Caesars Denies Interest in NYC Casino Bid, Cuts Betting Ads, and Unveils Shelbyville Casino Revamp

Caesars Denies Interest in NYC Casino Bid, Cuts Betting Advertisements, and Unveils Shelbyville Casino Revamp

A range of announcements

Caesars Entertainment has experienced a busy couple of days. The casino company has produced a raft of announcements, with CEO Tom Reeg commenting on various subjects during the company’s fourth-quarter earnings get in touch with on Tuesday.

no interest in competing to develop a casino in New York City

A single such announcement saw Reeg affirm that the business has no interest in competing to create a casino in New York City (NYC). In fact, he mentioned the organization does not plan to get involved in any new land-primarily based projects for the time being.

In addition, Caesars has renamed the Indiana Grand Racing &amp Casino property to Horseshoe Indianapolis Racing &amp Casino. Renovation function at the property has lastly come to an end.

Finally, the business is drastically scaling back its sports betting tv advertising campaign. It expects to save about $250m as a result of the move.

Not keen on NYC

Several US casino organizations are interested in developing a casino in New York City. The city has a substantial possible market, with a population of far more than 8 million. Even so, Caesars believes an NYC casino would pose a quantity of challenges, with Reeg labeling New York a “difficult regulatory state.”

In Tuesday’s earnings call, the chief executive did say that the operator may have an interest in managing a New York City house if a developer presented the possibility. Caesars currently has a presence in the New York market, obtaining launched its Caesars Sportsbook in January. &nbsp

Elsewhere, the casino business is also arranging to sell a single of its major Las Vegas Strip properties, but it has not indicated which a single. Wall Street analysts think that this likely consists of Planet Hollywood or the Flamingo Las Vegas.

Newly renovated Indiana casino

Caesars purchased the newly-named Horseshoe Indianapolis Racing &amp Casino house in Shelbyville, Indiana in 2018. Almost $34m worth of renovation and expansion work on that house has just come to an end.

The operate, which began in March 2021, added one more 25,000 square feet worth of gaming space, as effectively as a 20-table Globe Series of Poker (WSOP) area. The project has led to the creation of an additional one hundred jobs at the home.

variety of gaming possibilities at the property

Horseshoe Indianapolis senior vice president and general manager Steve Jarmuz welcomed the addition of the Horseshoe brand, stating that it will “enhance the gaming, racing, dining and entertainment expertise for our guests.” He also noted the variety of gaming possibilities at the house thanks to the casino, WSOP space, racebook, and sportsbook.

Shifting its sports betting focus

In another announcement for the duration of Tuesday’s earnings call, Reeg confirmed Caesars will reduce its advertisements, arguing that its television ad campaign will no longer make considerably distinction in acquiring new clients. He affirmed that the sportsbook has exceeded expectations for national industry share so far, following launches in Louisiana and New York last month.

Caesars Sportsbook is currently reside in 22 states and jurisdictions. In total, 16 of these states provide on the internet betting.

The Caesars Sportsbook tv campaign has featured several effectively-identified personalities, which includes actress Halle Berry, comedian JB Smoove, as effectively as football stars Peyton, Eli, Archie, and Cooper Manning. Caesars is now shifting its advertising and marketing focus onto much more profitable clients rather than mass campaigns. It nonetheless plans to roll out a major ad campaign when Maryland and Ohio ultimately go reside with legal sports betting, nonetheless. &nbsp

In spite of issues from investors about the profitability of the online betting industry, Reeg remains bullish on its possible.

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