Caesars Entertainment Inc

CZR: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$13.00	Yqj	Sztbpdlxrf

Caesars Earnings: Vegas and Digital Demand Stout, With Balance Sheet Strengthening

Dan Wasiolek

May 3, 2023

We think investors are unduly focused on macroeconomic growth and credit availability concerns, thoroughly underappreciating no-moat Caesars’ resilient demand in Vegas, ramping digital business, and improved balance sheet. We don’t plan to materially alter our $81 per share fair value estimate and see shares offering an attractive risk/reward.

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