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CZR

Caesars

$13.10

-0.15 (-1.13%)

16:37
11/29/17
11/29
16:37
11/29/17
16:37

Caesars announces Harrah's Las Vegas sale and leaseback agreement with VICI

Caesars Entertainment announced definitive agreements to sell and leaseback the real estate assets associated with Harrah's Las Vegas to VICI Properties and to acquire adjacent land from VICI to develop a planned new 300,000 square foot convention center. Under the terms of the Harrah's sale agreement, Caesars will receive $1.14B in cash in return for Harrah's Las Vegas' real estate assets. Under the terms of the convention center agreement, Caesars will acquire 18.4 acres of adjacent land from VICI as part of Caesars Entertainment's plan to develop a new 300,000 square-foot convention center. The proceeds of the Harrah's Las Vegas sale will be the primary source of funds for the previously announced purchase of Centaur Holdings. The planned convention center is expected to become a leading destination for meetings on the Las Vegas Strip. Caesars will continue to operate Harrah's Las Vegas, including gaming, hotel operations and all other amenities. As part of the sale and leaseback transaction, Caesars and VICI will enter into a 15-year lease for Harrah's Las Vegas under which Caesars will pay initial annual rent of $87.4M. The rent will increase contractually in subsequent years. VICI has secured committed financing to fund the purchase. Caesars will have the right to require VICI to purchase the convention center and lease it back to Caesars, and in the event Caesars does not exercise its put right, VICI will have an option to acquire the convention center and lease it back to Caesars. The transactions are expected to close by year end.

CZR Caesars
$13.10

-0.15 (-1.13%)

09/15/17
RHCO
09/15/17
INITIATION
Target $14
RHCO
Buy
Caesars initiated with a Buy at SunTrust
SunTrust analyst Patrick Scholes initiated Caesars with a Buy and a $14 price target given his positive view on regional gaming and Vegas strip fundamentals: Scholes believes US gaming is a consolidating industry and Caesars could emerge as a leading consolidator and also purse sale-leaseback opportunities.
10/06/17
NOMU
10/06/17
INITIATION
Target $14
NOMU
Neutral
Caesars initiated with a Neutral at Nomura Instinet
Nomura Instinet analyst Brian Dobson started Caesars Entertainment with a Neutral rating and $14 price target. The analyst believes the company's growth catalysts are largely discounted in the shares.
10/06/17
10/06/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. GoDaddy (GDDY) initiated with an Outperform at William Blair. 2. Green Dot (GDOT) initiated with a Buy at Craig-Hallum. 3. Abbott (ABT) reinstated with a Neutral at JPMorgan. 4. Caesars (CZR) initiated with a Neutral at Nomura Instinet. 5. Tech Data (TECD) initiated with a Buy at Pivotal Research. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/24/17
SUSQ
10/24/17
NO CHANGE
SUSQ
Caesars has path to $21 per share, says Susquehanna
Susquehanna analyst Joseph Stauff contends that Caesar's has emerged from bankruptcy as a "very compelling" long idea, citing its potential to drive better than expected EBITDA growth. He identifies $600M of incremental EBITDA that can be added by its Las Vegas renovations, licensing agreements and margin improvement, which if added to current estimates would assume a $21 per share stock, he tells investors.

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UBS

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$17.90

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CNP

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Celanese

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