Stock Market Today, May 28: Caesars Entertainment Jumps After Fertitta Entertainment Agrees to Acquire Company for Cash
Caesars Entertainment (NASDAQ:CZR), which operates casinos and resorts across the U.S, closed Thursday at $29.08, up 1.04%. The stock is rising after news broke that Fertitta Entertainment agreed to acquire Caesars for $31 per share in cash. Investors are watching whether the price converges toward the proposed deal value. Trading volume reached 86.9 million shares, about 1,324% above its three-month average of 6.1 million shares. Caesars Entertainment IPO'd in 2014 and has grown 106% since going public.
How the markets moved today
The S&P 500 added 0.57% to finish at 7,563, while the Nasdaq Composite gained 0.91% to close at 26,917. In the casino & gaming industry, peers MGM Resorts International closed at $42.93 (+2.34%), and Wynn Resorts finished at $101.54 (+0.32%) as traders assessed renewed sector M&A interest.
What this means for investors
After months of speculation, it looks like we may be nearing Fertitta Entertainment’s acquisition of Caesars Entertainment for $31 in cash per share. While Caesar’s board unanimously approved the deal, there is a go-shop period in place until July 11, 2026, which lets the company solicit higher offers from other suitors. This potential for a higher offer -- paired with a $2 gap between today’s CZR share price and the acquisition price -- has some analysts urging investors to hold their shares until the deal closes.
That said, regulators may require divestitures as part of the deal, so shareholders should weigh whether they want to face that risk or accept the stock’s 24% year-to-date increase.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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