Caesars Entertainment Inc. (NASDAQ:CZR) is one of the 10 Stocks Making Huge Moves Today.
Caesars Entertainment jumped by 11.76 percent on Wednesday to finish at $29.07 apiece, as investors snapped up shares following developments on billionaire Tilman Fertitta’s planned acquisition of the company for $7 billion.
According to Wall Street Journal, Fertitta is exclusively in talks with Caesars Entertainment Inc. (NASDAQ:CZR) for the acquisition of its shares at a price of $34 apiece, topping magnate Carl Icahn’s $33 offer through Icahn Enterprises.
The Caesars Palace. Photo from Caesars Entertainment website
The figure marked a 30.7 percent upside from its closing price of $26.01 on Tuesday prior to the purchase price announcement, and 64 percent from the $20.77 closing price on February 25 before the acquisition buzz was first reported by the Financial Times.
Icahn also holds a significant stake in Caesars Entertainment Inc. (NASDAQ:CZR) and has been openly pushing for strategic initiatives to boost company value, including the sale of the firm.
Fertitta, on the other hand, owns the Fertitta Entertainment which holds operations of the Golden Nugget casino.
The acquisition came on the heels of widening losses, with attributable net loss last year increasing by 80.6 percent to $502 million from $278 million in 2024.
Net revenues, on the other hand, inched up by 2.7 percent to $11.5 billion from $11.2 billion year-on-year.
In the fourth quarter alone, Caesars Entertainment Inc. (NASDAQ:CZR) swung to an attributable net loss of $250 million from an $11 million net income in the same quarter a year earlier, with last year’s comparable period incurring a one-off gain of $350 million from certain asset sales.
Revenues jumped by 3.6 percent to $2.9 billion from $2.8 billion.
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