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CZR

Caesars

$9.61

0.46 (5.03%)

06:02
02/20/19
02/20
06:02
02/20/19
06:02

Caesars comments on 13D filing by Carl Icahn, High River

Caesars issued the following statement regarding the Form 13D filing with the SEC by High River Limited Partnership and other entities affiliated with Carl Icahn disclosing ownership of approximately 9.78% of Caesars Entertainment's common stock. "Caesars Entertainment regularly engages with our stockholders and considers their ideas and input regarding stockholder value. The Board and management have engaged in discussions with Mr. Icahn and expect to continue a constructive dialogue. The Company intends to carefully evaluate Mr. Icahn's suggestions, including his request for Board representation. Caesars' Board and Management are pursuing a diversified growth strategy to create long-term value for stockholders and are committed to being prudent stewards of capital. Following emergence from reorganization in October 2017, Caesars has continued to expand margins by driving record labor and marketing efficiency levels, while also achieving all-time high customer and employee satisfaction. Additionally, we continue to improve our Las Vegas EBITDAR margins which are the highest among all of our competitors. The Company has also reduced annual interest expense by approximately $300 million since 2017. We are investing in top line growth by innovating in our core gaming business, leveraging our superior loyalty and marketing programs, and moving quickly to capitalize on emerging trends. We continue to focus on expanding margins by refining our operating model, in part by seeking more opportunities to increase efficiency. We are also pursuing inorganic growth through acquisitions and brand licensing opportunities, including opening the Company's first non-gaming resort, Caesars Bluewaters Dubai, last year. We expect to generate strong free cash flow in the coming years which will fuel further growth and deleveraging. Consistent with its fiduciary duties, the Board remains open to all reasonable alternatives to enhance value for Caesars' stockholders and has and will continue to evaluate strategic alternatives presented to it across a number of factors, including potential value creation and execution risk, given our highly regulated environment in the various domestic and international jurisdictions in which we operate. Any such alternatives previously brought to the Board's attention were considered, in consultation with its legal and financial advisors, and determined to undervalue the Company and its plan to create stockholder value over the long term."

  • 21

    Feb

CZR Caesars
$9.61

0.46 (5.03%)

01/02/19
UBSW
01/02/19
UPGRADE
Target $7
UBSW
Neutral
Caesars upgraded to Neutral from Sell at UBS
UBS analyst Robin Farley upgraded Caesars Entertainment to Neutral while lowering her price target for the shares to $7 from $9. The analyst says her "bearish thesis" is now priced in with the stock down 33% over the past three months. Farley believes her below-consensus view on the Las Vegas market is more factored into the stock at these levels.
01/07/19
DBAB
01/07/19
NO CHANGE
DBAB
Wynn, Caesars best large-cap Gaming stocks for 2019, says Deutsche Bank
Deutsche Bank analyst Carlo Santarelli says Wynn Resorts (WYNN) and Caesars Entertainment (CZR) are the best ways to play the large-cap Gaming space in 2019. Given current valuations and fundamental expectations "that seemingly accompany those valuations," the analyst is constructive on the larger-cap Gaming names and sees a bias to the upside in the stocks.
01/16/19
BOFA
01/16/19
DOWNGRADE
Target $9
BOFA
Neutral
Caesars downgraded to Neutral following rally at BofA/Merrill
BofA/Merrill analyst Shaun Kelley downgraded Caesars to Neutral from Buy and lowered its price target to $9. Kelley is using the rally year-to-date in shares to downgrade saying he is more cautious longer-term towards Las Vegas pricing power and growth.
01/18/19
MSCO
01/18/19
NO CHANGE
MSCO
Overweight
Morgan Stanley prefers Las Vegas to Macau in gaming entering 2019
Morgan Stanley analyst Thomas Allen said he is confident that the Las Vegas outlook is better than perceived after Q4 appears to have shown a meaningful rebound, noting also that his convention tracker supports strong 2019 demand growth and that flight capacity to the market is growing. Meanwhile, as a firm, Morgan Stanley has cut its Macau market gaming revenue outlook and industry view, Allen noted. Combining his Las Vegas outlook and bullish stance on regional U.S. gaming, Allen called MGM Resorts (MGM) and Caesars (CZR) his preferred large cap gaming stocks entering 2019, stating that he believes expectations for both are beatable. He reiterates Overweight ratings on both, as well as on Las Vegas Sands (LVS), and keeps an Equal Weight rating on Wynn Resorts (WYNN).

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