AUBURN, Wash. - Caesars (NASDAQ:CZR) Entertainment, Inc. (NASDAQ: CZR), a major player in the casino-entertainment industry, announced the launch of the Caesars Sportsbook Muckleshoot mobile app, now live at the Muckleshoot Casino Resort. The app allows guests aged 21 and over to place mobile sports bets while on the property, adhering to Washington state's betting regulations.
The new platform is an extension of the casino's sportsbook, which opened in 2022, and offers a wide range of betting markets and features such as live NFL game streaming, Same Game Parlays, and quick payouts. The app's launch is seen as a significant enhancement to the sports betting experience offered at the casino resort.
Eric Hession, President of Caesars Digital, emphasized the app's contribution to a seamless and innovative gaming experience. Tim Perkins, CEO of Muckleshoot Casino Resort, also noted the app's role in providing guests with a more immersive and convenient betting experience.
The Caesars Sportsbook at Muckleshoot offers a Vegas-style sports viewing environment, complete with a large video wall, numerous big-screen TVs, and live sports tickers. The mobile app is designed to complement this experience, allowing bets to be placed from anywhere within the casino.
Caesars Entertainment has underlined its commitment to Responsible Gaming, implementing a 21+ policy and ensuring that all gaming options are available only to individuals of legal age. This policy extends to all sports wagering operations in Washington state, including the new mobile app.
The Muckleshoot Casino Resort is known for its expansive gaming floor, smoke-free areas, and diverse dining options. The resort's recent addition of a hotel tower and other amenities further cements its reputation as a leading destination in the Northwest.
The information provided in this article is based on a press release statement from Caesars Entertainment, Inc.
In other recent news, Caesars Entertainment has been the focus of several significant developments. B.Riley maintained a Buy rating on Caesars, emphasizing the potential for increased free cash flow due to declining interest rates. The firm also anticipates that Caesars might refinance its $1.6 billion senior notes in the next year, potentially boosting its free cash flow by $60 million.
Caesars also reported steady consolidated net revenues of $2.8 billion for the second quarter of 2024, with its Las Vegas operations setting a new record for net revenue at $1.1 billion. Despite a slight downturn in the regional segment, Caesars Digital reported a 28% increase in net revenues year-over-year.
In a major transaction, Caesars sold the World Series of Poker brand's intellectual property rights to NSUS Group Inc. for $500 million, while retaining the right to host the main live tournament series on the Las Vegas Strip for the next 20 years. Additionally, Bonnie S. Biumi, who has served on the board of Caesars Entertainment, has been appointed to the Board of Directors of MarineMax, Inc.
These recent developments reflect a stable financial position with strong performance in key segments, particularly in Las Vegas and digital. Caesars is focused on completing its capital expenditure cycle, reducing debt, and potentially buying back stock.
InvestingPro Insights
As Caesars Entertainment, Inc. (NASDAQ: CZR) expands its digital offerings with the launch of the Caesars Sportsbook Muckleshoot mobile app, investors and industry observers are keeping a close eye on the company's financial health and stock performance. According to recent data from InvestingPro, Caesars Entertainment has a market capitalization of approximately $8.94 billion, reflecting its significant presence in the casino-entertainment sector.
In terms of financial performance, the company's revenue over the last twelve months as of Q2 2024 stands at $11.39 billion, with a gross profit margin of 52.5%. Despite a slight decline in revenue growth of -0.23% during this period, Caesars maintains a robust gross profit of $5.98 billion. The operating income margin is also noteworthy at 21.25%, indicating the company's efficiency in managing its operating expenses relative to its revenue.
InvestingPro Tips highlight that Caesars Entertainment has seen a significant return over the last week, with a 10.24% price total return, which may interest investors looking for short-term gains. However, the company's stock price movements are quite volatile, which could be a point of consideration for risk-averse investors. Additionally, there's an expectation among analysts that the company will be profitable this year, despite not being profitable over the last twelve months. This is a key factor for those considering the long-term potential of their investment in Caesars Entertainment.
For those interested in further insights and detailed analysis, InvestingPro offers additional tips on Caesars Entertainment, which can be accessed through the platform's comprehensive service.
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