Caesars Entertainment
Caesars disclosed a social-engineering attack through an outsourced IT support vendor that led to theft of loyalty-program customer data.
-19.0% CZR vs -3.0% SPY
This site shows how share prices moved after an incident became public. It does not prove that the incident caused the move. Company news, sector moves and the wider market can affect every result. Educational only — not investment advice.
Disclosure timing
When could the market react?
The baseline is the last adjusted close before the news was public. The reaction session is the first close afterward.
- 01Baseline sessionSep 13, 2023
Normalized to 100 for both CZR and SPY.
- 02Public disclosureSep 14, 2023, 9:00 AM EDT
Documented publication time.
- 03First reaction closeSep 14, 2023
+2.3% company total return versus +0.9% for SPY; +1.5 pp market-relative return.
Time windows
Company vs SPY
Each row uses the last trading session on or before its target date. “Market-relative” is the company return minus the SPY return, in percentage points.
| Window | Endpoint | CZR | SPY | Market-relative | Signal |
|---|---|---|---|---|---|
| First reaction | Sep 14, 2023 | +2.3% | +0.9% | +1.5 pp | Above SPY |
| +7 days | Sep 21, 2023 | -9.2% | -3.0% | -6.2 pp | Below SPY |
| +1 month | Oct 13, 2023 | -19.0% | -3.0% | -16.0 pp | Below SPY |
| +3 months | Dec 14, 2023 | -7.1% | +6.1% | -13.2 pp | Below SPY |
| +6 months | Mar 14, 2024 | -23.7% | +16.2% | -39.9 pp | Below SPY |
| +12 months | Sep 13, 2024 | -25.7% | +27.6% | -53.4 pp | Below SPY |
Compare with current catalog aggregates
| Window | This case | Catalog median | Catalog mean | n |
|---|---|---|---|---|
| First reaction | +1.5 pp | -0.8 pp | -1.5 pp | 30 |
| +7 days | -6.2 pp | -2.0 pp | -4.0 pp | 30 |
| +1 month | -16.0 pp | -6.6 pp | -6.8 pp | 30 |
| +3 months | -13.2 pp | -5.1 pp | -6.6 pp | 30 |
| +6 months | -39.9 pp | -5.6 pp | -7.5 pp | 30 |
| +12 months | -53.4 pp | -3.7 pp | -10.1 pp | 30 |
Normalized total return
CZR compared with SPY
Baseline session = 100. Adjusted close reflects splits and reinvested distributions.
Caesars Entertainment had -25.7% company total return versus +27.6% for SPY; -53.4 pp market-relative return. The chart shows normalized adjusted-close performance for up to 24 months.
View tabular chart fallback
| Date | CZR | SPY |
|---|---|---|
| Sep 13, 2023 | 100.0 | 100.0 |
| Oct 12, 2023 | 84.0 | 97.5 |
| Nov 10, 2023 | 82.7 | 99.0 |
| Dec 12, 2023 | 83.0 | 104.3 |
| Jan 12, 2024 | 84.8 | 107.6 |
| Feb 13, 2024 | 81.1 | 111.5 |
| Mar 14, 2024 | 76.3 | 116.2 |
| Apr 15, 2024 | 76.8 | 114.2 |
| May 14, 2024 | 70.1 | 118.5 |
| Jun 13, 2024 | 72.4 | 122.8 |
| Jul 16, 2024 | 76.0 | 128.3 |
| Aug 14, 2024 | 66.4 | 123.5 |
| Sep 13, 2024 | 74.3 | 127.6 |
| Oct 14, 2024 | 87.0 | 133.1 |
| Nov 12, 2024 | 75.3 | 136.0 |
| Dec 12, 2024 | 72.2 | 137.7 |
| Jan 15, 2025 | 63.8 | 135.5 |
| Feb 14, 2025 | 76.0 | 139.3 |
| Mar 18, 2025 | 52.6 | 128.2 |
| Apr 16, 2025 | 47.3 | 120.5 |
| May 16, 2025 | 58.6 | 136.2 |
| Jun 17, 2025 | 50.5 | 137.0 |
| Jul 18, 2025 | 57.2 | 144.3 |
| Aug 18, 2025 | 49.1 | 147.9 |
| Sep 12, 2025 | 47.9 | 151.2 |
Price recovery
Not recovered within 24 months
Here, recovery only means that adjusted close reached the baseline again. It does not mean every effect of the incident ended.
- State
- Not recovered within 24 months
- Initial trough
- -9.2% on Sep 21, 2023
- Recovery close
- Not applicable / not observed
- Calendar days
- —
- Observation cap
- 24 months after disclosure
Hypothetical $1,000
What would $1,000 have looked like?
Compare $1,000 in CZR with $1,000 in SPY, bought and measured on the same dates.
Entry Sep 18, 2023 Exit Mar 18, 2024
Uses fractional shares and adjusted close. Leaves out taxes, fees and slippage. The holding period starts on the purchase date. This is a historical illustration, not an investment strategy.
Case note
Caesars said a social-engineering attack against an outsourced IT support vendor led to unauthorized access and theft of a loyalty-program database containing driver-license numbers and Social Security numbers for a significant number of members.
The public filing was accepted before the September 14 open. September 13 is the baseline and September 14 the first reaction session; the earlier internal event date is not substituted for public disclosure.
Evidence
Sources and case review
We qualify each case before checking its price results. These links support the disclosure date, listing, incident and business impact.
- primary Sep 14, 2023Caesars September 14, 2023 Form 8-K filing detail Caesars Entertainment / U.S. SEC Supports: Disclosure, Timing, Listing, Impact, Description
- Listing evidenceChecked Jul 20, 2026Caesars September 14, 2023 Form 8-K filing detail U.S. Securities and Exchange Commission The filing identifies Caesars as Nasdaq: CZR and was accepted at 9:00:58 a.m. EDT.
Why it is included. Caesars directly suffered the compromise and disclosed customer-data theft, extortion-related expense and regulatory risk in a timestamped filing before the market opened. Reviewed Jul 20, 2026.