Some well-known money managers reduced or outright eliminated holdings in Caesars Entertainment (NASDAQ:CZR) in the final three months of 2020.
Daniel Loeb, founder and CEO of hedge fund Third Point seen here in 2017. His firm dumped Caesars stock in the fourth quarter. (Image: David Paul Morris/
Bloomberg)
Dan Loeb’s Third Point hedge fund departed the gaming giant’s shares in the fourth quarter, marking the end of a brief flirtation with the Harrah’s operator. The firm bought one million Caesars shares during the third quarter in a position then valued at $56.06 million.
The hedge fund noted liquidation of its Caesars stock stake in a 13F filing with the Securities and Exchange Commission (SEC) released today after the close of US markets. Caesars was one of three positions Third Point ditched in the December quarter. The other two are not gaming equities.