Caesars Entertainment bonds and shares traded lower this morning after the gaming giant reported weaker-than-expected preliminary fourth-quarter results alongside an agreement to sell four properties to a joint-venture entity as part of its ongoing restructuring efforts. CZR shares were off roughly 4%, at $24.92, while its most active issue – the 10% second-lien exchange notes due 2018 – initially traded down two points, to 46.5, before recovering a bit, with the most recent trades at 48, or half a point lower today, according to trade reports.
|