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Here’s Why You Should Hold Caesars Entertainment (CZR) Stock

Here’s Why You Should Hold Caesars Entertainment (CZR) Stock

 


Caesars Entertainment, Inc. CZR should benefit from strong performance in Las Vegas, technology improvements and capital development projects. However, weather-related headwinds are a concern.

Let’s discuss the factors why investors should hold the stock for now.

Factors promoting growth

Caesars Entertainment benefited from strong performances in Las Vegas. In the third quarter of 2022, the company achieved encouraging revenues. During the quarter, net revenue for the Las Vegas segment was $1,131 million, compared to $914 million in the prior year quarter. Segment adjusted EBITDA was $533 million, compared to $400 million in the prior year quarter. The increase was mainly driven by strong demand for leisure, groups and conventions. Caesars Entertainment revealed that it has started attending the pre-COVID return of conventions and bands to Las Vegas.

The company is optimistic about booking trends, as it sees an increase in bookings for group and convention hall nights. The company expects the return of business and entertainment offerings for groups and conventions to drive additional demand in the Las Vegas market.

The increased focus on digital initiatives bodes well. During the first quarter of 2023, the company has been emphasizing certain technological improvements to energize the product offering and foster better customer engagement. This includes a new standalone iCasino app (expected to launch in Q3 2023), testing of its internal player account management system, and the migration of sports betting operations in Nevada to its Liberty technology stack (prior to the football season 2023). The company has focused on product improvements including withdrawal speed, customer service, parlay and alternate line offerings to drive growth.

The company is keen to expand into new markets to drive growth. He announced a partnership with the Eastern Band of Cherokee Indians to build and expand Caesars Virginia. Estimated at a budget of $650 million, the property will include a resort casino as well as a 500-room hotel, Caesars Sportsbook casino, live entertainment theater and 40,000 square feet of meeting and convention space. .

Additionally, it announced plans to expand into Nebraska with the development of a Harrahs casino and racetrack (during Q3 2023). The casino development is expected to feature a new one-mile horse racing surface, a 40,000 square foot casino and sports betting area, as well as a restaurant and retail space. Although in the construction phase, the company has announced plans to open temporary facilities (for the properties) in 2023.

Concerns

During the first quarter of 2023, the company reported disruptions to operations within the regional segment. During the quarter, the regional segment was negatively impacted by harsh winter conditions, particularly in northern Nevada. He reported reduced visits to Lake Tahoe and Reno properties due to heavy snowfall and dangerous travel conditions. Additionally, it has witnessed increased competition with the opening of a new casino in the Chicago and Philadelphia, Pennsylvania area.

Although most properties are now open, traffic is below pre-pandemic levels. CZR is wary of economic trends, including rising inflation and interest rates. Shares of the company are down 17.8% in the past three months compared to the industry’s 0.2% drop.

Zacks Investment Research

Zacks Investment Research

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Zacks ranking and key picks

Caesars Entertainment currently carries a Zacks Rank #3 (Hold).

Some top-ranked stocks in Zacks’ Consumer Discretionary sector are MGM Resorts International MGM, Bluegreen Vacations Holding Corporation BVH and Crocs, Inc. CROX.

MGM Resorts sports a No. 1 Zacks rank. The company has a trailing four-quarter earnings surprise of 81%, on average. The stock is up 15.8% over the past year. You can see the full list of current Zacks #1 Rank stocks here.

The Zacks consensus estimate for MGM’s 2024 sales and EPS indicate an increase of 1.4% and 22.3%, respectively, over estimated levels from the prior year.

Bluegreen Vacations sports a No. 1 Zacks rank. BVH has a trailing four-quarter earnings surprise of 24.7% on average. Shares of the company have risen 9.8% over the past year.

Zacks’ consensus estimate for BVH’s 2023 sales and EPS indicates an increase of 3.6% and 17.6%, respectively, over prior year levels.

Crocs carries a No. 2 Zacks rank. The company has a trailing four-quarter earnings surprise of 19.6% on average. Shares of Crocs are up 90.1% over the past year.

The Zacks consensus estimate for CROX sales and EPS in 2023 indicates an increase of 13.2% and 5.7%, respectively, over prior year levels.

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MGM Resorts International (MGM): Free Inventory Analysis Report

Crocs, Inc. (CROX): Free Stock Analysis Report

Caesars Entertainment, Inc. (CZR): Free Stock Analysis Report

Bluegreen Vacations Holding Corporation (BVH): Free Stock Analysis Report

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