Lee Cooperman Dumps Caesars Entertainment Stake ~ market folly

Monday, June 22, 2015

Lee Cooperman Dumps Caesars Entertainment Stake

Omega Advisors' Lee Cooperman has filed a 13G with the SEC regarding shares of Caesars Entertainment (CZR).  Per the filing, Cooperman no longer owns any shares of CZR and has exited his position entirely.

He previously reported ownership of over 7.33 million shares at the end of the first quarter.  The updated filing was made due to activity on June 5th.

CZR shares recently hit a 52-week low as the company's subsidiary, Caesars Entertainment Operating Company is in bankruptcy and is fighting with creditors and this could have implications for the parent company. 

Per Google Finance, Caesars Entertainment is "a holding and casino-entertainment and hospitality services company. The Company's facilities include gaming offerings, food and beverage outlets, hotel and convention space, and non-gaming entertainment options."

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