Hedge fund billionaire John Paulson touted his firm’s ownership of Caesars Entertainment Corp. Wednesday at the Ira Sohn Investment Conference in New York.
Paulson, who controls about 9 percent of Caesars through his Paulson & Co. hedge fund, told investors he believes in the long-term health of the company stock. Caesars went public on the Nasdaq Global Select market in February with an IPO that opened at $9 a share. More than 1.85 million shares were traded in that opening session and the stock price rose to nearly $14.
Caesars share price has bounced around since.
Paulson said that the Caesars social gaming platform, Plakita, was worth $8 per share alone.
Paulson also discussed Caesars small public offering, saying that roughly 7 percent of the company is publicly traded.
Due to the few number of shares that are freely traded, Paulson believes rising demand for the stock could cause a sharp price increase.