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Caesars Entertainment (CZR) Unveils Sportsbook App in New York

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Caesars Entertainment, Inc. CZR recently announced the launch of its online and mobile sports betting app, Caesars Sportsbook, in New York. The news surfaced after the New York State Gaming Commission granted approval to Caesars Entertainment for online wagering in the region.

Available for download in both iOS and Android platforms, the app offers countless pre-match and live markets, extensive odds and flexible limits, player props and same-game parlays. To support the initiative, the company will offer a range of promotional bets. This includes sign-up bonus (worth $300), matching of initial deposits (up to $3,000) as well as special odds boosts and offers (particularly for New York).

Moreover, the company integrated its digital offerings with Caesars Rewards, at both online and physical casinos. This facilitates bettors with credits and tier status that can be used to unlock unbeatable experiences within the Caesars portfolio of properties and partnerships.

With respect to the launch, Chris Holdren, co-president of Caesars Digital, stated, "We're ready to treat sports fans across the state of New York like royalty through our Caesars Sportsbook app as we welcome them into the Caesars Empire, extend our already established roots and continue to build partnerships that benefit our bettors."

More Focus on Partnerships & Expansion

Caesars Entertainment continues to focus on partnerships to drive growth. The company is committed to expanding relationships with leagues and professional sports teams. To this end, the company has formed partnerships with NFL, NBA, NHL, MLB, and several individual teams. Also, it has collaborated with ESPN and CBS Sports as an exclusive odds provider. Additionally, the company expanded its partnership with the Arizona Diamondbacks, Caesars Superdome, Fiesta Bowl Organization and Genius Sports Limited.

Meanwhile, the company emphasizes on sports-betting expansion. Caesars Entertainment formed a new Caesars Digital segment comprising of sports betting, iGaming and poker. As of Jan 8, 2022, the company operates sports betting in 21 jurisdictions, 15 of which are mobile. Going forward, the company expects to complete the migration of its legacy up to Washington, D.C., Nevada, Pennsylvania and Illinois to the Liberty platform in 2022.

Price Performance

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Zacks Investment Research

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Coming to price performance, shares of Caesars Entertainment have gained 14.5% in the past year compared with the industry’s 7% growth. The company is benefitting from solid performance of the regional destination properties. Also, improvement in occupancy levels is encouraging. It continues to focus on prospects derived from the William Hill acquisition. Focus on partnerships and property development bodes well. Going forward, the company is optimistic with respect to booking trends as it is witnessing increasing bookings for group and convention room nights. Earnings estimates for 2022 have moved up in the past 30 days, depicting analysts’ optimism regarding the stock’s growth potential

Zacks Rank & Key Picks

Caesars Entertainment currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some better-ranked stocks in the Consumer Discretionary sector include Hilton Grand Vacations Inc. HGV, Bluegreen Vacations Holding Corporation BVH and RCI Hospitality Holdings, Inc. RICK.

Hilton Grand Vacations sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 411.1%, on average. Shares of the company have increased 67.8% in the past year.

The Zacks Consensus Estimate for Hilton Grand Vacations’ 2022 sales and earnings per share (EPS) suggests growth of 27.7% and 154.4%, respectively, from the year-ago period’s levels.

Bluegreen Vacations sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 695%, on average. Shares of the company have surged 166.1% in the past year.

The Zacks Consensus Estimate for Bluegreen Vacations’ 2022 sales and EPS indicates a rise of 7.6% and 0.4%, respectively, from the year-ago period’s levels.

RCI Hospitality sports a Zacks Rank #1. The company has a trailing four-quarter earnings surprise of 67.7%, on average. Shares of the company have surged 144.7% in the past year.

The Zacks Consensus Estimate for RCI Hospitality’s 2022 sales and EPS suggests growth of 34.9% and 22.1%, respectively, from the year-ago period’s levels.


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

RCI Hospitality Holdings, Inc. (RICK) : Free Stock Analysis Report

Hilton Grand Vacations Inc. (HGV) : Free Stock Analysis Report

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

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