies can officially merge, they need approval from various state gambling commissions. The SEC must also approve the merger to ensure it does not create a monopoly-like situation.

Fortunately, things appear to be moving ahead. Last week, shareholders of Caesars Entertainment officially approved the deal. This was a crucial step in getting this deal done.

It’s likely that Eldorado Resorts will begin selling some major properties soon. As we just mentioned, the company paid more than $17 billion to acquire Caesars. Selling hotel-casinos will help to make up for the cost of this acquisition.

It now appears that the Eldorado Resorts-Caesars merger will be completed by 2020. Once it’s complete, Eldorado Resorts will take control of Caesars’ properties.

Recently, Caesars revealed a fun new offer for its loyal members.

Free Parking at Caesars Resorts is Available for Rewards Members

Caesars is known for having one of the best loyalty programs of any casino company. On Friday, officials announced that some members of this loyalty program, called “Caesars Rewards,” will receive free parking for two months. This offer is available at any Caesars Resorts property around the country.

Gold Tier members of Caesars Rewards will be upgraded to the Platinum Tier for a limited time “in celebration of the holiday season.” Free parking at Caesars Resorts isn’t the only great perk of being a Platinum Member.

This upgrade also comes with discounted rooms, the ability to transfer reward credits and access to VIP events. Members have the ability to utilize this upgrade now until December 31st.

Amazingly, Caesars Entertainment is also offering a “2X Reward Credit Multiplier” from now until December 31st! This perk is only available for Nevada residents that visit a Las Vegas Caesars Rewards Center desk and present a valid Nevada driver’s license.

Now is a great time to become a Caesars Rewards member. This isn’t the only great casino loyalty program available in Las Vegas, though.

More Great Casino Loyalty Programs Available in 2019

Casino loyalty programs, in case you’re unaware, are programs that casino companies use to reward their loyal players. Essentially, they offer perks to those who spend money inside casinos. The more one spends, the higher they will move up the tier bracket and earn better rewards.

Caesars Rewards is one of the most popular loyalty programs in Las Vegas right now. Another one that people love is M Life Rewards. This is offered by MGM Resorts International and is considered by many to be the best currently available.

MGM Resorts just recently made some changes to its reward structure. There are five different tiers with this program, the highest being the Noir Tier. This one can only be joined by an invitation from MGM Resorts. It offers some incredible perks including VIP Lounge check-in, guaranteed advanced hotel reservations, and complimentary limousine services.

The Red Card Club at Wynn Resorts is another popular program. This one has four tiers. Each one offers members something fantastic.

Free parking at Caesars Resorts is available for Gold members of Caesars Rewards. The deal will last until December 31st.

Stay tuned for more US casino news over the next few months!

Caesars and ESPN to Join Forces for Sports Betting Content

ESPN and Caesars Entertainment will join forces and bring the best sports betting news, as well as sports-related entertainment, to all fans of this activity all over the US. One of the major points in the deal is building a brand new ESPN-branded studio that will be located at The LINQ Hotel & Casino in Las Vegas. There, content related to the theme of sports betting will be created and one of the features shows will be one of the popular recent ESPN sports betting-related piece called Daily Wager. Naturally, all the ESPN content made in the studio at The LINQ will also include Caesars branding.

Mike Morrison, VP of Business Development at ESPN, stated that the landscape for sports betting had changed and that the fans of that activity were coming to ESPN more than ever before. Furthermore, he added that ESPN is poised to expand their coverage “in a big way,” and that they were working with Caesars Entertainment category leaders who would help them most relevant and most entertaining content for highly engaged and diverse sports fan base. Therefore, if you like sports, and enjoy sports betting, the content produced as a result of this collaboration might be what you are after and might help you improve your sports betting skills.

The EVP and Chief Marketing Officer at Caesars Entertainment, Chris Holdren, stated that he and his company were really excited about the collaboration with ESPN and the long-term value that it will bring to both companies and sports fans alike. Furthermore, he added that starting immediately, the platforms by ESPN would begin featuring valuable information about odds and the main company that would provide those pieces of information would be Caesars Entertainment. Holdren stated that ESPN would position itself as the authority when it comes to sports betting and that millions of sports fans would look to them for content.

He concluded that they were honored have Caesars by their sides and that Caesars was honored to have been one of the primary selections by ESPN as it offered the best odds and served fans well. It is definitely a unique deal as both sides are going to have huge gains from it. ESPN will have an opportunity to have a sports studio which is located in the middle of the gambling capital of the world, and Caesars will gain enormous exposure on this popular sports channel.

The primary purpose of the studio is to be a sort of a Vegas hub for all content that is related to odds. Furthermore, it will contribute to many social, digital, and linear shows, in addition to and the exclusive ESPN app. Finally, both sides predict that the studio will have a vital role during all the major sports events, as well as during the marquee events that are hosted in LV and that are rapidly growing in number. According to both sides, the studio will be completed in 2020 and launched that very same year.

Data related to odds is very important when it comes to creating sports betting shows, and Caesars will become the official odds data supplier for all ESPN channels, including TV and digital. The two sides will create additional activations related to advertising and sponsorships in the months to come.

According to Connor Schell, EVP of Content at ESPN, Las Vegas has become an epicenter of sports culture during the last couple of years, and having a partner such as Caesars is a great way to have a full studio presence in Vegas.

Caesars Plans a Permanent AC Sportsbook

Caesars will debut permanent Atlantic City sportsbooks in a couple of weeks which would be a part of its Harrah’s and Bally’s Atlantic City casinos. The first of the two permanent sportsbooks will debut within weeks, and it will offer visitors of Atlantic City’s Boardwalk an opportunity to place bets on their favorite teams and enjoy watching games with their friends. This piece of news was reported by The Press of Atlantic City, which cited the info from the representatives of the company that are in the city.

The gambling giant from Las Vegas invested more than $11 million in order to develop the two permanent betting properties which would be located at Harrah’s Resort Atlantic City and as a part of Wild Wild West Casino at Bally’s Atlantic City. Both casinos already offer temporary sports betting services that they launched less than a year ago. In fact, the two casinos, as well as other casinos in AC, were prepared to launch sports betting as soon as the ban was lifted. However, they immediately knew that the solution for this service was just temporary at that moment, so they immediately began preparing the permanent solution.

However, the two casinos are not the only ones operated by Caesars in AC at the moment, as there is yet another one called Caesars Atlantic City. Although it is connected to Bally’s system, this facility actually does not feature the brick-and-mortar sports betting services that are present in other to casinos run by Caesars. As a matter of fact, Caesars Atlantic City is the only casino on the Boardwalk that actually doesn’t offer any kind of sports betting services.

Harrah’s The Book is estimated to start receiving visitors within the next couple of weeks. However, when it comes to Bally’s facility, it seems that sports betting lovers would have to wait until early June to visit this facility.

The Regional President of Caesars Atlantic City, Kevin Ortzman, stated that they wanted to create a ‘category-killer’ in the AC and that they would do their best to deliver what customers and sports betting lovers had been waiting for. The wait was completed after the ban was lifted, and AC visitors were some of the most impatient bunch who were the most eager to start placing bets last summer. As of this month, they will have an opportunity to enjoy full-time permanent sportsbooks at Caesars’ facilities.

Mr. Ortzman also commented on the scale of the sportsbook that is planned to be a part of Bally’s. He claimed that the property would actually be the single largest sports betting service in South Jersey. The area of the sports book will occupy a total of 15,000 sq ft and will feature a big LED video screen that is 18 ft high and 98 ft long. The screen standing would be the central part of the sportsbook, and even people on Boardwalk who are 100 yards away would be able to watch what is going on on the screen.

One of the most interesting features of the sportsbook will definitely be the five fan caves that will offer a personalized viewing experience, including self-serving beer on taps, dozens of leather recliners, and more. The new sportsbook will allow Wild Wild West Casino to extend its offer of games as well, and, according to Mr. Ortzman, games such as beer pong, table games, video games, and shuffleboard are going to find their place in the casino. In other words, there will be plenty of fun for everyone once the sportsbooks open their doors at the casinos that are run by Caesars.

Would Eldorado Make A Mistake by Acquiring Caesars?

The merger talks are still not official, but rumors have it that Eldorado and Caesars are going to merge sometime in the future. These rumors are far from arbitrary, as Carl Icahn has managed to acquire a huge part of shares of Caesars, which has not been doing well lately. In fact, Icahn has a long history of buying companies that have had financial problems and pushing them to merge with another company, and it is very likely that he is trying to do the same with Caesars at the moment.

On the other hand, the owner of Eldorado Resorts seems to be gathering cash for something that everyone thinks will be a merger.  Fertitta made offers to Caesars before, having valued them at $8.1 billion dollars, which was an offer that was unanimously rejected by the board of Caesars Entertainment. In other words, Fertitta will have to offer a lot more than that in order to make a successful merger and make both sides happy. However, that could turn out to be bad for Eldorado Resorts, and many wonder whether they would make a mistake if the merger really takes place.

Simply put, Eldorado merging with Caesars could be the end for Eldorado as we know it, and it may even cease to exist in the future by destroying itself from within. This would be a similar case to Caesars, which managed to dig a hole for itself back in 2008 when they struck a deal with Apollo Management after throwing away a total of $18.4 billion dollars that were eaten away by Caesars Entertainment Operating Company. In other words, Caesars has made some really bad decisions, and the management took some wrong steps that resulted in the company sinking deep and barely making it back.

They are on the verge of making the same mistake once again, and people who follow the industry are kind of tired of watching Caesars being the protagonist of stories that include making bad deals.

On the other hand, Eldorado is not on the top of the mountain either, as they are also struggling with some debts from the past. If they buy Caesars, they would bite off more than they could chew, and if they encounter a problem, even a minor one, they would be in a lot of trouble and unable to handle it properly. The numbers tell all for Eldorado, which has $4.22 billion in total debt and an additional $3.26 billion and $959 million in financing obligations to GLPI. Their market cap at the moment is $3.84 billion, which means that their leverage has already reached 110%. In other words, Eldorado is a relatively small company that already has a lot of problems in their home court, and adding the problems that come with merging with Caesars will definitely result in the end of an era and both companies being at the brink of extinction.

The pressure from Carl Icahn is high, and it seems that Fertitta is feeling that pressure at the moment, with Eldorado being the most obvious choice for merging. But Eldorado is small and has problems of its own that they can barely fight at the moment.

All of these things are based on speculations that the two companies discuss merging. However, all information is still strictly confidential, and the future is quite unpredictable at the moment. Will these two companies manage to reach the light at the end of the tunnel, or is it dark all the way through?

Caesars Introduces Progressive Jackpots to Table Games

Caesars has been an innovative casino company for a long time, setting trends that other operators all over the world also applied later. Jay Bean is the Vice President of Caesars Enterprise Table Games, and he has announced some really exciting changes that could revolutionize the way table games work in Caesars’ casinos.

Bean admitted to being envious of all the video slot games with progressive jackpots that eventually became an essential part of many slots. Whenever you play a progressive jackpot slot, you get an opportunity to win a huge prize which is the product of many people placing bets. As long as nobody wins a progressive jackpot, the final prize will continue to rise. At the moment someone wins the jackpot, the prize resets to the lowest set value and continues to grow once again as new players come to play.

Bean stated that table games had always been a very simple product that involved only cards, dice, and chips. Unlike slots, which are continually being upgraded, table games pretty much remained the same with a couple of variants that were offered to the players. According to Bean, table games were never able to offer a life-changing sum of money to lucky players.

However, the officials at Caesars decided to put an end to such a division and, in a way, revolutionized how table games work, making them more inviting to the casino game lovers. This huge change has been happening for more than a year as Caesars has slowly been introducing progressive jackpots to table games. This concept was always associated with slot machines, but it seems that it has found its way into table games as well, and Caesars officials are very happy with how things are going when it comes to this novelty.

The History of Table Games Progressive Jackpots

The first progressive jackpot in table games was introduced after Caesars unveiled a Fortune Pai Gow Poker Progressive Jackpot all over Nevada last years. Not long after that, they did the same for all their blackjack games as well as poker derivative tables. In other words, progressive jackpots at table games were all over Nevada starting 2019.

The expansion was pretty quick and, at the moment, they have approximately 270 table games that have progressive jackpots. There is a total of 140 poker derivative tables, 90 blackjack tables, and 40 pai gow poker tables. These are spread across 12 properties in the state, becoming the biggest linked table network in the country.

If you are looking for a casino where you can play progressive jackpot table games make sure to check out Harrah’s Laughlin Casino & Hotel, Harrah’s Lake Tahoe Hotel and Casino, Harrah’s Reno, The LINQ Hotel & Casino, The Cromwell, Flamingo Las Vegas, Planet Hollywood Resort & Casino, Bally’s – Las Vegas, Paris Las Vegas, Harrah’s Las Vegas Casino & Hotel, Rio All-Suite Hotel & Casino, and Caesars Palace.

Bean also added that the officials at Caesars loved the new addition to their table games as players really seemed to enjoy it and as they couldn’t be matched by other competitors. Furthermore, he added that smaller places such as Reno and Laughlin had a huge benefit as they would never be able to make a $2 million progressive jackpot on their own. Now that they are a part of this huge casino network, the progressive jackpot created by all players from all Caesar casinos will be accessible even to the players who visit those properties.

A couple of players were also lucky enough to win the progressive jackpot, and the three luckiest ones managed to win jackpots which were over a million.

Carl Icahn Becomes the Largest Shareholder at Caesars

The stake that Carl Icahn has at Caesars Entertainment has been upped by the investor, who has now become the largest shareholder at the Las Vegas casino operator. It seems that the sale of this company is now more likely than ever.

Carl Icahn has purchased shares of Caesars Entertainment Corp. through entities related to him for a total of $38.9 million. By doing so, the billionaire investor from New York has become the single largest shareholder of this casino company, which has seen some turbulent times recently.

Icahn said on Friday that he owns a total of 15.53% in company stock at the moment, which is more than 5% up from the 10% that he had managed to amass over a certain period. The 83-year old businessman is a direct response to the news from last week where Caesars officials announced giving Mr. Icahn board representation. Courtney Mather, James Nelson, and Keith Cozza, CEO of Icahn Enterprises, were all given seats at the Board of Directors at Caesars, replacing three now-former members.

On the other hand, a completely unrelated piece of news last week stated that two companies that were shareholders at Caesars sold a huge part of their shares for a total of 36.7 million. Apollog Global Management LLC and TPH Capital now have a total of 5.7% of the owner’s stock of the casino provider.

Both Apollo and TPG managed to acquire Caesars in 2008 during a leveraged buyout, which resulted in the company’s debt being more than $25 billion. Caesars officials saw no other option but to put the company under Chapter 11 bankruptcy protection in 2015. They eventually managed to emerge from bankruptcy two years after that and have been actively looking for investors who would further help the company.

Icahn Proposes Sale

Icahn has been actively suggesting that Caesars should sell itself or merge with another company as a possible solution to end the turbulent period of the company. This is now more likely to happen than ever since he has the largest stake in the company. Icahn even published an official statement where he announces the three new board directors for Caesars, where he said that the best path forward for the company required a strategic process to merge it with another company or sell it. Furthermore, Icahn stated that he was willing to help Caesars to further develop the strong regional presence that it already has.

The thing with Icahn is that he has a long history of pressing a lot of businesses to either sell or merge, so his behavior and relationship towards Caesars is not out of the blue. However, now that he has the largest stake in the company, it seems that he is about to succeed in his endeavor and that the company is likely to sell or merge anytime soon.

In fact, Caesars already received a couple of sound offers for selling and merging, with one of the most prominent offers coming from Tilman Fertitta, who approached the company with an offer to merge with his hospitality and casino brand Landry’s, which is the owner of Golden Nugget casino chains.

Although Caesars declined the offer, Fertitta has purchased shares in the company and is still interested in merging it with his business. In other words, it seems that if Icahn and Fertitta strike a deal, the merging of the company would become inevitable. At the moment, it is unknown what Mr. Icahn thinks about this offer. One thing is certain — Caesars has an exciting future ahead of it.

Ronald Burkle Interested in Acquiring Caesar’s Las Vegas Resort

Ronald Burkle has been a member of the three comma club for quite a while now as is the major driving force behind Soho House, which is a chain of private member clubs. Reportedly, this billionaire had contacted Caesars Entertainment Limited and expressed his wish to buy one of their resorts located in Las Vegas called Rio All-Suite Las Vegas Hotel and Casino. is a platform for celebrity news and gossip, which is why this piece of news should be taken with a grain of salt. They published an article in which they state that the 66-year-old billionaire, who is also the manager for The Yucaipa Companies private equity and venture capital firm, has set his eyes on Las Vegas.

On the other hand, Caesars Entertainment Limited is a Las Vegas-based company which currently operates 25 casinos all over the US, and one of their most important resorts is the one located in Las Vegas called Caesars Palace Las Vegas Hotel and Casino. The thing with this facility is that its shares have fallen by 30% during last year, which is a perfect opportunity for people such as Burkle to act and acquire it, should both sides agree to it.

However, Burkle is not the only investor who has set an eye for this Caesar’s property as a couple of others expressed their desire to obtain it, one of the most prominent investors being Carl Icahn, who is already a holder of 10% stake in Caesars. Icahn was successful in his effort, naming three new board directors. These new executives have big plans for Caesars and even plan to offload it or merge it with some of the rival firms such as Eldorado Resorts Incorporated and MGM Resorts International.

Burkle’s Intentions

According to PageSix’s article, the Yucaipa Companies were established in 1986 by Burkle and have managed to become very successful, being dedicated to revitalizing fortunes of companies that are underperforming. At the moment, they have stakes in many retailers such as Barneys New York Incorporated, Tesco, and more.

If the acquisition takes place and the Rio All-Suite Las Vegas Hotel and Casino becomes a property owned by Burkle, he plans to name Scott Sibella a new boss of the property. Scott Sibella has a lot of experience in managing and leading casinos, as he has recently quit his job as President and Chief Operating Officer for MGM Grand which is located near Burkle’s possible future casino.

Who Is Burkle?

Ronald Wayne Burkle was born in November 1952 and is currently 66. He is one of the most popular American investors and philanthropists, and his major company is The Yucaipa Companies, LLC, which he co-founded and manages to-date. His net worth is estimated to be approximately $2 billion at the moment, which puts him on the 633rd place on the Forbes’ list of the richest people in the world.

Furthermore, Burkle has been a political activist for quite a while now, supporting the Democratic party and being a fundraiser.

Some of his most important work includes merging and acquiring supermarket chains such as Fred Meyer, Ralphs, and Jurgensen. Furthermore, he even had stakes in 35 companies but eventually reduced that number by merging companies.

The future of Caesars is definitely at stake, and it will be interesting to follow how things are going to work out for this casino company and all the 25 casinos that they own.

Caesars Entertainment Casinos Published Report with Excellent Results

Caesars Entertainment Casinos has been doing an excellent job for the past year, and that is clearly visible in the unaudited financial results for 2018 that they had recently published. One thing that stands out is the year-on-year increase of 2.7%, which resulted in net revenues of approximately $8.39 billion.

The casino corporation published a report on Thursday as a part of an official press release which states that they managed to collect $224 million in enterprise-wide net revenues. One of the main reasons for those outstanding results is purchasing Centaur Holdings, which is an operator from Indiana. According to the firm, its Las Vegas operations managed to record a year-on-year rise of 2.5%, which translates to takings of approximately $3.75 billion. Moreover, other businesses of Caesars Entertainment Corporation which are located inside the United States managed to have a 4.2% rise which resulted in about $4.04 billion.

It’s not all sunshine and rainbows

The company from Nevada stated that the results may look good on the surface, but that the reality is a little bit different. When Centaur Holdings and Las Vegas are taken out of the picture, other businesses they own in the US actually show a drop of 1.6% in year-on-year comparison. They stated that the main result for this drop was the “increased competition” that had appeared in places such as Atlantic City. AC is definitely one of the most competitive places at the moment as casinos there are all doing a pretty good job in attracting new customers and promoting their services and products. Nevertheless, they are likely to overcome this problem as all other results show a significant improvement.

Frissora is content

Mark Frissora, CEO of Caesars Entertainment, is known all over the casino industry as a very outgoing person who is always happy to discuss business with everyone. He stated that the results that were received for 2018 actually represent the fourth year straight where the corporation managed to have higher net revenues.

In his statement, he said that Caesars Entertainment Corporation’s solid performance was a result of further improvement of labor productivity and over $140 million of marketing efficiencies. Furthermore, he added that their casino properties, including the ones in Las Vegas and Indiana, had also performed pretty well.

All things considered, the company has managed to gain a net income of $303 million, which is a huge improvement given that they had a deficit of $368 million in 2017. Firssora stated that 2019 would be the year when Caesars Entertainment Corporation would implement more efficiency, as well as growth initiatives such as expanded sportsbetting services. Furthermore, he stated that the company would make additional value-added investments and that one of the targets for investments would be Caesars Forum meeting center which is located on the Las Vegas Strip. In fact, Frissora said that the priority of the company for the next couple of years would be to de-lever the balance sheet.

There is no doubt that some turbulent times are behind Caesars at the moment, but the future is unpredictable and could bring a lot of potential hardships. Officials will have to put a stop to any issues and take the right steps in order to help Caesars remain what it is today – one of the most popular casino companies in the world. It is also true that competition had been stronger than ever in the USA and that it takes both efficiency and creativity to outsmart them and remain in the leading position.