International edition
July 20, 2019

The size of the stake is not yet known

Billionaire Carl Icahn builds stake in Caesars Entertainment

Billionaire Carl Icahn builds stake in Caesars Entertainment
Last year, Icahn cashed out his stake in Tropicana Entertainment, selling it for $1.85 billion to Gaming and Leisure Properties and Eldorado Resorts.
United States | 01/11/2019

As reported by CNBC, the activist and investor is building a stake in the casino operator.

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illionaire activist investor Carl Icahn is building a stake in casino company Caesars Entertainment, CNBC reported. The size of Icahn's stake is not immediately known.

Caesars shares jumped more than 5.5 percent on Friday. The shares dropped 46 percent last year.

Last year, Tilman Fertitta, owner of the Houston Rockets and Landry's, proposed a deal of $13 cash and stock for Caesars.

Fertitta would have been chairman and CEO of the combined company, sources told CNBC at the time.

The activist hedge fund Starboard Value has reportedly been building a modest stake in MGM Resorts International. MGM is on a cost-cutting initiative to boost profit by $300 million annually.

Last year, Icahn cashed out his stake in Tropicana Entertainment, selling it for $1.85 billion to Gaming and Leisure Properties and Eldorado Resorts. In 2017, he sold the shuttered Trump Taj Mahal casino in Atlantic City to Hard Rock International.

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