Carl Icahn Gains Three Seats on Caesars’ Board of Directors

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.

Keith Cozza, Courtney Mather, and James Nelson of the Icahn Group have been appointed to the Caesars board of directors effective immediately. Under certain conditions, Icahn may be allowed to place a fourth member on the board in the coming months.

Icahn has proposed to Caesars that Anthony Rodio, the CEO of the privately-held casino gaming company Affinity Gaming, become the successor to Frissora, though the negotiations are ongoing. Icahn still advocates that Caesars be either sold to new owners or merged with another company.

Last Friday, Icahn commented: “I believe the best path forward for Caesars requires a thorough strategic process to sell or merge the company to further develop its already strong regional presence, which will allow Caesars to continue to take advantage of the Caesars Rewards program bringing more and more players into Caesars’ Vegas market. I expect this to make Caesars the most powerful competitor in Vegas, the gaming capital of the world.”

Caesars’ presence in Asia remains weaker than most of its major Las Vegas rivals, but it is building Caesars Korea in Incheon with an anticipated opening in 2021, and is actively seeking an IR license in Japan. (AGB Nippon)