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Increasing His Stakes From 9.8 to 15.5 Percent, Icahn Becomes The Single Largest Investor in Caesars
Increasing His Stakes From 9.8 to 15.5 Percent, Icahn Becomes The Single Largest Investor in Caesars
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Increasing His Stakes From 9.8 to 15.5 Percent, Icahn Becomes The Single Largest Investor in Caesars

In just one week, investor Carl Icahn has further expanded his investments in Caesars Entertainment Corp, a US-based casino operator. As mentioned in a filing made to Nasdaq on Friday, last week, Carl Icahn along with other enterprises associated with him are now having stakes worth 15.5 percent, a significant 5.7% more from his previous holdings of 9.8%.

With this new development, Icahn has now become the biggest lone investor in Caesars Entertainment Corp. While everything has been smooth so far, the critics and analysts who have already been voicing their concerns when the 9.8% stakes were reported, are now raising their eyebrows at the possibilities of Icahn influencing Caesars’ business and operational strategies. The new development is giving them all the more reason to justify their apprehensions; more so, as Caesars is a casino operator focusing entirely on the home market.

A statement released earlier this month informed that Icahn would now be allowed to position three directors of his choice in Caesars’ BOD. In between, there has been no official information coming in regards to replacing Caesar Ceo, Mark Frissora. Frissora is expected to quit his position by the end of April this year. However, according to the deal between Icahn and Caesars, Icahn will be entitled to having a 4th director in the event of pending decision for a new chief executive even after 45 days starting March 1.

In terms of revenue generation, Caesar’s group has been trailing behind some of its other competitors, primarily Nevada-based casino operators. Also, while Caesars is entirely US based, some other Nevada-based companies have managed to expand and tap into the markets in Asia.

In a turn of events following the increased stakes of Icahn, Apollo Global Management Holdings GP LLC, have announced to pull their investments in Caesars.
Apollo Global Management LLC and TPG Capital, private equity firms had bailed out Caesars back in 2008 when it was under extreme debts. It happened when Caesar went by the name of Harrah’s Entertainment Inc., until 2010.

It was only in October 2017 when Caesars Entertainment Operating Co Inc, a unit of the Caesars group managed to shrug off the looming threats of bankruptcy completely.
Eyeing at the emerging markets in Asia, the Caesars are already planning to acquire a casino license in Japan. They are also all set to develop a foreigner-only casino resort with a partner in Incheon, South Korea.

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Cameri Ross

Cameri Ross

Cameri is an independent and self employed person, she has expertise in digital marketing and content creation for websites and blogs. Her passion is dancing and singing, especially classical singing.

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