Company: Caesars Entertainment Corporation
Family Name: Icahn
Given Name: Carl
Role: Major Stockholder
Profile: Born in New York City and beginning his career as a stockbroker, Icahn became one of the most famous corporate raiders and activist shareholders. Through these activities, he became a billionaire and one of the richest people in the world. Although his interests are wide-ranging, the gaming industry has long been one of the areas in which he has sometimes made major investments.
Caesars Entertainment built up one of the strongest ground games among the international operators campaigning for an IR license, but instability at the parent company in Las Vegas undermined the local team’s efforts, and has now caused the company to become the first major IR operator to pull out of the Japanese market.
Eldorado Resorts has bought Caesars Entertainment in a deal worth, including debt, about US$17.3 billion, in a deal which creates the largest US IR operator.
Caesars Entertainment has named Anthony Rodio as its new CEO to replace outgoing Mark Frissora, according multiple news reports in the United States.
Caesars Entertainment and Eldorado Resorts are in preliminary talks about a merger, Reuters reports, citing people familiar with the matter.
Activist investor Carl Icahn again raised his stake in Caesars Entertainment on Monday and is likely to push for a sale of the operator, though Las Vegas Sands is the only one with the funds for a cash-based takeover, Bernstein Research said.
Caesars Entertainment agreed last week to allow investor Carl Icahn to appoint three directors to its company board, indicating that a substantial change of policy direction is in the offing as Mark Frissora steps down at the end of April.
The release of unexpectedly positive financial results on February 21 did nothing to calm speculation around the future of Caesars Entertainment, as the company’s single-largest shareholder, Canyon Partners, joined investor Carl Icahn and others in calling for the company to be sold.
The future direction of Caesars Entertainment became even less clear after it was reported by the Wall Street Journal that Carl Icahn, who holds a roughly 10% stake in the company, is urging Caesars to sell itself, showing his lack of confidence in the current leadership.