Major Las Vegas casino operator slips from Wall Street index

One of the Las Vegas Strip’s largest casino operators is coming off the S&P 500 later this month.

Caesars Entertainment, Inc. will be replaced by Robinhood Markets Inc. on the stock market index at the start of trading on Sept. 22, according to S&P Global.

The Reno-based gaming and hospitality conglomerate, which operates eight casino resorts on Las Vegas Boulevard, has a reported market cap of between $5 and $5.5 billion, which is below the index’s minimum thresehold of $22.7 billion. Caesars Entertainment is among three publicly traded companies coming off the S&P 500, along with Enphase Energy Inc. and MarketAxcess Holdings Inc.

The move is part of a quarterly rebalancing of the S&P 500. The casino company will join the S&P SmallCap 600.

Caesars Entertainment did not respond to a request for comment.

The company’s stock is down nearly 20 percent since the beginning of the year. At Monday’s closing price of $26.33 per share, it is trading 42 percent below its 52-week high of $45.55 in October 2024. A $1,000 investment worth of Caesars Entertainment’s shares in 2020 would now be worth less than $520.