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Caesars Entertainment Accelerates Las Vegas’ Recovery

By Buck Wargo �C SiGMA US Correspondent

A Southern California tribe acquires Palms Casino Resort for $650 million, becoming the first Native American to own a Las Vegas 바카라.

The announcement of Mission Indians’ acquisition by San Manuel Band comes on the day of the Q1 earnings call by Palms owner Red Rock Resorts and its subsidiary Station Casinos.

While Red Rock executives touted Las Vegas’ recovery, Caesars Entertainment executives echoed the possibility of sports betting from the takeover of British betting giant William Hill during their earnings call on the earnings call.

The acquisition of the 700-room Palms, just west of the Strip, was expected as the facility has been closed since March 2020 due to the COVID-19 pandemic.

The tribe already operates the San Manuel Casino in San Bernardino County, east of Los Angeles.

Caesars:

Meanwhile, Caesars COO Anthony Carano said the company’s onshore properties achieved 84% occupancy in April and will be sold out “for the foreseeable future” over the Las Vegas weekend. Even group bookings in late 2021 were 20% higher than in 2019, and he was equally optimistic about regional real estate across the United States.

“For the remaining three quarters of the year, we are very optimistic that we will see a resurgence of group and convention operations in Las Vegas, which will lead to increased market demand,” Carano said.

Caesars CEO Tom Reeg praised the company’s acquisition of partner William Hill for $3.7 billion. The company plans to dispose of William Hill’s assets outside the United States.

“We are now in control of our own destiny in what I continue to believe is a very exciting opportunity for the company,” Reeg said.

According to Reeg, William Hill and Caesars combined for first-quarter sales of $150 million. According to Reeg, the British company was not as active in the sports betting industry as Caesars.

Reeg said it will rebrand its app and sportsbook as Caesars Sports by the American football season in September and integrate its operations into the Caesars Reward database.

“At the moment, there is a huge correlation between spending and market share,” Reeg said.

“If you look at what our colleagues at MGM are doing in Michigan in the first quarter, they’ve gone from being in William Hill to being a leader in the market where they have a large database.

It gives us a lot of confidence as we move forward. We understand that we need to invest in this business in terms of technology and customer acquisition, and we should expect a big shift from us as we close deals and move forward.”

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