Leon Cooperman (Trades, Portfolio) bought more shares of his existing holding Caesars Entertainment (CZR, Financial), according to GuruFocus RealTime Picks.
Leon Cooperman (Trades, Portfolio), the head of hedge fund Omega Advisors, increased his stake in Caesars Entertainment by 11.8% on Dec. 12, to hold a total of 7,815,990 shares, or 5.4% of the company. Cooperman started the position in the second quarter of 2013 and added shares each following quarter until the first quarter of 2014.
Cooperman’s average price paid for his Caesars shares was $18. He has an approximate loss of 29% on the holding at today’s closing price of $13.17, after shares fell almost 39% so far this year.
On Nov. 10, the casino company reported third quarter net revenue increased 6% year-over-year to $2.2 billion. Its third quarter net loss was $875.5 million, increased from $141.9 million in the same quarter a year ago.
The results stemmed from strength in its interactive business, stabilizing regional trends and good performance in Las Vegas, the company’s CEO said.
On Dec. 16 Moody’s downgraded Caesars due to an 8-K filing reporting that the company would not pay $225 million in interest payments due Dec. 15 on $4.5 billion of debt, and it had not yet formed a plan to restructure the debt.
Ceasars has $22.9 billion in long-term debt as of Sept. 30, up from $20.92 billion at year-end.
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