Caesars operating performance allows $750m share repurchase
Caesars Entertainment Corporation’s Board has increased its share repurchase authorisation to $750m of the company’s outstanding stock.
Mark Frissora, Caesars’ President and CEO, said: “The increased repurchase authorisation is a result of our confidence in the company’s operating performance and allows us to take advantage of current market dynamics and strategically return cash to shareholders.”
Having only exited bankruptcy last October, the announcement reaffirms the US-based “casino-entertainment providers” current financial situation as improving.
“We have ample capacity to pursue our strategic growth initiatives and opportunistically execute the buyback. The Board and management are fully committed to increasing shareholder value,” added Frissora.
Caesars has already acquired 23 million shares of its common stock since authorising an initial $500m repurchase in May. That equates to around 3.3% of the firms entire outstanding shares, purchased on average for $10.22 per share for a total of $232m.
Including the company’s latest repurchase authorisation, there is $518m remaining under the current repurchase programme.
Finance for the repurchase will be raised using cash from Caesar’s operations.
However, the company did reiterate that the programme “has no time limit”.
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