Caesars ups share repurchase to $750m

Caesars Entertainment Corp said its board of directors has increased its share buyback plan to $750 million common shares, a $250 million increase from the initial plan announced in May.

Since that time, the company has bought back 23 million shares, which is roughly 3.3 percent of the total, at an average price of $10.22. It has spend $232 million.

With Friday’s  increase in authorization, the company has $518 million remaining under its repurchase program.

“The increased repurchase authorization 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,” said Mark Frissora, president and CEO “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.”

Caesars Entertainment also announced it does not have immediate plans to engage in a transaction involving its convertible notes.

 

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