Caesars launches Horseshoe Online Casino in Michigan By Investing.com

LAS VEGAS – Caesars (NASDAQ:) Entertainment, Inc. (NASDAQ: CZR), a leader in the gaming industry, has expanded its digital footprint with the launch of the Horseshoe Online Casino. This new platform is currently available exclusively in Michigan, with a strategic plan to roll out in other jurisdictions where Caesars’ digital gaming is operational.

The Horseshoe Online Casino is designed to cater to the preferences of seasoned casino players, offering a sophisticated online gaming experience that echoes the legacy of the Horseshoe brand, which has been a hallmark in the gaming sector since 1951. The platform integrates with the Caesars Rewards program, allowing players to earn credits through their online play that can be redeemed at over 50 Caesars destinations across North America.

Matt Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital, emphasized the importance of honoring the Horseshoe brand’s player-first promise in the digital realm. The online casino’s interface is modeled after a casino floor, with multi-lobby navigation and a range of games including high limit slots, private live dealer tables, and progressive jackpots.

The platform’s launch in Michigan is made possible through a partnership with the Sault Ste. Marie Tribe of Chippewa Indians. It features a proprietary gaming platform with a custom bonus engine and a collection of exclusive, Horseshoe-branded games developed through strategic partnerships with top gaming providers.

In addition to gaming, Caesars Entertainment is recognized for its commitment to Responsible Gaming. The company enforces a strict 21+ gaming policy and provides resources to promote awareness and education on responsible gaming practices.

The Horseshoe Online Casino joins other Caesars online platforms such as Caesars Palace Online Casino, Caesars Sportsbook & Casino, and others. The platform offers promotions that tie digital play to real-world experiences at Caesars destinations, including the chance to win travel credits, culinary experiences, and VIP nightlife packages.

This expansion is part of Caesars’ multi-brand online casino strategy, bringing another dimension of its world-class gaming experience to players’ fingertips. The information is based on a press release statement from Caesars Entertainment.

In other recent news, Caesars Entertainment, Inc. has unveiled a series of strategic financial moves. The company has announced a partial redemption of $1.065 billion of its 8.125% Senior Notes due 2027, contingent upon the proceeds from the issuance of its 6.000% Senior Notes due 2032. This redemption could potentially reduce Caesars Entertainment’s interest expenses. Furthermore, the company has increased its offering of Senior Notes due 2032 from $1 billion to $1.1 billion, aiming to manage existing debt more efficiently.

In addition to these financial maneuvers, Caesars Entertainment has initiated a $500 million share repurchase program, viewed by TD Cowen as a strong signal of the company’s confidence in its future financial performance. Despite this, TD Cowen adjusted its third-quarter estimates for Caesars Entertainment due to challenges in the company’s three main segments.

Caesars Entertainment also reported steady second-quarter 2024 consolidated net revenues of $2.8 billion, with a record $1.1 billion from its Las Vegas operations. Other recent developments include the sale of the World Series of Poker brand’s intellectual property rights to NSUS Group Inc. for $500 million, while retaining the right to host the main live tournament series on the Las Vegas Strip for the next 20 years.

InvestingPro Insights

As Caesars Entertainment (NASDAQ: CZR) expands its digital footprint with the launch of Horseshoe Online Casino, investors may find value in examining the company’s financial metrics and market performance. According to InvestingPro data, Caesars has a market capitalization of $9.52 billion, reflecting its significant presence in the gaming industry.

The company’s revenue for the last twelve months as of Q2 2024 stands at $11.39 billion, with a gross profit margin of 52.5%, indicating a strong ability to generate profit from its core business operations. This robust financial performance aligns with Caesars’ strategic expansion into the online gaming space, which could potentially drive future growth.

InvestingPro Tips highlight that Caesars has shown a strong return over the last month and three months, with price total returns of 20.61% and 19.61% respectively. This recent market performance may reflect investor optimism about initiatives like the Horseshoe Online Casino launch.

However, it’s worth noting that InvestingPro Tips also indicate that Caesars’ net income is expected to drop this year, and the company was not profitable over the last twelve months. This information suggests that while Caesars is expanding its digital offerings, it may still face challenges in translating top-line growth into bottom-line profits.

For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Caesars Entertainment, providing a deeper understanding of the company’s financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.