Caesars Entertainment Investor Meeting Takeaways 
<p>Deutsche Bank provided its key takeaways from Investor Meeting with <a href='https://financialmodelingprep.com/financial-summary/CZR'>Caesars Entertainment, Inc. (NASDAQ:CZR)</a> management, including CEO Tom Reeg. The analysts found the tone of the meetings to be largely balanced and consistent, with strategic priorities focused on (1) continued debt/leverage reduction, (2) operational prudence, and (3) Digital execution.</p>
<p>On the digital strategy, management outlined the path to $500 million in annual EBITDA with margins in the mid-20% range helped by rolling off uneconomical partnerships and driving higher hold.  The company expects its digital sports betting to be 55% of the run rate EBITDA, with iCasino making up the balance, though with higher margins (over 30%).</p>
<p>According to the analysts, another positive driver is the debt-to-equity conversion path given its lease structures.  They estimate that the company will exit 2024 with approximately 4.9x debt to adjusted EBITDA leverage. The analysts reiterated their Buy rating and $70 price target on the stock.</p>

NASDAQ:CZR