New Jersey aims to raise iGaming and sports betting tax, NorthJersey.com says
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 25 2025
0mins
Source: Business Insider
Governor's Budget Proposal: Governor Phil Murphy proposed a $58.1 billion budget plan for New Jersey, the largest in the state's history, which includes raising internet gaming and sports wagering tax rates to 25%.
Stock Market Insights: The article highlights various publicly traded companies in the gaming sector and mentions stock recommendations from analysts, including Boyd Gaming's recent dividend increase and changes in ratings for other companies like Alibaba and Rivian.
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Analyst Views on CZR
Wall Street analysts forecast CZR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CZR is 29.66 USD with a low forecast of 21.00 USD and a high forecast of 40.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
12 Analyst Rating
7 Buy
5 Hold
0 Sell
Moderate Buy
Current: 20.310
Low
21.00
Averages
29.66
High
40.00
Current: 20.310
Low
21.00
Averages
29.66
High
40.00
About CZR
Caesars Entertainment, Inc. is a casino-entertainment company and a diversified gaming and hospitality provider. The Company operates primarily under the Caesars, Harrah’s, Horseshoe, and Eldorado brand names. Its segments include Las Vegas, Regional, Caesars Digital, and Managed and Branded, in addition to Corporate and Other. It offers diversified gaming, entertainment and hospitality amenities, destinations, and a full suite of mobile and online gaming and sports betting experiences. The Company owns, leases or manages an aggregate of 53 domestic properties in 18 states. It also operates and conducts sports wagering across 32 jurisdictions in North America, 26 of which offer online sports betting, and operates iGaming in five jurisdictions in North America. It operates the Caesars Sportsbook app, the Caesars Racebook app, the Caesars Palace Online Casino app and the new Horseshoe Online Casino app. Its online casino games include slots, table games, live dealer and video poker.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- New Bar Launch: The new bar, Tessie's Cocktails & Chords, is set to open this summer, offering creative cocktails and live music, designed to attract younger consumers and enhance customer experience, further solidifying Caesars' brand in the entertainment industry.
- Expanded Meeting Space: The addition of 25,000 square feet of flexible meeting space will support events of various sizes, enhancing the resort's business potential and attracting more corporate clients and large-scale events.
- Fitness Center Upgrade: The new state-of-the-art fitness center will be connected to the High Dive Pool and meeting spaces, providing advanced fitness facilities to meet guests' health lifestyle needs, further elevating the resort's overall service level.
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- Statewide Performance: Nevada's statewide gaming win decreased 1.6% year-over-year in December to $1.44 billion, indicating challenges faced by the overall market, particularly amid a sluggish tourism recovery.
- Slot Machine Struggles: Slot machine gaming win on the Las Vegas Strip dropped over 7%, suggesting a decline in lower-budget tourism, which exacerbates the market's weakness.
- Strong Sportsbook Growth: Despite the overall decline in gaming win, sportsbook revenue surged 351% year-over-year, driven by strong performance in football games, highlighting potential growth opportunities in specific sectors.
See More
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- Promotion Duration: This promotional offer will run until August 31 and applies to hotel rooms, bar purchases, and $500 worth of casino play, which is expected to attract more Canadian visitors and alleviate the weak tourism trends observed over the past year.
- Tourism Data Insights: According to the Las Vegas Convention and Visitors Authority, Canadian visitation fell nearly 25% in 2024, while overall tourism was down about 7%, highlighting the urgency for market recovery efforts.
- Air Seat Capacity Decline: Airline seat capacity from Canadian cities to Las Vegas has decreased by approximately 40%, reaching the lowest level since 2006, reflecting tourists' dissatisfaction with U.S. policies and rising travel costs, which contextualizes Stevens' discount initiative.
See More
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- Earnings Forecast Update: Kelley updated forecasts for Las Vegas, regional casinos, and Macau, highlighting that gaming stocks fell about 9% in Q4, with U.S. operators down roughly 4%, Macau stocks off 13%, and digital gaming stocks plummeting 23%.
- Diverging Performance in Las Vegas: Although Kelley’s Q4 estimates are modestly below market expectations, Las Vegas locals are performing well, with BofA's estimates exceeding consensus, indicating potential resilience in the regional market.
- Regional Market Trends: In Macau, Kelley expects Q4 EBITDA to align with market expectations, driven by strong performance from MGM China, while Singapore's Marina Bay Sands may modestly outperform due to the F1 event, showcasing diverging trends in regional markets.
See More
