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Caesars Entertainment Inc CZR

Rating as of

Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Caesars Sees Domestic Demand Rebound in Q3, Driven by Pent-Up Demand and Its Leading Loyalty Program

Dan Wasiolek Senior Equity Analyst

Analyst Note

| Dan Wasiolek |

We don’t plan any material change to our no-moat Caesars’ $56 fair value estimate, as the company’s third-quarter results and outlook harmonize with our existing forecasts, leaving shares fairly valued.

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Company Profile

Business Description

Caesars Entertainment Includes 53 domestic gaming properties (before Indiana property divestures planned for late 2020/early 2021) across Las Vegas (45% of 2021 estimated EBITDAR, before synergies) and regional (55%) markets. Additionally, the company hosts 13 international properties, which generate near breakeven EBITDAR. Caesars' U.S. presence roughly doubled with the 2020 completed acquisition by Eldorado, which built its first casino in Reno, Nevada, in 1973 and expanded its presence through prior acquisitions to over 20 properties before merging with legacy Caesars. Caesars' brands include Caesars, Harrah's, Tropicana, Bally's, Isle, and Flamingo. Also, the company partners with William Hill to provide sports betting.

Contact
100 West Liberty Street, Suite 1150
Reno, NV, 89501
T +1 775 328-0100
Sector Consumer Cyclical
Industry Resorts & Casinos
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 15,500