Hotel and casino entertainment company Caesars Entertainment, Inc. (NASDAQ: CZR) recently announced that it has entered into a partnership agreement with a professional American football team, Buffalo Bills, to make Caesars Sportsbook an official mobile sports betting partner.
Buffalo Bills is based out of the Buffalo Metropolitan area of New York.
Strategic Impact
With this new partnership, Caesars’ customers and the Bills fans will get custom fan experiences. Further, Caesars will gain access to sponsorship assets, official Buffalo Bills logos and marks, along with other experiences, through the Caesars Sportsbook app’s integration.
Moreover, Caesar will also obtain the naming rights to a new sportsbook-style premium club lounge at Highmark Stadium, the home of the Bills.
Management Commentary
The Co-President of Caesars Digital, Chris Holdren, said, “This partnership gives us the opportunity to connect with one of the most passionate fan bases in all of sports. We’re ready to welcome Bills fans into the Caesars Empire and offer them access to best-in-class hospitality experiences through our Caesars Sportsbook app as we continue to expand our footprint across the state of New York and beyond.”
Wall Street’s Take
Recently, Truist Financial analyst Barry Jonas reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $140 to $110, which implies upside potential of 32.8% from current levels.
According to the analyst, the gaming and entertainment sector is going to be re-rated, observing that shares have been “hit too hard at current valuation levels.”
Consensus among analysts is a Strong Buy based on 8 Buys and 1 Hold. The average Caesars price prediction of $137 implies upside potential of 65.4% from current levels. Shares have gained 2.7% over the past year.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Caesars’ performance this quarter.
According to the tool, the Caesars website recorded a 19.34% monthly rise in global visits in December, compared to the same period last year. Moreover, year-to-date, the website traffic has grown 13.91%, compared to the previous year.
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