Caesars (CZR), which tumbled 15% yesterday after reporting disappointing earnings, is the #1 US casino short in terms of percentage of float at 16.5%

The S3 Long-to-Short Ratio for CZR has fallen sharply due to the convergence of decreasing Active Long Interest and increasing Short Interest.

Industry-wide SI % on a weighted notional basis has climbed from 5.8% to 8.3% YTD

Short Interest in CZR has more than doubled so far in 2025, climbing to over 32M shares from 15M shares at the start of the year. The steady, continuous rise in short interest as the stock price has declined 44%, signals the strong bearish conviction among short sellers. CZR short sellers are up $370M in mark-to-market profits on the trade.

While Active Long Interest Notional has declined significantly from $3.5B in January to under $2B heading into November; Short Interest Notional has steadily ticked up from under $500M. The S3 Long-to-Short Ratio collapsing from over 6x to under 3x reflects converging positioning dynamics.

Among the US-listed US Casinos & Gaming industry, aggregate SI % Float weighted on a notional basis (minimum $100M short threshold) has risen to 8.3%, from 5.8%. PENN (11% float / $275M notional) and MGM (10% float / $700M notional) round out the Top 3. DraftKings (DKNG) – is the #1 short in terms of notional exposure at $1B, covered by S3 on October 14th.

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