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Caesars Climbs After Announcing Cutback in Sports Betting Spend

Caesars Entertainment Inc. jumped in after hours trading after the company said it would sharply reduce advertising spending for sports betting after accomplishing its customer acquisition goals.

“You are going to see us dramatically curtail our traditional media spend effectively immediately,” Caesars Chief Executive Officer Tom Reeg told investors on a conference call Tuesday. “We set out to become a significant player and it’s happened significantly quicker than we thought.”