Caesars Entertainment (CZR) Inks Partnership With Fiesta Bowl
Caesars Entertainment (CZR) announces a multi-year partnership with Fiesta Bowl Organization for the expansion of sports betting across Arizona.
Caesars Entertainment, Inc. CZR recently announced its collaboration with the Fiesta Bowl Organization for the first-ever sports betting and gaming partnership for a college football Bowl game.
Per the agreement, Caesars Entertainment will organize new fan lounges within the stadiums for the PlayStation Fiesta Bowl and Guaranteed Rate Bowl. Moreover, the company will become an associate of the PlayStation Fiesta Bowl pregame parties and will join the annual Arizona Bank & Trust Fiesta Bowl Kickoff Luncheon as a presenting partner.
With respect to the collaboration, Dan Shapiro, CEO of Caesars Digital, said, “We're thrilled to work with the Fiesta Bowl Organization on this landmark partnership to bring college football fans closer to the game and build awareness around the importance of responsible gaming practices.”
Moreover, the multi-faceted alliance will focus on organizational events around the year and also help the expansion of sports gaming education in Arizona. Sports betting is expected to officially go live in Arizona from Sep 9, subject to regulatory approvals.
Recent Partnerships and Share Performance
Fiesta Bowl Organization is the most recent addition to Caesars Entertainment’s list of growing sports relationship. Additionally, the company expanded its partnership with the Arizona Diamondbacks, Caesars Superdome and the National Football League. Furthermore, William Hill, which is part of Caesars Entertainment, has opened its first sportsbook inside U.S. sports complex at the world-famous Capital One Arena in 2020. On Aug 12, 2021, the company announced a collaboration with an American football team — Houston Texans, making it its official casino partner.
Shares of Caesars Entertainment have gained 20.2% so far this year compared with the Zacks Leisure and Recreation Services industry’s 2.5% growth. The company is benefitting from solid performance of the regional destination properties. This along with the integration of digital offerings with Caesars Rewards bodes well. Meanwhile, the company continues to focus on prospects derived from the William Hill acquisition. However, coronavirus-related woes persist. The company expects the likely negative impact of the pandemic to affect operations for some time. Earnings estimates for 2022 have moved down in the past 30 days, depicting analysts’ concern regarding the stock’s growth potential.
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Zacks Rank & Key Picks
Caesars Entertainment has a Zacks Rank #3 (Hold). Some better-ranked stocks in the Zacks Leisure and Recreation Services industry include Bluegreen Vacations Holding Corporation BVH, SeaWorld Entertainment, Inc. SEAS and RCI Hospitality Holdings, Inc. RICK. Bluegreen Vacations and SeaWorld Entertainment sport a Zacks Rank #1 (Strong Buy), while RCI Hospitality has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Bluegreen Vacations and SeaWorld Entertainment’s earnings for 2021 are expected to surge 172% and 176.4%, respectively.
RCI Hospitality’s earnings for fiscal 2021 are expected to rise 523.5%.
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