Caesars Entertainment (NASDAQ:CZR) shares were lower over 2% on Wednesday after media including Reuters and the Wall Street Journal reported the company is proposing mediation in its chapter 11 case bankruptcy, potentially Reuters said, changing the course of the proceedings. Reuters cited a copy of the motion requesting a mediator in which Caesars argues it would help creditors reach a compromise. CZR trades in the lower half of the 52-week range between $3.30 and $12.48.
The stock decreased 1.07% or $0.07 during the last trading session, hitting $6.48. About 645,825 shares traded hands. Caesars Entertainment Corp (NASDAQ:CZR) has risen 7.03% since June 29, 2015 and is uptrending. It has outperformed by 14.54% the S&P500.
Caesars Entertainment Corporation, through its subsidiaries, provides casino-entertainment and hospitality services in the United States and internationally. It operates in four segments: Caesars Entertainment Resort Properties, Caesars Growth Partners Casino Properties and Developments, Caesars Interactive Entertainment, and Caesars Entertainment Operating Company. The company owns, operates, or manages casinos, such as land-based and riverboat or dockside casinos. It operates 55,000 slot machines and 3,600 table games, as well as other games comprising keno, poker, and race and sports books; and buffets, restaurants, bars, nightclubs, and lounges located throughout the company’s casinos, as well as banquets and room service.
As of September 18, 2015, the company owned, operated, or managed 50 casinos in the 13 states of the United States, as well as in 5 countries. It also operates online gaming business that provides social games on Facebook and other social media Websites and mobile application platforms, certain real money games in Nevada and New Jersey, and ‘play for fun’ offerings. In addition, the company owns the World Series of Poker tournaments and brand, and licenses trademarks for various products and businesses related to this brand. Further, it engages in the third-party leasing of retail, dining, and entertainment outlets featured in the company’s casinos. The company was formerly known as Harrah’s Entertainment Inc. and changed its name to Caesars Entertainment Corporation in November 2010. Caesars Entertainment Corporation was founded in 1937 and is based in Las Vegas, Nevada.