As the coronavirus pandemic forced most people to stay indoors most of this year, all forms of entertainment took a hit. Travelling for pleasure and entertainment slumped, as did the casino industry. Companies managing resorts and casinos saw a drastic decline in revenue due to severely reduced foot traffic.
With the business badly impacted this year by the pandemic, many casino and resort owners ventured into online gambling to tide them over…
And while those offering online gaming and gambling experiences have survived, many traditional operators with resorts, hotels and racetracks had little to fall back on during the shutdown.
However, with the emergence of the COVID-19 vaccine, things have started to look brighter for the casino gaming companies. They are optimistic about the return of their patrons and have begun to reopen some of their properties in time for the holiday season.
Meanwhile, online gambling has witnessed a surge as most people continue to remain homebound. Certain traditional casino operators are also planning to venture into online operations. According to Global Market Insights, online gaming is likely to grow at 16.5% CAGR between 2020 and 2026. Disruptive technologies like AI, Machine Learning, VR, and Cyborg are driving this growth. As an increased number of states in the United States legalize sports wagering and online gambling, prospects of this segment look bright.
Caesars Entertainment Corporation (CZR – Get Rating), MGM Resorts International (MGM – Get Rating), Penn National Gaming, Inc. (PENN – Get Rating), and Boyd Gaming Corporation (BYD – Get Rating) will be the direct beneficiaries of the reopening of casinos.
CZR is one of the largest casino-entertainment companies in the United States. Caesars, Harrah’s, Horseshoe, and Eldorado are some of the brands under which the company runs its resorts. CZ offers unique destination experiences, gaming services and various amenities. Currently, it operates more than 50 properties across the country.
CZR is all set to have a new customer engagement channel, which is an Apple App Clip in collaboration with Bottle Rocket, a leading digital experience company. This App clip will allow on-site guests at Caesars Palace Las Vegas to locate their hotel room and do restaurant reservations at Flamingo Las Vegas without the Caesars Rewards mobile app.
Meanwhile, CZR’s property, Harrah’s New Orleans, is all set for a rebrand through a $325 million investment in a 340-room casino-hotel renamed Caesars New Orleans. This property is likely to get renovated by 2024.
During the third quarter ended September 30, 2020, CZR’s revenue climbed 52% year-over-year to…
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