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Monday, April 22, 2024

What Makes Caesars Entertainment (CZR) an Interesting Stock?


Investment management firm Baron Funds has published its “Baron Real Estate Fund” Q1 2023 Investor Letter.The same copy can download here. In the first quarter, the fund gained 7.07% (institutional shares), compared with a return of 2.39% for the MSCI US REIT Index (“REIT Index”) and a return of 4.73 for the MSCI US IMI Extended Real Estate Index (“REIT Index”) %. MSCI Real Estate Index”). The firm is optimistic about the outlook for the stock market, public real estate securities and funds. Plus, check out the fund’s top five holdings for its top picks for 2023.

The Baron Real Estate Fund focuses on Caesars Entertainment, Inc. (NASDAQ:Czech Republic) Q1 2023 Investor Letter. Caesars Entertainment Corporation (NASDAQ: CZR ), headquartered in Reno, Nevada, is a gaming and hospitality company. On June 27, 2023, Caesars Entertainment Corporation (NASDAQ: CZR ) stock closed at $48.27 per share. Caesars Entertainment Corporation (NASDAQ: CZR ) has a one-month return of 17.70% and its shares have gained 19.87% over the past 52 weeks. Caesars Entertainment Corporation (NASDAQ: CZR ) has a market capitalization of $10.388 billion.

Baron Real Estate Fund made the following comment to Caesars Entertainment, Inc. (NASDAQ: CZR ) in its Q1 2023 Investor Letter:

“After a 50% share price drop in 2022, we have reacquired Caesars Entertainment (NASDAQ: CZR) Q1. Caesars is the largest casino entertainment company in the United States and one of the most diversified casino entertainment providers in the world. The company primarily operates under the Caesars, Harrah’s, Horseshoe and Eldorado brands. About 50% of the company’s cash flow comes from Las Vegas and 50% from regional destination markets. The company owns about half of the real estate and leases the other half from gaming REITs — Gaming and Leisure Properties, Inc. and VICI Properties Inc.

We recently met with CEO Tom Reeg, whom we have great respect for. Tom has a long and impressive track record of synergistic acquisitions, maximizing the value of casinos and gaming companies, and deleveraging. Most recently, since the acquisition of Caesars in 2019, Tom and his management have implemented operational improvements that have increased cash flow (EBITDA) from $2.9 billion to over $4 billion on a revenue base of approximately $11 billion.

We are bullish on Caesars’ long-term prospects for the following reasons:

We are bullish on the long-term outlook for Las Vegas, which accounts for approximately 50% of Caesars’ cash flow: In the near term, we expect the Las Vegas Strip to generate strong cash flow growth in 2023, Reflecting improvements in business groups and operations. Conference events, international visits and events throughout the year should draw large crowds, including a Formula 1 event in Las Vegas in November 2023. We believe Las Vegas has structurally changed, and having a year-round business and events calendar effectively eliminates off-peak months or lulls in business activity…”(Click here to read the full article)

casino, games, games

casino, games, games

photographer Michal Dolnik exist unsplash

Caesars Entertainment Corporation (NASDAQ: CZR ) is not on our list The 30 Most Popular Stocks Among Hedge Funds. According to our database, there were 56 hedge fund portfolio holdings in Caesars Entertainment Corporation (NASDAQ:CZR ) at the end of the first quarter of 2023, compared to 61 in the previous quarter.

We Discuss Caesars Entertainment Corporation (NASDAQ: CZR ) another article And shared the list of mid-cap stocks that insiders have recently bought.Also, check out our Hedge Fund Investor Letter Q1 2023 There are more investor letters from hedge funds and other major investors on the page.

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Disclosure: None.This article was originally published on insider monkey.


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