Caesars Entertainment to be replaced by Robinhood Markets on S&P 500

As part of a quarterly rebalancing of Wall Street’s stock market index (S&P 500), Caesars Entertainment will be replaced by Robinhood Markets on September 22 after falling below the index’s minimum market cap threshold of $22.7bn. 

The operator’s market cap has reportedly fallen to between $5-$5.5bn, while Caesars Entertainment stock has decreased 20% since January 1, 2025 and is trading at $25.39 per share at the time of writing. Robinhood Markets stock is trading at $118.50 per share at the time of writing, representing an all-time high for the company. 

Caesars Entertainment will join the S&P SmallCap 600 once the transition is complete, as well as Enphase Energy and MarketAxcess Holdings which will also be removed from the stock market index on September 22. 

On July 29, Caesars Entertainment reported its financial performance throughout the second quarter of 2025, having generated a net revenue increase of 2.9% year-over-year for a total of $2.9bn, but also witnessing a net loss of $82m for the period.

Las Vegas operations reported a net income of $212m, falling by 20.9% year-over-year, while Caesars Digital produced $39m of net income throughout the period.

Good to know: Caesars Entertainment and AGS partnered for the exclusive launch of Caesars Treasure Trio across the operator’s iGaming platforms in New Jersey, Pennsylvania, Michigan, West Virginia and Ontario on August 27

“In Las Vegas, we posted solid gaming results in the face of softer market demand in our hospitality verticals. Net Revenues in our Regional segment increased 4% driven primarily by Caesars Virginia and New Orleans, coupled with strategic reinvestment into our Caesars Rewards database,” Caesars CEO Tom Reeg said at the time of announcement. 

The operator also began implementing a $0.25 per wager tax for Illinois residents on September 1 following the passing of House Bill 1928, set to introduce a $0.25 tax for the first 20m bets accepted by an operator, increasing to $0.50 per wager for all bets thereafter.

Kirk Geller

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