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Carl Icahn owns sizable stake in Caesars Entertainment: report

Activist investor Carl Icahn owns a significant stake in casino operator Caesars Entertainment. Bloomberg News reported. The sources, who were not involved in the matter, said the move on Friday.

The company’s shares rose 15% following the report.

The size of Icahn’s stake in the company is unclear, the report added.


Shares of Caesars Entertainment, owner of Caesars Palace on the Las Vegas Strip, rose 15%. Reuters

The casino operator, which owns Caesars Atlantic City and Caesars Palace, reported first-quarter results that fell short of expectations but were offset by lower table occupancy at its Las Vegas unit.

In February 2019, the billionaire investor urged Caesars to sell after revealing he owned a 9.78% stake in the company.

Icahn pushed for the sale of the company after Caesars rejected a merger proposal from Tilman Fertitta, the billionaire owner of the Golden Nugget casino, in 2018.

The activist investor said at the time that he was seeking representation on Caesars’ board of directors, including the ability to nominate director candidates at the company’s 2019 annual meeting.

Months after Caesars struck a deal with Icahn and appointed three new directors to its board, Eldorado Resorts agreed to buy rival Caesars Entertainment Inc. for about $8.5 billion in cash and stock.

Icahn said he was “pleased” with the deal announcement.


Carl Icahn
In February 2019, the billionaire investor urged Caesars to sell after revealing he owned a 9.78% stake in the company. Reuters

Following the completion of the merger in July 2020, the combined company decided to retain the Caesars name to leverage the value of its iconic global brand.

Icahn disclosed in a filing in 2020 that he had cancelled his stake in the company.

Representatives for Caesars and Icahn did not immediately respond to Reuters requests for comment.

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