Caesars to Appraise Carl Icahn sale push as billionaire investor Reveals 10% stake at the Las Vegas hotel and casino giant
Casino and hospitality giant Caesars Entertainment Corp. said in a statement from today that it has engaged in discussions with activist investor Carl Icahn and will consider all of his suggestions concerning the operator’s future.
The organization ’s statement arrives a day after Mr. Icahn revealed that he has purchased roughly a 10% stake at Caesars in a filing with the US Securities and Exchange Commission. The billionaire investor confirmed that he is pressing for the resort and casino operator’s purchase.
Caesars’ chief operating unit emerged out of a complex Chapter 11 bankruptcy at the autumn of 2017. The business subsequently embarked on a multi-pronged growth strategy trying to boost both the gaming and non-gaming sections of its business and to decrease an enormous debt.
Caesars said in its statement from earlier today that it is pursuing organic growth through investing at the innovation of its own core gaming industry , leveraging its loyalty and advertising applications, and capitalizing on emerging trends. The business proceeded on that its approach includes inorganic growth through strategic acquisitions and brand licensing opportunities.
In its statement, the operator pointed out that it has engaged in discussions with Mr. Icahn, as it does with all its shareholders, and that it will appraise all of his suggestions concerning stockholder value and how it could be improved.
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” The activist investor has built a 9.78% stake at the Las Vegas gaming and hospitality powerhouse over the last couple of months.
Reports concerning Mr. Icahn’s curiosity about Caesars first emerged in January. Those were further fueled last week, when the Wall Street Journal reported the president has taken a stake of about 10% in the casino operator.
Mr. Icahn also explained in his filing that he plans to nominate “a slate of directors” to the board during Caesars’ annual shareholders meeting he plans to begin discussions with other investors “to know their viewpoints and priorities. ”
Caesars stocks jumped 5 percent on news of Mr. Icahn’s participation. The business is set to report its fourth-quarter and full-year results on Thursday.
It also appeared over the weekend which Golden Nugget proprietor, Tilman Fertitta, has, also, bought stock in Caesars and that he is still interested in merging his very own gaming company with this of the Las Vegas giant. Mr. Fertitta made an offer to purchase Caesars and step in because its CEO past fall, but discussions over a possible deal fell through.
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