Caesars put volume heavy and directionally bearish

Bearish flow noted in Caesars with 3,860 puts trading, or 1.5x expected. Most active are Feb-23 30 puts and Jan-23 49 puts, with total volume in those strikes near 2,600 contracts. The Put/Call Ratio is 1.66, while ATM IV is up over 1 point on the day. Earnings are expected on February 21st.