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Why Caesars Entertainment's Stock Is Trading Lower Today

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Why Caesars Entertainment's Stock Is Trading Lower Today

Caesars Entertainment (NASDAQ: CZR) shares are trading lower on Monday.

The shares of several casino companies are trading lower, potentially amid concerns that a resurgence in coronavirus cases could lead to further shutdowns. Casinos recently reportedly notified staff of potential layoffs and furloughs.

Caesars was founded in 1937 and today operates 49 casino properties in 13 U.S. states and five countries, primarily under the Caesars, Harrah's, and Horseshoe brands (while also operating the Flamingo, Paris, Rio, and Planet Hollywood in Las Vegas). Today, Caesars' three main segments are Las Vegas (61% of 2019 EBITDAR) and other U.S. (44%), with the remainder from managed, license, and joint venture properties. In June 2019, Eldorado proposed an acquisition of Caesars, which we expect to close in the near future.

Caesars Entertainment shares were down 13.78% at $29.10 during the time of publication on Monday. The stock has a 52-week range between $70.74 and $6.02.

 

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