Warning: Undefined array key "post_type_share_twitter_account" in /var/www/vhosts/casinonewsblogger.com/public_html/wp-content/themes/cryptocurrency/vslmd/share/share.php on line 24
Caesars Entertainment’s (NASDAQ: CZR) stock price skyrocketed on Thursday following a report that indicates the gaming company that previously owned the World Series of Poker (WSOP) is seeking a buyer.
The Las Vegas-based global casino brand reportedly received multiple takeover bids, one being from Fertitta Entertainment, owned by casino mogul Tilman Fertitta. In response, Caesars has begun exploring a potential sale. Investors took notice and the stock rose from around $21 per share at open to as high as $25, a 19% spike within a few hours.
Caesars stock price remains down over 30% the past year, and is valued at only a fraction of its all-time-high price followiing the COVID recovery phase in late 2020 through fall of 2021 when it surpassed $110 per share. Although the post-pandemic stock price isn’t back, many investors are buying the news.
Major Changes with Caesars Entertainment?
Fertitta, who owns the NBA’s Houston Rockets, operates the Golden Nugget, home to the lone remaining poker room in Downtown Las Vegas. If he isn’t successful in a takeover of Caesars, there are reportedly other bidders. Financial Times reports that Caesars is also considering a management-led buyout.
Caesars Entertainment, along with MGM Resorts, is a major player in Las Vegas and globally, with seven mega resorts on the Las Vegas Strip. The company’s crown jewel is Caesars Palace, which opened in 1966.
Caesars sold the WSOP for $500 million to NSUS Group Inc., GGPoker’s parent company, following the 2024 WSOP, a sale that was finalized a few months later. The summer poker extravaganza will remain at Horseshoe and Paris Las Vegas, both Caesars Entertainment properties, for 20 years, however.
MGM Resorts and Wynn Resorts, two other major Las Vegas-based casino operators, also saw a stock price uptick on Thursday, although not as drastically as Caesars. Las Vegas’ casino companies have faced decreased stock prices in recent months, thanks in no small part to a tourism decline in Southern Nevada. Economic factors and rising competition are also contributing factors, but Thursday was a positive day for those invested in Caesars Entertainment.
Disclaimer: any promotions presented on this page were correct and available at the time of writing. Promotions can change regularly. We encourage all users to check the promotion displayed matches the most current promotion available by clicking through to the operator welcome page. Please read the terms and conditions carefully before you accept any promotional welcome offer.
