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Gaming giant Caesars Entertainment has fallen slightly below its IPO price for the first time since it went public five months ago. At that time the stock had shot up 71 percent during its first day of trading, reaching a high of $17.90.
David Benoit of the Wall Street Journal reported that the company had fallen as much as 7.4 percent to $8.79. The IPO was offered at $9.
Steep declines were recorded over a three-day period this week with the price falling as much as 20 percent at one point.
Bank of America analysts had cut the rating on Caesars to underperform from neutral after the departure of the company’s CEO Jonathan Halkyard last month.
Caesars sponsors the World Series of Poker, which is currently underway in Las Vegas.
- Aaron Goldstein, Gambling911.com
