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Among those who benefitted from Wednesday’s debut of Caesars Entertainment on the Nasdaq trading platform was none other than New England Patriots owner Robert Kraft.
While Kraft may have suffered a pretty huge loss Sunday, his luck changed with the Caesars IPO and his $1.3 million stake. Shares rose dramatically Wednesday afternoon.
“It’s like owning the New England Patriots and a slice of the New York Giants during the Super Bowl — you win either way,” remarked Jerry Kronenberg of the Boston Herald.
The irony in all of this is that Kraft is looking to partner with Caesars rival Steve Wynn to construct a casino across from the Pats home, Gillette Stadium in Foxboro.
Kraft’s company declined to comment when approached by the Herald, but experts claim it is not unusual for investors to hold interests in competing casino firms.
“It’s certainly legal — and relatively common,” Morningstar analyst Chad Mollman told the paper.
- Aaron Goldstein, Gambling911.com
