Caesars Entertainment, Inc.
- Open
- 29.62
- Day high
- 29.75
- Day low
- 29.62
- Prev close
- 29.64
- Volume
- 2.7M
- Mkt cap
- $6.1B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.8
- P/S
- 0.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$17.3M over the last 3 months (2 open-market buys, 12 sales)
- 🏛Institutions mixed (13F)
Caesars Entertainment, Inc. (CZR) is a Consumer Cyclical company listed on NASDAQ. The stock is up 11% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 12 sales (SEC Form 4). Drillr has 1 published research article covering CZR.
Caesars Entertainment, Inc. (CZR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CZR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $0.05 | $-0.30 | -765.0% | $3.0B | +0.5% |
| Apr 28, 2026 | $-0.19 | $-0.48 | -152.6% | $2.9B | +0.8% |
| Feb 17, 2026 | $-0.18 | $-1.23 | -584.2% | $2.9B | +1.9% |
| Jul 29, 2025 | $0.07 | $-0.39 | -657.1% | $2.9B | +0.9% |
| Feb 25, 2025 | $-0.15 | $0.05 | +133.3% | $2.8B | -0.5% |
| Apr 30, 2024 | $-0.05 | $-0.55 | -975.1% | $2.7B | -3.6% |
| Feb 20, 2024 | $-0.04 | $-0.34 | -773.8% | $2.8B | -1.2% |
| Oct 31, 2023 | $0.29 | $0.34 | +17.2% | $3.0B | +1.5% |
| Aug 1, 2023 | $0.33 | $0.82 | +148.5% | $2.9B | -0.1% |
| May 2, 2023 | $0.06 | $0.09 | +50.0% | $2.8B | +2.9% |
| Feb 21, 2023 | $-0.18 | $-0.11 | +38.9% | $2.8B | -0.2% |
| Nov 1, 2022 | $0.14 | $0.24 | +71.4% | $2.9B | +0.3% |
CZR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 28, 2026 | Jones Blackhurst Janis Ldirector | Sell | 33,899 | $29.63 |
| Aug 21, 2026 | Yunker Bretofficer: Chief Financial Officer | Sell | 208,134 | $29.62 |
| Aug 17, 2026 | Jones Joshofficer: Chief Marketing Officer | Sell | 59,507 | $29.72 |
| Jun 12, 2026 | Pegram Michael Edirector | Sell | 16,897 | $29.46 |
| Jun 12, 2026 | Pegram Michael Edirector | Sell | 24,800 | $29.47 |
| Jun 10, 2026 | Pegram Michael Edirector | Buy | 2,700 | $42.27 |
| Jun 10, 2026 | Pegram Michael Edirector | Sell | 15,200 | $29.20 |
| Jun 10, 2026 | Quatmann Edmund L Jrofficer: Chief Legal Officer | Sell | 81,566 | $29.35 |
| Jun 10, 2026 | Pegram Michael Edirector | Sell | 13,973 | $29.36 |
| Jun 10, 2026 | Pegram Michael Edirector | Sell | 50,000 | $29.41 |
| Jun 10, 2026 | Pegram Michael Edirector | Sell | 36,027 | $29.31 |
| Jun 10, 2026 | Pegram Michael Edirector | Buy | 2,500 | $42.80 |
| Jun 3, 2026 | Pegram Michael Edirector | Sell | 50,000 | $29.20 |
| Jun 3, 2026 | Pegram Michael Edirector | Sell | 5,000 | $29.19 |
| Feb 19, 2026 | Jones Joshofficer: Chief Marketing Officer | Tax | 925 | $18.95 |
Source: CZR SEC Form 4 filings, latest Aug 28, 2026. For informational purposes only — not investment advice.
See the full CZR insider & 13F page →Caesars Entertainment, Inc. company profile
Overview
Caesars Entertainment, Inc. (NASDAQ:CZR) is one of the largest gaming and hospitality companies in the United States, tracing its roots back to 1937. The company emerged from its current form following a complex bankruptcy reorganization in 2017 and subsequent merger with Eldorado Resorts in 2020. Today, Caesars operates a diversified portfolio of casino resorts, hotels, and digital gaming platforms across multiple states, positioning itself as a major player in the American gaming and entertainment industry.
Business
Caesars Entertainment operates in the gaming and hospitality industry, which encompasses traditional casino gaming, hotel accommodations, dining, entertainment, and increasingly, digital gaming platforms. The company's business is structured around three primary segments that collectively generated $11.2 billion in revenue in 2024. The Las Vegas segment represents the company's flagship operations on the Las Vegas Strip and downtown Las Vegas, generating approximately 36% of total revenue. This segment includes iconic properties like Caesars Palace, Paris Las Vegas, Bally's, and Harrah's Las Vegas. These integrated resorts combine casino gaming (slot machines, table games, poker rooms, and race and sports books) with luxury hotel accommodations, world-class dining venues, entertainment shows, nightclubs, and convention facilities. The Las Vegas properties benefit from the city's position as a premier global destination for leisure travel, conventions, and entertainment. The Regional segment accounts for roughly 52% of total revenue and consists of casino properties located in smaller markets across 16 states. These properties typically serve local and regional customer bases rather than destination tourists. Regional casinos generally offer gaming floors with slot machines and table games, along with more modest hotel, dining, and entertainment amenities compared to Las Vegas properties. This segment has been expanding through new property openings in markets like New Orleans, Virginia, and Nebraska. The Digital segment, while the smallest at approximately 12% of revenue, represents the fastest-growing portion of the business. This segment operates online sports betting and iGaming (online casino games) platforms in states where such activities are legal. Sports betting allows customers to wager on professional and college sports events through mobile apps and websites, while iGaming offers digital versions of traditional casino games like slots, blackjack, and poker. The digital business leverages Caesars' established brand recognition and customer database from its physical properties to attract online customers.
Revenue model
Caesars Entertainment generates revenue through multiple streams across its three business segments, with the majority coming from traditional gaming operations where customers exchange money for chips or credits to play casino games. In the Las Vegas and Regional segments, the primary revenue sources include gaming revenue from slot machines, table games, poker rooms, and sports betting, where the company retains a mathematical advantage over players. Non-gaming revenue comes from hotel room bookings, food and beverage sales, entertainment ticket sales, retail merchandise, and convention space rentals. The Las Vegas segment commands premium pricing due to its destination appeal, while regional properties rely more heavily on local customer loyalty programs and repeat visitation. The Digital segment operates on different models: sports betting generates revenue through the "hold" or margin between what customers wager and what the company pays out in winnings, while iGaming revenue comes from the house edge built into digital casino games. Both digital offerings benefit from lower operating costs compared to physical casinos, as they don't require the same level of staffing, utilities, or physical infrastructure. Several factors influence Caesars' profitability margins. Positive factors include the company's ability to maintain pricing power in Las Vegas due to limited competition and high barriers to entry, the growing legalization of sports betting and iGaming in additional states, and operational efficiencies from completing major capital investment cycles. The company's extensive customer database and loyalty program also drive repeat business and higher-value customer relationships. Negative margin pressures include increased competition in regional markets as neighboring states legalize gaming, rising labor costs in a tight employment market, inflation affecting food, beverage, and operational costs, and the need for ongoing capital investments to maintain competitive facilities. Additionally, the digital segment faces intense competition and high customer acquisition costs, though these are expected to moderate as the market matures.
Competitive moat
Caesars Entertainment's competitive moat is moderate but faces increasing challenges across its different business segments. The company's strongest defensive position lies in its Las Vegas operations, where high barriers to entry, limited available land on the Strip, and substantial capital requirements create natural protection. The Las Vegas properties benefit from decades of brand recognition, prime real estate locations, and the network effects of being part of an established gaming destination that attracts millions of visitors annually. The company's Caesars Rewards loyalty program represents another significant moat component, with over 65 million members providing valuable customer data and encouraging repeat visits across the entire property network. This database enables sophisticated customer segmentation and targeted marketing, creating switching costs for frequent players who have accumulated rewards and status benefits. However, Caesars faces meaningful competitive threats. In regional markets, the moat is considerably weaker as neighboring states continue to legalize gaming, creating new competition for local customers who previously had to travel to Caesars properties. The company has acknowledged losing market share in several "battleground" markets where new competitors have opened nearby. The digital segment operates in an intensely competitive environment with low barriers to entry and minimal switching costs for customers. While Caesars leverages its established brand and customer database, it competes against well-funded pure-play digital gaming companies, major sports betting operators, and other casino companies expanding online. The digital gaming market is characterized by high customer acquisition costs and promotional spending, limiting profitability despite rapid growth. Overall, Caesars maintains a defensible position in Las Vegas and benefits from its scale and brand recognition, but faces ongoing competitive pressures that require continuous investment and strategic adaptation to maintain market position.
Risks & safety
Caesars Entertainment presents elevated financial risk due to high leverage and modest cash generation relative to its debt burden. **Debt and Solvency:** - Total debt-to-equity ratio of 6.2x as of Q1 2025, indicating very high leverage - Total liabilities of $28.1 billion against total assets of $32.4 billion - Current ratio of 0.84x suggests potential short-term liquidity pressure - Cash and short-term investments of $884 million provide limited cushion **Cash Flow and Profitability:** - Free cash flow essentially breakeven at -$5 million in Q1 2025 - Operating cash flow of $218 million in Q1 2025 shows modest cash generation - EBITDA of $850 million provides debt service coverage but limited flexibility - Company prioritizing debt reduction with majority of free cash flow **Valuation Metrics:** - EV/EBITDA of 8.7x appears reasonable for the gaming industry - Price-to-book ratio of 1.3x suggests modest valuation relative to assets - Negative return on equity of -2.8% indicates poor shareholder returns **Other Considerations:** - Completing major capital investment cycle should improve free cash flow in 2025-2026 - Asset sale opportunities could provide debt reduction funding - Cyclical industry exposure to consumer discretionary spending creates earnings volatility
Recent development
Over the past several years, Caesars has undergone significant strategic transformation focused on completing a major capital investment cycle and rapidly expanding its digital gaming presence. The company has invested heavily in upgrading and expanding its physical properties, including opening new permanent facilities in New Orleans, Virginia, and Nebraska, while completing major renovations at flagship Las Vegas properties like the Versailles Tower at Caesars Palace. The most significant strategic pivot has been the aggressive expansion into digital gaming. Starting from minimal digital presence in 2020, Caesars has built a comprehensive online sports betting and iGaming platform across multiple states. The company has made strategic acquisitions, including ZeroFlucs sports betting technology and WynnBet operations in Michigan, while launching new branded experiences like the Horseshoe online casino brand and Caesars Palace live dealer studios. Operational improvements have focused on enhancing customer experience and operational efficiency. The company has invested heavily in room renovations, gaming floor upgrades, and technology infrastructure. In Las Vegas, Caesars has strengthened its group and convention business, which now represents a significant portion of occupied room nights and provides higher-margin revenue. The company has also pursued portfolio optimization through strategic asset sales, including the World Series of Poker brand and LINQ Promenade retail lease portfolio, generating proceeds for debt reduction. Management has indicated potential for additional asset sales and is exploring strategic alternatives for the digital segment to unlock value. Looking forward, Caesars is transitioning from a heavy capital investment phase to a focus on debt reduction and free cash flow generation. With major construction projects completed, the company expects significantly improved cash flow generation in 2025 and 2026, which will be primarily directed toward reducing the substantial debt burden accumulated during the expansion phase.
CZR company profile · for informational purposes only — not investment advice.
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