This well-known old-school gaming company has massive sportsbooks to attract NFL and college gambling aficionados. Caesars Entertainment Corp. (NASDAQ: CZR) provides casino-entertainment and hospitality services, primarily under the Harrah’s, Caesars, Horseshoe and Eldorado brand names.
Its facilities include gaming offerings, food and beverage outlets, hotel and convention space, and non-gaming entertainment options. Caesars Entertainment is one of the largest gaming companies in the world and currently owns or operates 50 casino properties in 13 states and in four other countries.
Also the largest casino company in the United States, Caesars Entertainment, recently bought a minority stake in fantasy sports platform, SuperDraft. Caesars has the option to increase its stake to 100% over time at predetermined levels. SuperDraft will join the Caesars online brands, which include World Series of Poker, Caesars Online Casino and William Hill, and it will become part of Caesars’ single wallet solution that allows members more options to play games both live and online.
Stifel recently boosted its price target to $130 from $125, and the consensus target is $126.91. Caesars Entertainment stock ended Wednesday’s trading at $101.89.
This is a sector leader, and fantasy football is a huge winner for the company, in addition to gambling.
DraftKings Inc. (NASDAQ: DKNG) operates as a digital sports entertainment and gaming company. It provides users with daily sports, sports betting and iGaming opportunities. It also is involved in the design and development of sports betting and casino gaming platform software for online and retail sportsbook and casino gaming products.
The company entered the market in April 2020 at a time when most companies were putting off their initial public offerings. The offering was not an IPO in the truest sense because DraftKings came public through a merger with a special purpose acquisition company called Diamond Eagle, but similar rules applied, a practice that has grown exponentially since then.
The company announced last month that it is buying the online gambling subsidiary of Golden Nugget in a stock deal valued at $1.56 billion. The acquisition of Golden Nugget Online Gaming gives Boston-based DraftKings a well-known brand in the casino and gambling world and adds more than 5 million customers to the DraftKings iGaming accounts.
Needham started coverage last month and has a $73 price target. That compares with the $70.80 consensus target on DraftKings stock and Wednesday’s closing print of $60.21.
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