Caesars Entertainment Inc (NASDAQ:CZR) shares are trading higher by 5.42% to $43.01 during Wednesday's session after the company announced a $500 million share repurchase program after completing its previous buyback. The company announced a proposed $1 billion offering of senior notes.

What To Know: Caesars announced plans to offer $1 billion in senior notes due 2032 in a private placement to qualified institutional buyers.

The proceeds will be used to redeem, repurchase or tender a portion of the company's 8.125% senior notes due 2027, as well as to cover related fees and expenses.

Caesars also says the new notes will not be registered under the Securities Act and can only be sold under specific exemptions to institutional buyers and persons outside the United States.

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What Else: Investors typically view share repurchase programs favorably as they reduce the number of outstanding shares, potentially boosting earnings per share and increasing the value of remaining shares.

Caesars' decision to authorize another buyback suggests that the company believes its stock is undervalued and sees an opportunity to enhance shareholder returns.

How To Buy CZR Stock

By now you're likely curious about how to participate in the market for Caesars Entertainment – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy 'fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, or Amazon.com, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.

In the the case of Caesars Entertainment, which is trading at $43.89 as of publishing time, $100 would buy you 2.28 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to 'go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

According to data from Benzinga Pro, CZR has a 52-week high of $49.65 and a 52-week low of $31.74.