The billionaire American businessman supporting the Soho House series of private members clubs, Ronald Burkle (pictured), has reportedly approached Caesars Entertainment Corporation concerning the possibility of buying its giant Rio All-Suite Las Vegas Hotel and Casino.
Venture funding expertise:
Based on a Wednesday report from the star information and gossip domain at PageSix.com, 66-year-old Burkle is also the managing partner for private equity and venture capital company, The Yucaipa Companies, also has been recently spotted in the last month’s Super Bowl LIII at the company of Brazilian model and celebrity, Gisele Bundchen.
Change of direction:
The Las Vegas-headquartered company is responsible for approximately 25 casinos across the United States including the iconic Caesars Palace Las Vegas Hotel and Casino but has witnessed the value of its shares fall by approximately 30% over the course of the year. This decrease recently prompted dominant investor, Carl Icahn, who holds an almost 10% stake in Caesars, to ink a deal that involved with the casino company naming of a new trio of supervisors to its board. These executives are now thought to be investigating the possibility of offloading the whole company or merging it with a rival such as MGM Resorts International or Eldorado Resorts Incorporated.
Diverse holdings:
PageSix.com reported that The Yucaipa Companies, which was established by Burkle in 1986, is dedicated to revitalizing the fortunes of underperforming businesses with its current interests surrounding stakes in numerous retailers including Barneys New York Incorporated and the Fresh and Easy series of British retailer Tesco.
Sibella setup:
Caesars Palace Las Vegas casino Traders vote to join UAW
Restricted pool for Caesars Entertainment Corporation buyers
