Caesars Entertainment (CZR) approves $500M common stock buyback program

Caesars Entertainment (NASDAQ: CZR) disclosed:

Share Repurchase Authorization

During the third quarter of 2024, the Company repurchased 3,872,478 shares of its common stock at a weighted average price per share of $36.38 under the previously disclosed $150 million common stock repurchase program authorized by its board of directors in 2018 (the “2018 Share Repurchase Program”). Following these repurchases, the Company had no remaining shares available for repurchase under the 2018 Share Repurchase Program.

The Company’s board of directors also authorized and approved a new repurchase program for up to $500 million of shares of common stock (the “New Share Repurchase Program”). The New Share Repurchase Program does not constitute a formal or binding commitment to make any share repurchases and the timing, amount and method of any share repurchases made pursuant to the New Share Repurchase Program will be determined at a future date depending on market conditions and other factors.

Other Transactions

As previously announced, the Company recently entered into a sale agreement with NSUS Group to sell the intellectual property (“IP”) associated with the World Series of Poker (“WSOP”) to NSUS Group for an aggregate of $500 million, the first $250 million of which we expect to receive in the fourth quarter of 2024. The Company expects that the substantial majority of the net proceeds of the WSOP IP sale will be used to repay secured indebtedness or reinvest in the business.

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