The largest casino-entertainment company in the United States and operator with one of the most diversified casino-entertainment providers in the world, Caesars Entertainment, announced the completion of the acquisition of WynnBET’s iGaming business in Michigan. The move represents a major expansion of the company in an important online gambling market.

Besides acquiring WynnBET’s iGaming operations, Caesars also closed a long-term extension of an iGaming market access deal with the Sault Ste. Marie Tribe of Chippewa Indians.

Upon announcing the completion of the acquisition, the company said that existing WynnBET brand users won’t experience any interruptions. Assuming the ownership of the WynnBET iGaming business in the state, Caesars said that it plans to keep the existing platform’s name, at least for the moment.

Eric Hession, Caesars Digital’s President, acknowledged the importance of the latest announcement. He thanked the gambling regulator in the state, the Michigan Gaming Control Board, as well as the Sault Ste. Marie Tribe of Chippewa Indians, for their efforts that ultimately resulted in the closing of this landmark acquisition.

“Caesars Entertainment would like to thank the Sault Ste. Marie Tribe of Chippewa Indians and the Michigan Gaming Control Board for their collaboration through this process.“

Eric Hession, president of Caesars Digital

Transitioning from WynnBET to a New Brand Expected Later This Year

Although initially, Caesars will retain the existing platform by using the WynnBET brand in Michigan, the company hinted at the possibility of introducing a new online casino brand. Once this is completed, the company said it will proceed with the transitioning of the existing WynnBET customers to the new iGaming brand.

Still, Caesars confirmed that such a move remains subject to the relevant regulatory approvals. The company disclosed that it expects to complete the aforementioned processes at some point during the second half of this year.

Still, a solid date or an exact name for the new iGaming brand in Michigan was not disclosed.

Recently, Caesars’ shareholders rejected a proposal to study the benefits of going smoke-free. The announcement came despite the growing opposition from anti-smoke organizations who have repeatedly raised concerns about the negative impact of smoking on casino patrons and employees.

The post Caesars Finalizes Acquisition of Wynn’s Michigan iGaming Business appeared first on Keno Wizard.

Caesars Entertainment’s shareholders are apparently not on board with a recent proposal to study the effects of smoke-free casinos. While activists continue to fervently promote the idea of smoke-free casinos, citing health-related concerns, gambling companies and their investors remain obstinate in maintaining the status quo.

The proposal was filed by public health and labor advocates from the Americans for Nonsmokers’ Rights Foundation and healthcare provider Trinity Health. The aforementioned organizations suggested that implementing a non-smoking policy across Caesars’ 52 properties in the United States could help the company save up money.

However, approximately 80% of Caesars’ shareholders voted against the proposal, following Caesars’ claim that change isn’t needed. For context, the casino operator described its smoking policy as a “complex business decision” and added that it currently complies with local regulations.

Caesars further explained that it doesn’t believe compiling a report on the effects of smoke-free casinos wouldn’t be an “effective use of company resources.”

Smoke-Free Activists Are Encouraged to Continue the Fight

While the proposal was rejected, its proponents said that they were encouraged by the support it received and plan to bring it back in 2025. For context, almost 19% of Caesars’ shareholders voted in favor of the support, sparking hope about the future of smoke-free casinos.

Paula Larson-Schusster, president of United Auto Workers Local 3555 and dealer at Caesars’ Flamingo casino hotel in Vegas, said that the support represents a “forward move.” She added that companies will not be convinced to go smoke-free easily but added that the proposal was but the first step in raising awareness on the matter.

Larson-Schusster was firm that a smoke-free policy would not hurt casino companies’ product but would actually make it more valuable.

Indoor smoking continues to be one of the hot topics of the American casino industry. Many states exempt casinos from the indoor smoking ban, allowing them to dedicate a portion of their gaming area as a smoking zone.

However, proponents of banning smoking at casinos argue that this exposes casino workers to high levels of unhealthy smoke and can potentially lead to health complications.

While casino companies fear that going smoke-free could deal a blow to their profits, supporters of this change point out that there are already casinos that prohibit smoking without seeing a decline in profits.

The multi-front war on smoking also continues in states such as Pennsylvania where CEASE and UAW recently asked lawmakers to end the loophole that allows casinos to offer indoor smoking.

The post Caesars Shareholders Reject Proposal to Study the Benefits of Going Smoke-Free appeared first on Keno Wizard.

The leading gaming, hospitality and entertainment company, Ceasars Entertainment, started the work on its permanent casino in Danville, Virginia, a few years ago, in 2022. Ahead of the opening of the resort, planned for this December, the cost of the project has significantly increased.

While initially, Ceasars anticipated an investment of approximately $400 million, the construction of the permanent casino has nearly doubled, as suggested by a new report. On Monday, WDBJ confirmed that the cost for Caesars’ Danville casino project has increased to approximately $750 million.

The new sum represents a significant increase of nearly double what was estimated as the initial investment. In light of the increase in capital investment, the company is reportedly collaborating with the city about changes to its development agreement.

The Company Considers Changes to Its Agreement with the City

As a part of the changes, Caesars is anticipating selling between 10 and 20 acres of land to Danville. Provided that this sale is greenlighted by city officials and the land returns to Danville ownership, it is likely going to be used for the development of a new park.

Further changes to the development agreement involve reducing the minimum number of employees for the Danville permanent casino project. While initially, the minimum number of employees was 1,300, Caesars may consider decreasing this number to 900.

Ken Larking, Danville City Manager, who was recently quoted by WDBJ, revealed that over the last couple of years, much has changed. “A lot has changed in the past few years regarding the nature of construction, the nature of the workforce, and some things that come up that we needed to see happen as well,” he explained. Additionally, Larking pointed out: “So, we worked together for the past several months to come up with an agreement we can both be satisfied with.”

Recently, Caesars released its first quarter results, highlighting a decline despite an increase in iGaming win. The company’s quarterly report revealed that its net revenue for the three months ended March 31, 2024, halted at $2.7 billion. A year-over-year comparison showed a slight decrease when compared to the $2.8 billion result in 2023.

The adjustments to the development agreement between Caesars and Danville were recommended for approval by city staff. Still, the final decision is in the hands of the City Council. A vote on the proposed changes is scheduled to take place at the City Council’s meeting on Tuesday.

The post Costs for Caesars’ Danville Casino Increase Exponentially appeared first on Keno Wizard.

Kim Harris Jones is joining the company’s Board of Directors effective from April 29, but still subject to customary regulatory requirements, and she is touted for her in-depth understanding of leadership and steering businesses towards long-term goals.

Influential Leader Joins as 10^th Caesars Board Member

She brings a deep understanding of finance as well as a robust reputation which will help the company strengthen its leadership team and address challenges while also exploring new opportunities. Caesars Entertainment Executive Chairman of the Board Gary Carano has welcomed her appointment praising her outstanding track record.

Harris Jones has worked with various companies across numerous industries, ensuring that they emerge stronger and more capable after she has been part of their leadership team.

She is also on the list of the “100 Most Influential Black Corporate Directors,” a ranking by BoardProspects Magazine as well as “25 Women to Watch” by CFO Magazine. She also made the list of “The 2021 Most Influential Black Corporate Directors” by Savoy and ended on a similar rank list by Black Enterprise Magazine called “75 Most Powerful Women in Business.”

Harris Jones’ career path has taken her to various roles. She worked for Chrysler for 17 years and was appointed to various leadership positions, including SVP and Corporate Controller. She also served at General Motors for six years. Her most recent stints include Mondelez International where she worked as SVP and Corporate Controller in 2015 and she was also part of Kraft Foods as SVP and Corporate Controller as well.

Strategic Oversight and Overall Direction

“With her extensive experience in finance and a reputation as a thoughtful and engaged leader inside some of the largest consumer-packaged goods and automotive companies, Kim’s addition will give us another lens through which to see stronger, more dynamic future possibilities for Caesars Entertainment,” Carano explained.

Harris Jones is also a graduate of the University of Michigan and she currently serves on several other boards, including True Blue, Fossil Group, and United Rentals, as well as the Ethiopian North American Health Professionals Association’s board.

By joining Caesars Entertainment’s board, Harris Jones is effectively becoming the tenth person on the board. She will look to provide the company with strategic direction as well as bring stronger oversight over its current operations.

The post Caesars Turns to Seasoned Veteran as New Member of Board of Directors appeared first on Keno Wizard.

The leading casino entertainment company with a strong presence within the online gambling sector, Caesars Entertainment, announced that one lucky player from New Jersey secured a whopping $400,000 jackpot while playing at Caesars Palace Online Casino. The player, identified as Craig W., of Newfoundland, New Jersey, was enjoying the Da Vinci Deluxe Ways on his smartphone. The lucky player was pleasantly surprised after hitting the game’s jackpot, a whopping $436,898.

The six-figure win represents the largest prize won on Caesars Palace Online Casino to date. The iGaming platform was launched by Caesars back in 2023. In addition to Caesars Palace Online Casino, Caesars’ online casino portfolio includes Caesars Sportsbook & Casino, Harrah’s Online Casino, Tropicana Online Casino as well as WSOP.COM.

To celebrate the winner of the largest jackpot on Ceasars Palace Online Casino so far, the leading gaming and hospitality company hosted a special check presentation ceremony for Craig and his friends. The celebratory event included a complimentary stay at Tropicana Atlantic City, including a dinner at il Verdi.

Caesars confirmed that the lucky player treated himself to a new car, bought in cash. Moreover, Craig used the money from the jackpot to settle a small debt. More importantly, the lucky player also shared the winnings with his family and friends.

Caesars Is Excited to Celebrate with the Big Winner

Matthew Sunderland, Caesars Digital’s SVP and chief iGaming officer, shared his excitement about the latest announcement. He said that the company is proud to offer its guests and iGaming customers exceptional experiences. “Congratulations are in order for Craig and his exciting jackpot win that represents the biggest win we’ve seen so far on our new platform, Caesars Palace Online Casino,” added Sunderland. Finally, the executive explained that Caesars is excited about the opportunity to host a party for the lucky winner and his friends, celebrating the historic jackpot win.

Craig recalled the moment when he won the mouth-watering prize. He said that his initial reaction was: “This can’t be real life! You see and hear about people winning a jackpot, but I never thought it would happen to me.”

Recently, Caesars confirmed it extended its long-term deal with the National Hockey League (NHL). Announced earlier this month, the collaboration enabled the operator to continue serving as the NHL’s official sports betting and gaming partner.

The post New Jersey Customer Hits $440K Jackpot via Caesars Palace Online Casino appeared first on Keno Wizard.

Caesars Entertainment is ready to elevate its culinary offerings by introducing Tortazo, the acclaimed restaurant by Michelin-starred chef Rick Bayless, at two premier destinations within its portfolio. Harrah’s Joliet and Caesars Palace Las Vegas will soon feature the vibrant flavors and culinary excellence of Tortazo, helping them stand out amidst the harsh competition.

Tortazo Encapsulates the Essence of Mexican Cuisine

Inspired by the gracious hospitality and lively culture of Mexico City, Tortazo is a fast-casual Mexican restaurant that encapsulates the essence of Mexican cuisine, with a particular focus on the renowned Mexican sandwich – the Torta. Acclaimed for his culinary prowess, cookbook authorship, and restaurant management, Chef Rick Bayless will bring his culinary magic to both locations.

Tortazo’s menu celebrates bold and flavorful Mexican cuisine, showcasing diverse culinary delights, including mouthwatering tacos, quesadillas, and irresistibly sweet house-made churros. Drawing inspiration from Mexico’s rich culinary heritage, each dish at Tortazo is a testament to Chef Rick Bayless’ commitment to authenticity and culinary innovation.

The Tortazo location at Harrah’s Joliet should open its doors in the spring, offering a culinary haven for guests seeking an authentic Mexican dining experience. Following this, the Las Vegas location at Caesars Palace will welcome patrons in late summer, adding to the iconic entertainment hub’s rich tapestry of culinary offerings.

This Addition Will Elevate the Customer Experience

The collaboration between Caesars Entertainment and Chef Rick Bayless signifies a strategic move to enhance the culinary offerings across the Caesars brand. Anthony Carano, President and COO of Caesars Entertainment, expressed his enthusiasm for the partnership, praising Tortazo as the perfect addition to the operator’s roster of culinary superstars.

This newest partnership should also significantly benefit Tortazo, improving the restaurant’s reach and exposure. Associating with a high-profile operator like Caesars should guarantee the restaurants will never be short on visitors hungry to experience the two venues’ complete offerings. Chef Bayless was thrilled regarding this partnership, highlighting Tortazo and Caesars’ shared values.

“The Caesars brand is synonymous with great hospitality, something that inspired the creation of Tortazo, so it feels like the perfect fit.”

Chef Rick Bayless

As Caesars Entertainment retains its priority on delivering exceptional experiences to its guests, collaborating with Tortazo further solidifies its commitment to offering a diverse and unparalleled range of dining options. More details about both Tortazo locations will be unveiled in the coming months, promising an exciting culinary journey for visitors to Harrah’s Joliet and Caesars Palace Las Vegas.

The post Caesars Entertainment Welcomes Celebrity Chef to Two of Its Venues appeared first on Keno Wizard.

Evolution, the industry-leading iGaming content supplier of premium live dealer games, has inked a strategic deal with Caesars Entertainment to broaden its presence across North America.

This partnership aims to introduce Evolution’s top-notch live casino offerings to players in various US states.

New Jersey Studio Expansion

As part of the agreement, Evolution and Caesars will collaborate to establish live casino studios in multiple US states, with a particular focus on New Jersey. The Tropicana Casino, owned by Caesars Entertainment, will host Evolution’s third live casino studio in Atlantic City. This expansion initiative shows the developer’s desire to deliver an even better gaming experience for players in the region.

Additionally, the brands will team up to launch new studio spaces within Evolution’s existing studios in Pennsylvania and Michigan. These strategic collaborations will enable Caesars players to access the supplier’s diverse portfolio of live casino games, including popular titles from brands like NetEnt and Red Tiger.

Through this partnership, Caesars players can look forward to an enhanced gaming experience, with access to its new partner’s immersive live dealer games featuring cutting-edge technology and captivating gameplay. Evolution’s state-of-the-art studios will provide players with an authentic casino experience from the comfort of their own homes.

Expanding the Reach of Live Casino Gaming

The collaboration between Evolution and Caesars marks a significant milestone in the expansion of live casino gaming in North America. Furthermore, the partnership aims to bring innovative and engaging live casino entertainment to players across the United States.

In the announcement, Evolution chief executive for North America Jacob Claesson, said: “Caesars’ expansion in the market is remarkable and noteworthy. We’re impressed by Caesars’ dedication and look forward to collaborating with them as they continue to expand their branded studio presence.”

Matthew Sunderland, Caesars Digital’s senior vice-president, and chief iGaming officer added: “Elevated live dealer experiences are an area of opportunity and something online casino players are continuing to show an affinity for. With this in mind, partnering on a deeper level with Evolution, the market leader in live casino offerings, made a lot of sense.”

Source: ”Evolution announces multiple new live studios with Caesars in US”. iGaming Business. February 20, 2024.

The post Evolution Adds Caesars On Its List Of Partner In The US appeared first on Keno Wizard.

B2B online casino services provider Evolution has unveiled a new strategic agreement with Caesars Entertainment’s online arm, Caesars Digital. Under the deal, the companies will reinforce and expand their existing partnership in North America.

The former company referred to the deal as a “groundbreaking partnership,” saying that Evolution and Caesars will work together to establish dedicated studios across multiple US states. This would include a studio inside Caesars’ Tropicana Casino in New Jersey, the provider pointed out.

The studio at Caesars’ world-renowned resort will mark Evolution’s third live casino studio in Atlantic City, enhancing the company’s ability to meet the demand of New Jersey’s rapidly growing market.

In addition to the studio arrangement, Evolution and Caesars agreed to collaborate on launching additional branded studio space within Evolution’s existing studios in Michigan and Pennsylvania.

The partnership reflects Caesars’ ambition to grow its online footprint, as further demonstrated by its recent decision to acquire WynnBET’s iGaming operations in Michigan.

The Deal Made a Lot of Sense

Caesars Digital’s senior vice president and chief iGaming officer, Matthew Sunderland, addressed the tie-up with Evolution, saying that his company wants to elevate live dealer experiences and provide fans with best-in-class products.

Sunderland added that the partnership with Caesars Digital “made a lot of sense” and that he believes the players are going to love what the two companies have in store.

We trust that our players will be excited by these best-in-class live casino experiences and can’t wait to see how our new dedicated live dealer studio spaces come together at Tropicana Atlantic City and in other jurisdictions where iGaming is live.

Matthew Sunderland, SVP & chief iGaming officer, Caesars Digital

Jacob Claesson, Evolution’s chief executive for North America, also shared his thoughts, praising Caesars’ “remarkable and noteworthy” market growth. He pointed out that the decision to launch a third live studio in Atlantic City was a no-brainer.

We’re impressed by Caesars’ dedication and look forward to collaborating with them as they continue to expand their branded studio presence.

Jacob Claesson, CEO NA, Evolution

In addition to the aforementioned terms, the agreement will allow online players on Tropicana Online Casino, Caesars Sportsbook & Casino, and Caesars Palace Online Casino to continue enjoying access to Evolution’s live casino hits and top-performing content from its proprietary studios.

The post Evolution Strengthens NA Partnership with Caesars Digital appeared first on Keno Wizard.

The leading hospitality and gaming company, Caesars Entertainment, announced a major financial move Wednesday. The company confirmed in a statement that it plans to sell some $1.5 billion in bonds. The bonds would be available for qualified institutional buyers in a private placement in line with Rule 144A of the Securities Act of 1933. The aforementioned amount of bonds, described by the company as senior secured notes, are due in 2032. According to Caesars, the notes will be guaranteed by its domestic subsidiaries, subject to the relevant regulatory approvals.

“Caesars Entertainment, Inc. today announced that the Company, intends to offer, subject to market and other conditions, $1,500.0 million aggregate principal amount of senior secured notes due 2032 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and to persons outside the United States under Regulation S of the Securities Act,“

reads a statement released by Caesars Entertainment

Besides offering $1.5 billion in bonds, the company confirmed plans to secure a new $2 billion senior secured term loan facility described as the “New Term B-1 Loan.” This would be achieved through an amendment to the existing CEI Credit Agreement. Still, Caesars explained that the closing of “the New Term B-1 Loan under the CEI Credit Agreement is not a condition to the closing of the sale of the Notes.”

The gaming and entertainment company revealed that the proceeds from the term loan and notes would be used to address current debt obligations, and this includes the company’s 6.250% Senior Secured Notes due 2025. Additionally, the loan and note proceeds would also satisfy expenses and fees related to the aforementioned transactions.

Preliminary Q4 2023 Results Deviate from Projections

The announced strategic financial move follows the release of Caesars’ preliminary Q4 results. Earlier this month, the company uncovered details regarding its expected performance for the fourth quarter of 2023, highlighting that the EBITDA and sales projections of analysts may deviate from the actual results.

Caesars estimated that its revenue for Q4 2023 is expected to be between $2.815 billion and $2.835 billion, just shy of the Wall Street prediction of $2.89 billion. EBITDA for the period is expected to be in the range of $920 million and $940 million, under the projections of analysts for $957 million.

The post Caesars Offers $1.5bn in Bonds, Plans New $2bn Term Loan appeared first on Keno Wizard.

Three formidable contenders are locked in a fierce competition to secure the coveted license for Canada’s Caesars Windsor. The iconic casino, a cornerstone of Windsor’s economy and tourism for the past three decades, is facing an unprecedented challenge as the Ontario Lottery and Gaming Corp (OLG) reviews proposals from industry giants.

Caesars Windsor’s License Sparks Fierce Competition

For the first time since its grand opening 30 years ago, the license to operate the slot machines and blackjack tables of Caesars Windsor is up for grabs, reported The Globe and Mail. 

The OLG, responsible for overseeing the selection process, is tight-lipped about the proceedings, but insiders reveal a three-horse race among Caesars Entertainment Inc., the current operator, Bally’s Corp., an upstart built from Caesars’ former assets, and Mohegan Gaming and Entertainment, an Indigenous-owned enterprise with a successful track record in Niagara Falls.

Despite the OLG’s confidentiality measures, speculation is rife in Windsor about who will emerge victorious. The decision, expected in the fall, will determine the casino’s operator for the next two decades, commencing in 2025.

Local leaders, including Windsor Mayor Drew Dilkens, union representatives, and tourism officials, rally behind the incumbent, Caesars Entertainment Inc. With unanimous support, they cite the casino’s pivotal role in providing over 2,000 jobs and anchoring the local tourism industry. 

The OLG’s decision holds significant weight, as it not only impacts the casino’s future but also shapes the broader economic landscape of Windsor.

Caesars Windsor Transforms City Identity, Shifting from Auto Hub to Tourist Hotspot

Caesars’ legacy in Windsor extends beyond its economic contributions. The casino, strategically located in the heart of downtown, played a crucial role in transforming the city’s identity from an automobile hub to a thriving tourist destination. 

Over the years, it weathered challenges such as smoking bans, cross-border travel restrictions, and the recent global pandemic, emerging as a resilient force in the ever-evolving gambling industry.

The influence of Caesars on the local economy is profound, with 4.4 million visitors injecting $669 million into the region in 2022. The OLG’s decision will not only impact the casino’s future but also reshape the competitive dynamics of the regional gambling industry.

In April 2023, the OLG initiated the search for a new operator for Caesars Windsor Casino, as the current contract with Caesars Entertainment is set to end in 2025. 

The OLG’s Request for Pre-Qualification (RFPQ) invited experienced and reputable companies to submit initial bids, ensuring the selection of a highly qualified service provider to maintain the casino’s competitiveness and contribute to the local economy. The chosen operator will oversee day-to-day operations, but the OLG will retain overall control.

The post Three Industry Giants Battle for Control of Caesars Windsor’s Lucrative License appeared first on Keno Wizard.