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Summary Why Caesars not buying back debt with operating cash flow?
CZR is profitable on both a cash and book basis, has a billion and a half dollars of cash and no sizable debt due until What's interesting here is that we have a lot of leverage and a big free cash flow yield.
Traditionally, that free cash yield would be misleading because all the dollars would be headed toward debt repayment. Here though, a related REIT structure has the right to stuff CZR with cash in sale leaseback deals, and so Caesars can actually use its free cash yield to do leverage neutral or accretive deals or even buy back stock.
I mean, who the heck buys back stock with 5. By way of reminder, CZR operates 47 properties 7 in Vegas owned and 9 operated in 13 states and 5 countries with 39, hotel rooms. Overall revenue is divided evenly between gaming and non-gaming. In a show of discipline, CZR is giving the Flamingo on strip its first renovation in 20 years, but not upgrading the somewhat beleaguered off-strip Rio Hotel Casino.
The existence of this one tenant REIT alters Caesar's ability to access liquidity - and gives us a lot more confidence around the sustainability of their capital structure.
Sale leasebacks may also act as a more tax efficient means of financing v debt - given the new limits on the deductibility of interest. The company is targeting 4. They have also committed not to buy anything unless it reduces overall leverage or is at least leverage neutral.
VICI is apparently saving these for a rainy day for the moment.
The point is, at any time during the next five years VICI is likely to stuff CZR with cash by acquiring one or more properties and leasing them back. In that light, CZR could use these cash windfalls to delever - rather than assigning cash flow from the business to delever i.
They are also investing to take share in sports betting and in their unrelated smart phone app so they can push notifications to customers and interact more directly with them.
If you've walked through Caesars in Las Vegas as I did this past month you would have noticed a certain percentage of people milling about the property staring at their cellphones on unrelated tasks instead of directing attention toward the table games and slots.
CZR means to greet customers where they live i.In the basement, the man and boy find naked people who are being kept alive for others to eat. The man and boy flee just as the roadagents return.
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