<p>赌场巨头 <strong>Caesars Entertainment Inc</strong> CZR 今年表现不佳并不令人意外。自一月初以来，CZR 股票的市值已缩水超过 21%。除了由于高资本支出导致的低于预期的自由现金流等特定财务问题外，Caesars 还面临着由于利率上升和消费者压力而带来的严峻运营环境。不过，仍然存在一些可能反转的证据。</p>
<p>在更广泛的层面上，美联储将基准利率下调 25 个基点至 4.00%-4.25%。这不仅是自去年 12 月以来的首次降息，政策制定者还表示可能会进一步放松。基本上，这一消息可能不会直接推动顾客走进 Caesars 的大门。然而，货币政策明显的鸽派转向可能会带来多重利好。</p>
<p>除了降低 Caesars 未来的融资成本外，美联储的决定还应有助于改善所有债务发行公司的前瞻性资本成本。在其他条件相同的情况下，降低的基准利率应有助于推动企业投资。反过来，最近被下调的就业市场可能会有所回升。如果是这样，这对 CZR 股票应该是净利好。</p>
<p>另一个有趣的观察是潜在的期权数据。大型交易者似乎对 Caesars 的未来前景变得更加乐观。例如，在 9 月 9 日，Benzinga 的期权扫描仪捕捉到了一笔可能具有看涨含义的卖出期权交易。具体来说，卖出的期权行使价为 30 美元，到期日为 2026 年 3 月 20 日。</p>
<p>这样的交易暗示 CZR 股票的预期上涨，因为当前市场价格低于行使价。因此，该卖出期权已经具有深厚的内在价值，出售它并没有太大意义——除非交易者预期基础股票价格会上涨。</p>
<h2>怀疑可能是推动 CZR 股票的动力</h2>
<p>通常，空头压力的急剧上升对目标证券并不利。这正是 CZR 股票所面临的情况，目前其空头头寸占流通股的 14.8%。此外，其空头头寸比率为 4.9 天，这意味着交易者需要近一周的时间才能完全解除其空头头寸。</p>
<p>虽然从一两个数据点中确定意图总是很困难，但上述指标表明，押注 CZR 股票下跌的空头相对坚定。这一说法并不令人惊讶，因为赌场娱乐业务面临着滞涨和其他基本阻力的合理担忧。</p>
<p>不过，对一个处于低迷状态的公司持悲观态度并不是一种无风险的投资，尤其是在一个友好的社交媒体环境中。只需足够的投机者推动目标证券超越临界点——这一现象被称为空头挤压。基本上，平仓的冲动会产生购买压力。如果时机合适，这一时刻可能会很快到来。</p>
<p>从 2021 年 1 月到 2025 年 9 月初，CZR 股票与其空头头寸（占流通股的百分比）之间的相关系数为 -50.62%。用统计学的语言来说，这被视为一种弱的反向关系，意味着随着空头头寸的上升，CZR 的价值往往会下降。</p>
<p>有趣的是，从去年 6 月开始，上述指标之间的相关系数为 -80.66%。这是一种强的反向关系。此外，如果这种关系继续保持，那么 CZR 股票可能会出现看涨反转。这是因为这两个数据点相对彼此处于相反的端点。</p>
<p>最后，这不是一种正统的方法，但从经验上看，CZR 的空头头寸可能正处于形成头肩形态的中间。如果是这样，这可能意味着股票及其空头头寸可能会发生反转。</p>
<h2>对 Caesars Entertainment 采取分阶段的方法</h2>
<p>在长期框架内，多头可能会试图将 CZR 股票推向 40 美元的目标，这大致是它在今年初交易时的水平，然后才崩溃。然而，潜在的空头挤压何时会出现仍然是个未知数。因此，考虑在公开市场上建立一个头寸可能是明智的。这样，你就不必担心到期日。</p>
<p>对于特定的期权交易，我对 28/29 的看涨价差交易感兴趣，该交易将于 11 月 21 日到期。该交易涉及购买 28 美元的看涨期权，同时出售 29 美元的看涨期权，净支出为 37 美元（这是交易中可能损失的最大金额）。</p>
<p>如果 CZR 股票在到期时突破第二个行使价（29 美元），最大利润为 63 美元，收益超过 170%。盈亏平衡点为 28.37 美元，约为当前市场价格的 7.4% 以上。在其他情况下，这将被视为极具攻击性的。然而，空头挤压可能是爆炸性的。</p>
<p>这并不是适合所有人的交易。也就是说，如果你在寻找超越人工智能和量子计算的下一个重大投机机会，CZR 股票可能就是它。</p>
<p><strong><em>本文中表达的意见和观点仅代表个人作者的观点，并不一定反映 Benzinga 的观点。Benzinga 对本文中提供的任何信息的准确性或可靠性不承担责任。本文仅供信息参考，不应被误解为投资建议或买卖任何证券的推荐。读者被要求不要依赖本文中的意见或信息，并在做出投资决策之前进行自己的尽职调查。</em></strong></p>
<ul>
<li><strong>期权角落：Joby Aviation 的大幅折扣为激进交易者提供了对立机会</strong></li>
</ul>
<p><em>图片来源：Shutterstock</em></p>

<p>凯撒娱乐公司 (CZR) 面临着艰难的一年，由于高额的资本支出和上升的利率，股价下降了 21%。然而，最近美联储的降息可能为其带来潜在的转机。期权数据反映出乐观情绪，大型交易者表现出看涨的情绪。尽管空头头寸较高，但短期挤压可能推动 CZR 股价上涨。建议采取分批投资的方法，潜在目标为 40 美元。对于愿意承担风险的投资者，还推荐进行牛市看涨期权差价交易</p>

<p>It's no surprise that casino giant <strong>Caesars Entertainment Inc</strong> CZR has been a serious laggard this year. Since the beginning of January, CZR stock has shed more than 21% of market value. Along with specific financial concerns — such as lower-than-expected free cash flow due to high capital expenditures — Caesars has been dogged by a challenging operational landscape stemming from rising interest rates and consumer pressures. Still, some evidence for a possible turnaround exists.</p>
<div class="lb-trans"><p>赌场巨头 <strong>Caesars Entertainment Inc</strong> CZR 今年表现不佳并不令人意外。自一月初以来，CZR 股票的市值已缩水超过 21%。除了由于高资本支出导致的低于预期的自由现金流等特定财务问题外，Caesars 还面临着由于利率上升和消费者压力而带来的严峻运营环境。不过，仍然存在一些可能反转的证据。</p>
</div><p>On the broader level, the Federal Reserve cut its benchmark interest rate by 25 basis points to 4.00%-4.25%. Not only was the move the first cut since December of last year, policymakers signaled that further easing may follow. Fundamentally, the news might not directly push customers through Caesars' doors. However, the apparent dovish pivot in monetary policy may drive multiple tailwinds.</p>
<div class="lb-trans"><p>在更广泛的层面上，美联储将基准利率下调 25 个基点至 4.00%-4.25%。这不仅是自去年 12 月以来的首次降息，政策制定者还表示可能会进一步放松。基本上，这一消息可能不会直接推动顾客走进 Caesars 的大门。然而，货币政策明显的鸽派转向可能会带来多重利好。</p>
</div><p>Aside from lowering Caesars' future financing expenses, the Fed's decision should help improve the forward cost of capital for all debt-issuing companies. All other things being equal, the reduced benchmark interest rate should help fuel corporate investments. In turn, the job market — which has been revised downward recently — may pick up. If so, that should be net positive for CZR stock.</p>
<div class="lb-trans"><p>除了降低 Caesars 未来的融资成本外，美联储的决定还应有助于改善所有债务发行公司的前瞻性资本成本。在其他条件相同的情况下，降低的基准利率应有助于推动企业投资。反过来，最近被下调的就业市场可能会有所回升。如果是这样，这对 CZR 股票应该是净利好。</p>
</div><p>Another interesting note is the underlying options data. Large traders appear to be getting more optimistic about Caesars' forward prospects. For example, on Sept. 9, Benzinga's options scanner picked up a put option sweep with potentially bullish implications. Specifically, the sold puts carried a strike price of $30 with an expiration date of March 20, 2026.</p>
<div class="lb-trans"><p>另一个有趣的观察是潜在的期权数据。大型交易者似乎对 Caesars 的未来前景变得更加乐观。例如，在 9 月 9 日，Benzinga 的期权扫描仪捕捉到了一笔可能具有看涨含义的卖出期权交易。具体来说，卖出的期权行使价为 30 美元，到期日为 2026 年 3 月 20 日。</p>
</div><p>Such a trade implies expected upside for CZR stock as the current market price is below that of the strike. Therefore, the put already has deep intrinsic value, which doesn't make much sense to sell — unless the trader anticipates a boost in the underlying share price.</p>
<div class="lb-trans"><p>这样的交易暗示 CZR 股票的预期上涨，因为当前市场价格低于行使价。因此，该卖出期权已经具有深厚的内在价值，出售它并没有太大意义——除非交易者预期基础股票价格会上涨。</p>
</div><h2>Skepticism May Be The Fuel That Drives CZR Stock</h2>
<div class="lb-trans"><h2>怀疑可能是推动 CZR 股票的动力</h2>
</div><p>Ordinarily, a sharp rise in bearish pressure is not conducive for the target security. That's the situation CZR stock faces, which currently carries a short interest of 14.8% of its float. Also, its short interest ratio is 4.9 days to cover, which means that it would take nearly a business week for traders to fully unwind their short exposure.</p>
<div class="lb-trans"><p>通常，空头压力的急剧上升对目标证券并不利。这正是 CZR 股票所面临的情况，目前其空头头寸占流通股的 14.8%。此外，其空头头寸比率为 4.9 天，这意味着交易者需要近一周的时间才能完全解除其空头头寸。</p>
</div><p>While it's always difficult to decisively determine intent from one or two data points, the aforementioned metrics suggest that the bears who are betting against CZR stock are relatively committed to the downside trade. This assertion wouldn't be surprising given legitimate concerns of stagflation and other fundamental headwinds impacting the casino entertainment business.</p>
<div class="lb-trans"><p>虽然从一两个数据点中确定意图总是很困难，但上述指标表明，押注 CZR 股票下跌的空头相对坚定。这一说法并不令人惊讶，因为赌场娱乐业务面临着滞涨和其他基本阻力的合理担忧。</p>
</div><p>Still, being pessimistic on a downtrodden name is hardly a risk-free venture, especially in a meme-friendly environment. All it takes is for enough speculators to push the target security beyond critical mass — a phenomenon known as the short squeeze. Basically, the rush to cover a short position creates buying pressure. If the stars align, that moment could come soon.</p>
<div class="lb-trans"><p>不过，对一个处于低迷状态的公司持悲观态度并不是一种无风险的投资，尤其是在一个友好的社交媒体环境中。只需足够的投机者推动目标证券超越临界点——这一现象被称为空头挤压。基本上，平仓的冲动会产生购买压力。如果时机合适，这一时刻可能会很快到来。</p>
</div><p>From January 2021 to early September 2025, the correlation coefficient between CZR stock and its short interest (as a percentage of float) landed at -50.62%. In statistical language, this would be considered a weak inverse relationship, meaning that as short interest rises, CZR tends to fall in value.</p>
<div class="lb-trans"><p>从 2021 年 1 月到 2025 年 9 月初，CZR 股票与其空头头寸（占流通股的百分比）之间的相关系数为 -50.62%。用统计学的语言来说，这被视为一种弱的反向关系，意味着随着空头头寸的上升，CZR 的价值往往会下降。</p>
</div><p>What's interesting, though, is that from June of last year, the correlation coefficient between the aforementioned metrics clocked in at -80.66%. That's a strong inverse relationship. Further, if this relationship continues to hold, then a bullish reversal in CZR stock could materialize. That's because these two data points are at opposite ends relative to each other.</p>
<div class="lb-trans"><p>有趣的是，从去年 6 月开始，上述指标之间的相关系数为 -80.66%。这是一种强的反向关系。此外，如果这种关系继续保持，那么 CZR 股票可能会出现看涨反转。这是因为这两个数据点相对彼此处于相反的端点。</p>
</div><p>Finally, it's not an orthodox methodology but heuristically, CZR's short interest may be in the middle of charting a head-and-shoulders pattern. If so, this may imply that the stock and its short interest may do a switcheroo.</p>
<div class="lb-trans"><p>最后，这不是一种正统的方法，但从经验上看，CZR 的空头头寸可能正处于形成头肩形态的中间。如果是这样，这可能意味着股票及其空头头寸可能会发生反转。</p>
</div><h2>Taking A Staggered Approach With Caesars Entertainment</h2>
<div class="lb-trans"><h2>对 Caesars Entertainment 采取分阶段的方法</h2>
</div><p>Over the long-term framework, the bulls may attempt to drive CZR stock to the $40 target, which is roughly where it traded early this year before collapsing. However, exactly when a potential short squeeze might materialize is anyone's guess. It may be prudent, then, to consider acquiring a position in the open market. This way, you don't have to worry about expiration dates.</p>
<div class="lb-trans"><p>在长期框架内，多头可能会试图将 CZR 股票推向 40 美元的目标，这大致是它在今年初交易时的水平，然后才崩溃。然而，潜在的空头挤压何时会出现仍然是个未知数。因此，考虑在公开市场上建立一个头寸可能是明智的。这样，你就不必担心到期日。</p>
</div><p>For an options-specific trade, I'm tempted by the 28/29 bull call spread expiring Nov. 21. This transaction involves buying the $28 call and simultaneously selling the $29 call, for a net debit paid of $37 (the most that can be lost in the trade).</p>
<div class="lb-trans"><p>对于特定的期权交易，我对 28/29 的看涨价差交易感兴趣，该交易将于 11 月 21 日到期。该交易涉及购买 28 美元的看涨期权，同时出售 29 美元的看涨期权，净支出为 37 美元（这是交易中可能损失的最大金额）。</p>
</div><p>Should CZR stock rise through the second-leg strike price ($29) at expiration, the maximum profit is $63, a payout of over 170%. Breakeven lands at $28.37, which is about 7.4% above the current market price. In any other circumstance, that would be considered outrageously aggressive. However, a short squeeze can be explosive.</p>
<div class="lb-trans"><p>如果 CZR 股票在到期时突破第二个行使价（29 美元），最大利润为 63 美元，收益超过 170%。盈亏平衡点为 28.37 美元，约为当前市场价格的 7.4% 以上。在其他情况下，这将被视为极具攻击性的。然而，空头挤压可能是爆炸性的。</p>
</div><p>It's not a trade for everyone. That said, if you're looking for the next big speculative idea beyond artificial intelligence and quantum computing, CZR stock could be it.</p>
<div class="lb-trans"><p>这并不是适合所有人的交易。也就是说，如果你在寻找超越人工智能和量子计算的下一个重大投机机会，CZR 股票可能就是它。</p>
</div><p><strong><em>The opinions and views expressed in this content are those of the individual author and do not necessarily reflect the views of Benzinga. Benzinga is not responsible for the accuracy or reliability of any information provided herein. This content is for informational purposes only and should not be misconstrued as investment advice or a recommendation to buy or sell any security. Readers are asked not to rely on the opinions or information herein, and encouraged to do their own due diligence before making investing decisions.</em></strong></p>
<div class="lb-trans"><p><strong><em>本文中表达的意见和观点仅代表个人作者的观点，并不一定反映 Benzinga 的观点。Benzinga 对本文中提供的任何信息的准确性或可靠性不承担责任。本文仅供信息参考，不应被误解为投资建议或买卖任何证券的推荐。读者被要求不要依赖本文中的意见或信息，并在做出投资决策之前进行自己的尽职调查。</em></strong></p>
</div><ul>
<li><strong>Options Corner: Joby Aviation’s Steep Discount Opens A Contrarian Opportunity For Aggressive Traders</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>期权角落：Joby Aviation 的大幅折扣为激进交易者提供了对立机会</strong></li>
</ul>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

Options Corner: Roll The Dice On A Potential Sentiment Reversal For Caesars Entertainment

- Caesars Entertainment Inc. 的股票自年初以来下跌超过 21%。  
- 美联储将基准利率下调 25 个基点，可能推动公司投资。  
- 大型交易者对 Caesars 的前景变得更乐观，可能出现短期反弹。

期权专栏：押注凯撒娱乐可能出现的市场情绪逆转