Caesars Entertainment Corporation Common Stock (NASDAQ:CZR) has welcomed the ruling by the U.S Supreme Court to scrap the federal Professional and Amateur Sports Protection Act (PASPA). Following the ruling, the regulation is most likely to go back to the states.
Currently the company has licensed gaming business in thirteen states. Caesars Entertainment Corporation currently manages legal gaming operations in Nevada. It is currently working on expanding its U.S betting businesses in any territory that has secure and responsible wagering on sporting events.
In his comment on the ruling, Mark Frissora, the President and CEO of Caesars Entertainment Corporation said that the rukling issued by the Supreme Court is landmark and create an opportunity by betting companies and other stakeholders in the sector to bring an end to illegal sports wagering once. He added that the ruling will create a better and well-regulated option that can be trusted by sports fans.
Caesars is one of the leading companies in the legalized gaming in the United States. Because of this, the company expects to offer safe, secure and exciting sporting experience to its customers spread throughout the country.
The company said that it will be revealing its specific strategy to the industry in due course as it takes time to learn the opportunities as well as the regulations which will emanate from the ruling given by the Supreme Court.
In other news, the company’s executives recently announced that the company is working on expanding its business both globally and domestically so as to increase shareholders’ value. This is after Caesars posted more than expected financial results for the first quarter of 2018.
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In the results, the company recorded a revenue increase of 104.4% to $1.97 billion for the three months ended March 31. However, the company announced that its business in Las Vegas slumped as compared to what was reported in the same period in 2017.
Frissora revealed that the company experienced its best Chinese New Year visitation in a period of five years. However, he said that domestic are yet to pick up due to the effects of the Oct. 1 shooting.