Caesars Entertainment Corporation inks Carl Icahn agreement

American land-based casino operator, Caesars Entertainment Corporation, has announced the signing of a deal with Carl Icahn (pictured) which has seen it permit the billionaire investor to name a trio of new directors to its board.

Tactical trio:

The Las Vegas-headquartered firm used an official Friday press release to detail the agreement has involved James Nelson, Courtney Mather and Keith Cozza replacing three others as the latest members of its board of directors. The firm explained that the agreement will also allow Icahn, who controls a few 9.78percent of its outstanding shares, to appoint a fourth agent if it not name a new Chief Executive Officer from April 15.

Share slump:

Caesars accounts for approximately 25 casinos such as the iconic Caesars Palace Las Vegas Hotel and Casino but has seen that the value of its stocks decline by approximately 30% over the course of the previous year. To halt this rust, 83-year-old Icahn has publicly announced he would like the company to merge with a rival operator or locate a new owner that will allow it to fulfill its potential.

Enhancing investor value:

James Hunt, Chairman for Caesars Entertainment, said that the 3 new members of his company ’s board of directors ‘deliver varied and relevant experience’ and also will assist the operator ‘to further improve value for all investors. ’

Hunt’s statement read…

“Considering the completion of Caesars Entertainment Corporation’s restructuring, we have been undergoing a strategic process to produce value and we will continue that process working together with our brand new directors. On behalf of the whole board and Caesars Entertainment Corporation’s almost 68,000 employees, I want to thank our departing manager colleagues to their distinguished and tireless service to the provider. ”

Future investigation:

For his part, Icahn proclaimed the new comprehension is set allowing Caesars to run ‘a comprehensive strategic procedure ’ in order to decide whether ‘to sell or merge’ its own assets. He moreover pronounced that such an exercise will allow the operator ‘to further build its already strong regional presence’ in order to bring additional players to its vegas properties.

Icahn’s statement read…

“I expect this to make Caesars Entertainment Corporation that the most powerful competitor in Las Vegas, the gambling capital of the world. Caesars Entertainment Corporation are a great opportunity for certain investors that have already expressed interest and I’m grateful the board will investigate those opportunities. Independent of strategic alternatives, ” I believe Caesars Entertainment Corporation should also be focused on leadership series, disciplined capital allocation, improving operating performance and optimizing real estate and other resources. ”