CZRCaesars Entertainment, Inc.
Hotels & Motels · $5.9B market cap · 50,000 employees
0.2×
Less likely than average to be taken private
Top 49% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works
Takeover signals
What an activist or buyer would see: cheap, overpaid, diluted or under pressure.
4of 15 firedHow well they predict deals →
- TSR below peersYes4 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$19M medianMedian CEO pay ≥ $15M while TSR trails
- Quiet on AIYes0.1 per 10K words · 10th pctBottom quartile of AI mentions in 10-Ks
- Net insider sellingYes−$18M netNet sales over $10M in 12 months
11 other checks
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo18% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo33% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
- Low revenue per employeeNo$230K · 50th pctBottom quartile of its SIC industry
- Net cashNo3.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$5.9B market capMarket cap $500M–$5B
- Recurring revenueNo3 of 1010-K business scored 7+ of 10 for recurring revenue
- AI-rollup shapedNo0 of 1010-K business scored 5+ of 10 as an AI-rollup target
- Active 13DNo0 filingsActive-intent 13D in 18 months
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Aug 26, 2026 | DEFM14A | Fertitta Gaming Holdco, LLC | $31.00 | 44.44% |
| Aug 12, 2026 | PREM14A | Fertitta Gaming Holdco, LLC | $31.00 | 0% |
| May 28, 2026 | 8-K | Fertitta Gaming Holdco, LLC (Tilman Fertitta / Landry's Fertitta) | — | — |
Key numbers
- Revenue
- $11.5B
- 2.1% YoY
- Operating margin
- 16.2%
- 21% YoY
- EBITDA
- $3.3B
- 9.7% YoY
- Net debt / EBITDA
- 3.3×
- $10.8B net debt
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $9.6B | $10.8B | $11.5B | $11.2B | $11.5B | 2.1% |
| Operating income | $1.5B | $1.7B | $2.5B | $2.3B | $1.9B | 19% |
| Net income | −$1.0B | −$910M | $828M | −$211M | −$437M | 107% |
| Operating cash flow | $1.2B | $993M | $1.8B | $1.1B | $1.3B | 21% |
| Capex | $520M | $952M | $1.3B | $1.3B | $805M | 38% |
| Stock-based comp | $82M | $101M | $104M | $94M | $95M | 1.1% |
| Buybacks | — | $0 | $0 | $191M | $229M | 20% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 1, 2020 | Recreational Enterprises, Inc. | SC 13D/A | 4.2% | Passive |
| Mar 19, 2020 | Recreational Enterprises, Inc. | SC 13D/A | 11.1% | Passive |
| Mar 18, 2020 | Recreational Enterprises, Inc. | SC 13D/A | 11.3% | Passive |
| Jun 25, 2019 | Recreational Enterprises, Inc. | SC 13D/A | 14.4% | Active |
Insider trading
−$18Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $18M · 16 trades
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $17M | $7M | 31 | 88 |
| FY2024 | $18M | $8M | 45 | 91 |
| FY2023 | $19M | $15M | 63 | 91 |
| FY2022 | $31M | −$16M | 56 | 71 |
| FY2021 | $23M | $35M | 126 | 96 |