Caesars Entertainment Inc

CZR: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$72.00	Qwsk	Zljhkzzdq

Caesars Earnings: Strong Vegas and Digital Demand, and Stout Management Execution a Winning Combo

Dan Wasiolek

Aug 1, 2023

We think investors are severely discounting no-moat Caesars’ resilient demand in Vegas, ramping digital business, and Exemplary capital allocation track record. We don’t plan to materially alter our $81 per share fair value estimate, and think shares deserve to trade around 10-11 times 2024 EV/EBITDA versus the current roughly 9 times level.

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