{"id":281597,"date":"2023-07-18T16:14:50","date_gmt":"2023-07-18T21:14:50","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=281597"},"modified":"2023-07-20T17:17:34","modified_gmt":"2023-07-20T22:17:34","slug":"caesars-regional-casinos-could-be-additive-to-share-price","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/caesars-regional-casinos-could-be-additive-to-share-price\/","title":{"rendered":"Caesars Regional Casinos Could Boost Stock, Says Analyst"},"content":{"rendered":"

Caesars Entertainment (NASDAQ: CZR) is the second-largest operator on the Las Vegas Strip. But the company\u2019s extensive portfolio of regional casinos could be fuel for more upside in the stock.<\/p>\n

\"Caesars
Caesars Palace Las Vegas. An analyst says the stock could get a lift from the operator’s regional casinos. (Image: Caesars Entertainment)<\/figcaption><\/figure>\n

That\u2019s the take of JPMorgan analyst Joseph Greff. In a new note to clients, Greff reiterated an \u201coverweight\u201d rating on the Harrah\u2019s operator, while lifting his price target to $71 from $70. That implies upside of 26% from Tuesday\u2019s close. Caesars stock has been on a torrid pace<\/a> of late, jumping 12.21% over the past month. The gaming company deliveres second-quarter results after the close of U.S. markets on August 1.<\/p>\n

Investor sentiment is, in our view, fairly negative, given concerns about the health of the low-end consumer, eroding of pandemic excess savings, and likely mixed 2Q23 regional performance from some of CZR\u2019s regional peers,\u201d<\/strong> noted Greff.<\/p><\/blockquote>\n

Still, the analyst raised his second-quarter cash flow estimate attributable to Caesars\u2019 regional properties to $504 million, up from a previous forecast of $496 million. Caesars has a broad regional casino portfolio, including a new venue in Virginia<\/a>, an upcoming property in Nebraska, and established gaming facilities in Colorado, Illinois, Indiana, and Iowa, among others.<\/p>\n

Bullish on Caesars Las Vegas, Too<\/h2>\n

As the operator of Caesars Palace and other iconic Strip venues, such as the Flamingo, Harrah\u2019s, and the Horseshoe, Caesars is frequently associated with Las Vegas.<\/p>\n

\n

Greff estimates that the company will generate $513 million in cash flow from the Strip in the second quarter. While that\u2019s slightly below the consensus forecast of $515 million, the JPMorgan analyst believes, \u201cThere is more upside than downside to this forecast,\u201d citing recent strength in Las Vegas gaming results and hotel occupancy levels.<\/p>\n<\/div>\n

For investors, that\u2019s crucial, because roughly half of Caesars\u2019 equity value<\/a> is derived from its Las Vegas operations. That could work in its favor with the start of football season looming and other marquee events coming to Sin City in the months ahead.<\/p>\n

Things are expected to perk up later this year, with significant assistance from the Las Vegas Grand Prix in November. Some analysts already forecast the event could be a $25 million boon<\/a> to Caesars\u2019 Las Vegas properties. That figure doesn\u2019t include benefits to the operator\u2019s Strip casinos accrued over the race weekend.<\/p>\n

Caesars Digital Unit Could Be Next Catalyst<\/h2>\n

To date, Caesars\u2019 online gaming unit, which includes Caesars Sportsbook, hasn\u2019t been much of a factor in terms of share price performance. Nor has it generated a profit. However, it\u2019s stemming losses in significant fashion, and the business could soon be more of a factor in the Caesars equity equation.<\/p>\n

An underappreciated aspect of CZR\u2019s digital strategy is its July launch (later this month) of its rebranded and enhanced iCasino app, with improved branded content on slots and live-dealer table games, with the goal to achieve higher iCasino market share and incremental earnings before interest, taxes, depreciation, and amortization (EBITDA) gains,\u201d concluded Greff.<\/p><\/blockquote>\n

The analyst estimates the digital business could provide a $7 million return on investment in the current quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

Caesars Entertainment (NASDAQ: CZR) is the second-largest operator on the Las Vegas Strip. But the company\u2019s extensive portfolio of regional casinos could be fuel for more upside in the stock. That\u2019s the take of JPMorgan analyst Joseph Greff. In a new note to clients, Greff reiterated an \u201coverweight\u201d rating on the Harrah\u2019s operator, while lifting […]<\/p>\n","protected":false},"author":46,"featured_media":260821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886,86438],"tags":[81897,81903,23,86457],"acf":[],"yoast_head":"\nCaesars Regional Casinos Could Be Additive To Share Price<\/title>\n<meta name=\"description\" content=\"Caesars equity thesis enhanced by regional casinos, says analyst.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/caesars-regional-casinos-could-be-additive-to-share-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caesars Regional Casinos Could Be Additive To Share Price\" \/>\n<meta property=\"og:description\" content=\"Caesars equity thesis enhanced by regional casinos, says analyst.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/caesars-regional-casinos-could-be-additive-to-share-price\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-18T21:14:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-20T22:17:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/CP-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1161\" \/>\n\t<meta property=\"og:image:height\" content=\"654\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-regional-casinos-could-be-additive-to-share-price\/\",\"url\":\"https:\/\/www.casino.org\/news\/caesars-regional-casinos-could-be-additive-to-share-price\/\",\"name\":\"Caesars Regional Casinos Could Be Additive To Share Price\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-regional-casinos-could-be-additive-to-share-price\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-regional-casinos-could-be-additive-to-share-price\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/CP-1.jpg\",\"datePublished\":\"2023-07-18T21:14:50+00:00\",\"dateModified\":\"2023-07-20T22:17:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Caesars equity thesis enhanced by regional casinos, says analyst.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-regional-casinos-could-be-additive-to-share-price\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/caesars-regional-casinos-could-be-additive-to-share-price\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-regional-casinos-could-be-additive-to-share-price\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/CP-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/CP-1.jpg\",\"width\":1161,\"height\":654,\"caption\":\"Caesars Palace Las Vegas. 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