Caesars Entertainment Inc. (CZR) shares soared on Wednesday after the company announced a $500 million share repurchase program, following the completion of its previous buyback. This move, coupled with the company’s plan to issue $1 billion in senior notes, indicates a positive outlook on its future prospects and a commitment to boosting shareholder value.
President of the Rio, Trevor Scherrer, has announced his resignation due to undisclosed health concerns. Scherrer’s responsibilities included overseeing the Rio’s transition from Caesars Entertainment ownership and recruiting the executive leadership team. He has over three decades of experience in the Las Vegas hospitality industry, holding executive positions at MGM Grand, The Mirage, New York-New York, and Resorts World Las Vegas. Dreamscape, the company that operates the Rio, has expressed their support for Scherrer’s decision to focus on his health and family. The company has invested millions of dollars in remodeling projects since acquiring the property in 2019.
