1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
No-moat Caesars saw strong demand and profitability improvement across both its Las Vegas and regional markets in its second quarter that is likely to lead to around a high-single-digit percentage increase to our $98 fair value estimate, leaving shares undervalued, even post the 5% move higher in shares in after hours.
Caesars Entertainment Includes around 50 domestic gaming properties across Las Vegas (40% of 2021 estimated EBITDAR before corporate and digital expenses) and regional (60%) markets. Additionally, the company hosts international properties, which generate near break-even to slightly positive EBITDAR. Caesars' U.S. presence roughly doubled with the 2020 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 owns William Hill, a digital sports betting platform.
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