Breaking Finance News

Here’s Why Caesars Entertainment Just Plunged Lower (CZR)

UPDATE: New reports indicate that a similar article was out a few weeks ago. The stock is now well off its lows. Sources are saying that the story was planted by short sells, according to Benzinga. This is an unconfirmed rumor.

Shares of Caesars Entertainment (NASDAQ: CZR) plunged more than 6 percent lower around 3:00 p.m. EDT. The plunge is being attributed to a report in a Las Vegas newsletter advising readers not to place a deposit on a hotel reservation at casinos operated by the company because it may be filing for bankruptcy protection.

“In an abundance of caution, this newsletter advises you not to deposit any funds (deposits for hotel reservations, deposits in the cashier’s cage or not redeeming casino chips, etc.), in … Caesars hotels, until the situation at Caesars becomes clearer,” Publisher Bill Mandel said in his Openings and Closings in Las Vegas newsletter distributed Monday.

But experts say that even if the company did file for bankruptcy, it wouldn’t affect reservations. In the past year the stock is up more than 221 percent

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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