Activist investor Carl Icahn has a large position in casino operator Caesars Entertainment, Bloomberg News reported Friday citing sources acquainted with the matter.
Shares of the corporate jumped 12% to shut at $35.56. The stock remains to be down 24% this 12 months.
The scale of Icahn’s stake in the corporate couldn’t be learned, the report added.
Shares of Caesars Entertainment, which owns Caesars Palace on the Las Vegas Strip, jumped 12%. REUTERS
The casino operator, which runs Caesars Atlantic City and Caesars Palace, missed market expectations for first-quarter results, offset by low table hold in its Las Vegas segment.
In February 2019, the billionaire investor, after disclosing a 9.78% stake in the corporate, had urged Caesars to sell itself.
Icahn’s push for the corporate’s sale got here after Caesars had rejected a merger approach in 2018 by Tilman Fertitta, the billionaire owner of Golden Nugget Casinos.
The activist investor had said on the time that he was in search of board representation at Caesars, including the nomination of a slate of directors at the corporate’s annual general meeting in 2019.
Months after Caesars struck a cope with Icahn and three recent directors were appointed to its board, Eldorado Resorts agreed to purchase rival Caesars Entertainment for about $8.5 billion in money and stock.
Icahn had said he was “pleased” with the announcement of the deal.
In February 2019, the billionaire investor, after disclosing a 9.78% stake in the corporate, had urged Caesars to sell itself. REUTERS
Following the completion of the merger in July 2020, the combined company decided to retain the name as Caesars to capitalize on the worth of the long-lasting global brand.
In 2020, Icahn disclosed in a filing that he dissolved his stake in the corporate.
Caesars and representatives for Icahn didn’t immediately reply to Reuters’ requests for comment.
