Caesars stock crashes after company announces properties to remain open
Caesars Entertainment stock prices dropped as much as 48% on Tuesday after the company announced it would keep its properties open amidst the COVID-19 pandemic.
Caesars opened the day at $6.22 a share and by 11:30am ET had fallen to $3.24.
By late afternoon the stock had recovered some of its losses but was on pace to end the day below $5.00.
Caesars shares are at their lowest since the company’s initial public offering in February 2012.
The dramatic fall in Caesars stock illustrates the fear of investors in the company’s decision to ride out the coronavirus with limited business closures.
One concern is that if Caesars employees or customers get sick with COVID-19 in the coming days or weeks, they could take legal action against the company.
Caesars is not the only Las Vegas company to keep properties open.
Station Casinos and Sahara Las Vegas, owned by Alex Meruelo, will remain open in limited capacity.
Golden Entertainment-owned The Stratosphere will stay open as well.
Wynn Resorts, Boyd Gaming, and MGM Resorts are among the companies to have temporarily closed down properties in Las Vegas and elsewhere.
The City of Reno announced all nonessential businesses including casinos will close on Friday and remain closed through 5 April.
Caesars-owned Harrah’s Reno will be affected by the Reno closures.
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