Caesars Stock Hits All Time High
Caesars Entertainment is up 17 of the late 18 sessions with its stock hitting an all time high.
The initial high occurred the first day of trading in February of last year. After going public, Caesars fell for nine months, bottoming at 4.52 in mid-November. It turned up then and continues on a roll.
"It's a recent IPO and they tend to do well in a recovery," said Joseph Kelly, a State Univ. of N.Y. business professor and casino gambling expert in an interview with Investors Business Daily.
"Also, Caesars more than anybody was hurt by Superstorm Sandy at the end of October. Atlantic City is bouncing back and now they're benefiting more than anyone," Kelly said.
Caesars is also expected to benefit significantly from legalization of online gambling in both Nevada and New Jersey.
The stock hit a new intraday high at 18.37 earlier in the day Monday.
- Aaron Goldstein, Gambling911.com
