operating rights for $1.075 billion<\/a>, or 17x 2019 EBITDA, sparking optimism about the price point at which Caesars can offload a Strip assets.<\/p>\n<\/div>\nBain says this year’s Strip deals ranging from the Venetian to Aria\/Vdara to Cosmopolitan, and now the Mirage, confirm an \u201caccelerating trend,\u201d and could indicate B. Riley’s assumed $3 billion in proceeds to Caesars via a Las Vegas asset sale could prove conservative. The figure could go as high as $3.75 billion, based on 15x $250 million in annual EBITDA at an unidentified Strip venue.<\/p>\n
Don’t Forget Sports Betting<\/h2>\n
Analysts have long pointed to iGaming and sports wagering as longer-ranging catalysts for Caesars stock, and while the company’s efforts on those fronts are still in the early innings, Bain says state-level data indicate those plans are starting to bear fruit.<\/p>\n
He points to recent data out of Indiana and Iowa as evidence Caesars’ new sportsbook app is winning market share. He adds Arizona, Colorado, Michigan, New Jersey, and Virginia are some of the states where the operator could be among the tops in terms of market share.<\/p>\n
\u201cOverall, we believe CZR online sports revenue share should reach 11 percent-plus from ~six percent over the next six months. We believe CZR\u2019s iGaming market share ramp will begin next month, as content to put it at par with peers continue to gain approvals,\u201d adds the analyst.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Gaming equities are slumping, and Caesars Entertainment (NASDAQ:CZR) isn’t proving immune to that trend. Shares of the Harrah’s operator are off 18.72 percent over the past month and are nearly 30 percent below the 52-week high, but some analysts aren’t throwing in the towel on the casino giant. In a note to clients today, B. […]<\/p>\n","protected":false},"author":46,"featured_media":195498,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
Caesars Stock Undervalued After Recent Slump, Says Analyst<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n