Caesars Entertainment Inc. (NASDAQ: CZR ) is one of them 10 Stocks Making Big Moves Today
Caesars Entertainment rose 11.76 percent to close at $29.07 apiece on Wednesday, as investors bought the shares following developments on a planned acquisition of the company by billionaire Tillman Fertitta for $7 billion.
According to the Wall Street Journal, Fertitta specifically owned Caesars Entertainment Inc. (NASDAQ:CZR) is in talks to acquire its shares at a price of $34, topping Carl Icahn’s $33 offer through Icahn Enterprises.
Caesar’s Palace. Image from Caesars Entertainment website
The figure marked a 30.7 percent jump from the closing price of $26.01 before the buyout price was announced on Tuesday, and a 64 percent jump from the closing price of $20.77, first reported by the Financial Times on February 25 ahead of the acquisition buzz.
Icahn at Caesars Entertainment Inc. (NASDAQ:CZR) also has a significant stake and is apparently driving strategic initiatives to increase the company’s value, including the sale of the company.
Fertitta, on the other hand, owns Fertitta Entertainment, which operates the Golden Nugget Casino.
The acquisition came on the heels of widening losses, with attributable net loss widening 80.6 percent to $502 million from $278 million in 2024 last year.
Net income, on the other hand, rose 2.7 percent to $11.5 billion from $11.2 billion a year earlier.
In the fourth quarter alone, Caesars Entertainment Inc. (NASDAQ:CZR) posted an attributable net loss of $250 million, up from net income of $11 million in the same quarter a year ago, with only a $350 million gain from the sale of certain assets in the year-ago comparable period.
Revenues rose 3.6 percent to $2.9 billion from $2.8 billion.
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Read more: 30 stocks that should double in 3 years and 11 Secret AI Stocks to Buy Right Now.
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