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Kent State University Kent State University Kerrisdale Capital Investment Case Study Caesars Entertainment Corporation Evan Gallagher | Daniel Shuster | Shervon Preston Caesars Entertainment Corporation Equity Research Report Kent State University This report is published for educational purposes only by students competing in the Kerrisdale Highlights Capital Investment Case Study for the Econo- mist Competitive Landscape: Caesars lags behind its competitors in terms of profit margin, and lacks a physical presence in Macau, Chi- na, the largest gambling hub in the world. Ticker: CZR Bankruptcy Proceedings: Caesars’ primary revenue generating Current Price: $10.95 unit, Caesars Entertainment Operating Company is in the midst of a bankruptcy filing. The proposed restructuring plan calls for a de- Recommendation: SELL crease in the operating unit’s debt, however there is significant con- troversy surrounding the shifting of assets between Caesars’ various entities. Market Data Negative Cash Flow: Caesars currently operates with negative free cash flow and will continue to do so well into 2020. 52– week High ($) 26.74 52– week Low ($) 8.51 Previous Close ($) 10.93 CZR Daily Adjusted Stock Price Market Cap (Millions $) 1,570 $30 EPS (ttm) ($) -25.00 $25 Company Overview $20 Caesars Entertainment Corporation $15 owns, operates, and maintains casi- $10 no and resort properties across four- teen states and five countries. The $5 company is headquartered in Las $0 Vegas, Nevada. 1 Industry Overview Industry Overview Caesars Entertainment Corporation operates in the casinos and resorts industry. The industry is competitive, heavily regulated, and very sensitive to economic conditions. Commercial casino gaming takes a variety of forms, the most rec- ognizable of which consists of what are called Las Vegas-style casinos. Other commercial gaming venues include ex- cursion (mobile) and dockside (permanently moored) riverboats, card rooms, and racetrack casinos, commonly called racinos. Economic Slowdown The Casino industry is heavily depended on the level of disposable income available to the general consumer. The eco- nomic recession brought a fall in consumer discretionary spending which in turn caused the casino industry to suffer, and despite the general market recovery, the casino industry has yet to fully recover. The Las Vegas Strip was hit hard by the economic recession, and it continues to suffer. An increasing number of states have legalized gambling, which in turn has led to a decrease in traffic to Nevada, and this lower profits for some of the largest casinos. There are currently twenty-one states and two U.S. territories that allow commercial casinos in some form. Macau Macau, China is the world’s largest gambling hub, which recently saw its first full year decline in revenue since the early 2000’s. China’s high profile corruption crackdown is to blame, specifically that of Xi Jinping, the President of China, who’s crusade against mobsters has deterred ultra-high net worth and VIP gamblers away from the gaming ta- bles. These gamers account for two-thirds of Macau’s casino receipts, and their absence has sent revenues down by 2.6%. The fate of the gaming industry in Macau is largely dependent on how far the Chinese government will take the war on corruption. While Macau is suffering, Japan is taking steps to legalize casinos. With projections of an increase in high net worth individuals, Japan may soon be a key destination. 2 Industry Overview (cont) Regulatory Environment The casino and resort industry is subject to a variety of federal, state, foreign, and local regulations. Most states, includ- ing Nevada, require casinos to adhere to a set of state procedures typically known as the “Minimum Internal Control Standards (MICS).” The MICS focus on several aspects of casino operations including conduct of games, movement of cash, and the accounting and record keeping of transactions. Due to the high volume and high denomination of such transactions, casinos must meet many of the same requirements as banks including anti-money laundering regulations. The Bank Secrecy Act, which pertains to anti-money laundering requirements, amongst others, requires banks to docu- ment every transaction above $10,000 USD. Competitive Situation – Domestic & International The casino and resort industry is highly competitive, with competitors varying in size, quality of facilities, brand, amen- ities, and a number of other factors. In some locations, such as Las Vegas, Caesars competes directly with other casinos and resorts in the immediate area. In other locations, there is competition from the immediate area as well as surround- ing markets. Caesars currently operates casinos and resorts across the country, with a large concentration in Las Vegas and Atlantic City. Caesars also operates casinos in the United Kingdom, Egypt, South Africa, Canada, and Uruguay. One region that Caesars lacks a presence is Macau, China. As stated earlier, Macau is the world’s largest gambling hub, and the lack of a physical presence puts Caesars at a severe competitive disadvantage. Caesars did purchase land in Macau in 2007 for $525 million, however the company was unable to receive permission to begin construction of a new property. In No- vember 2013 it sold property to Pearl Dynasty for $438 million. Despite the relative slow down in Macau, we believe that the lack of a presence in the region will have a serious impact on Caesars’ revenue growth. Macau is the premier gambling destination for ultra-high net worth individuals who pro- vide large streams of revenue and high profit margins. As the economy continues to improve, casinos in Macau will see improved business from the ultra-high net worth consumer, business that Caesars will not have access to. Las Vegas Sands Corp and Wynn Resorts International continue to be major players in the casino and resort industry. Both companies have also expanded into Macau and have taken advantage of the growing and high margin gambling market in the region. The additional revenue has allowed Sands and Wynn to build new properties as the legalization of gambling improves both domestically and abroad. Many casino operators, including Caesars, are reinvesting in existing markets, adding amenities to attract new custom- ers, and intensifying competition in regional markets. Operators are also looking to expand to other markets to even out revenues. Caesars has experienced negative results in regards to expansion. Attempts at expansion in Maryland, New York, California, and Pennsylvania have had negative impacts on operations in New Jersey. Expansion is critical for Caesars’ revenue growth and its inability to do so without cannibalizing its existing operations is cause for concern. 3 Company Background Caesars Entertainment Corporation (NASDAQ: CZR) is a diversified casino-entertainment company. The company is operated through its wholly owned subsidiary, Caesars Entertainment Operating Company, Inc. Caesars operates fifty casinos in fourteen U.S. states and five countries. Figure 1, below, outlines Caesars’ domestic operations. Caesars also owns an online gaming venue, bingo, poker games, and has alliances with gaming operators in Italy and France. The company’s resorts operate primarily under the Harrah’s, Caesars and Horseshoe brand names. Caesars Entertain- ment Corporation is comprised of the subsidiary Caesars Entertainment Operating Company, Caesars Entertainment Resort Properties, and Caesars Growth Properties. In 2005, Harrah’s Entertainment Corp, founded by William Fisk Harrah in 1937, completed its takeover of Caesars En- tertainment Inc. and chose to operate under the Harrah’s brand. Shortly thereafter in 2010, Harrah’s changed its name to Caesars Entertainment Company which is the current publicly traded entity. 2008 was a volatile period for Caesars, which at the time still maintained the Harrah’s moniker. It began with Harrah’s delisting from the New York Stock Exchange and culminated with a leveraged buyout (LBO) by private equity firms Apollo Global Management, LLC and TPG Capital, LP. Harrah’s assumed around $20 billion in debt when acquired. Caesars Corp currently has a joint venture with Apollo Global Management, with TPG Capital and the Blackstone Group owning a large portion of stock. Although Caesars may have seen this move as beneficial to the company, it would be the start of a rather grim journey. Arizona Mississippi New Jersey Harrah's Phoenix Ak-Chin Tunica Roadhouse Bally's Atlantic City Horseshoe Tunica Caesars Atlantic City California Harrah's Gulf Coast Harrah's Resort Atlantic City Harrah’s Resort Southern California Missouri North Carolina Illinois Harrah's North Kansas City Harrah's Cherokee Harrah's Joliet Harrah's Metropolis Nevada Ohio Harrah's Laughlin Horseshoe Cincinnati Indiana Nobu Hotel at Caesars Palace Horseshoe Cleveland Horseshoe Hammond Bally's Las Vegas ThistleDown Racino Horseshoe Southern Indiana Caesars Palace Las Vegas Harrah's Las Vegas Pennsylvania Iowa The Cromwell Las Vegas Harrah's Philadelphia Horseshoe Council Bluffs The LINQ Las Vegas Harrah's Council Bluffs Harrah's Lake Tahoe Ontario-Canada Harrah's Reno Caesars Windsor Louisiana Harveys Lake Tahoe Harrah's Louisiana Downs Paris Las Vegas Horseshoe Bossier City Planet Hollywood Resort & Casino Harrah's New Orleans Rio All-Suite Hotel & Casino Flamingo Las Vegas Figure 1: Caesars’ domestic operations Maryland Source: Caesars Total Rewards Horseshoe Baltimore 4 Pre-Bankruptcy Financial Structure and Performance It is hard to fathom
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