Caesars Entertainment sits with billionaire investor Icahn



Caesars Entertainment said Wednesday it had discussed with billionaire investor Carl Icahn, who had begun calling for fundamental changes this week after revealing a 10% stake in the casino operator.

Caesars said he was evaluating Icahn 's ideas and would continue to listen to the activist investor. The company's comments come one day after Icahn stated in a document filed with the Securities and Exchange Commission that he wanted the company to pursue a sale while making changes to the management of its business and adding some of his own choices on the board of directors.

"Caesars Entertainment regularly engages with our shareholders and considers their ideas and contributions regarding shareholder value," the company said in a statement. "The company intends to carefully evaluate Mr. Icahn's suggestions, including his request for representation on the board."

In his Tuesday report, Icahn said that Caesars' shares were undervalued and that the best way to stimulate them was to sell the company. He also revealed that he wanted to have a say in the appointment of the company to the position of CEO, Mark Frissora, who had guided Caesars in the reorganization of his bankruptcy that had lasted for over two years.

Frissora had to leave his post this month, but this departure was postponed until the end of April. Icahn said that he did not want Frissora's term to be extended and that he expected the company to postpone the appointment of a new officer until that date. that the board of directors and himself have committed "significantly".

The casino giant came out of a $ 18 billion bankruptcy in October 2017. It operates more than 35 casinos in the United States. Its casino complexes operate primarily under the brands Caesars, Harrah's and Horseshoe.

Shares of the Las Vegas – based company jumped more than 5% Tuesday on the announcement of Icahn 's involvement, but were still down 27% from the previous year. last year.

Caesars Announces Fourth Quarter Financial Results Thursday


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