Carl Icahn the rich dude who blows up companies owns 10% of Ceasers and wants to force a sale

[ftpjesus]

This just came out today as well..
From Card Player Magazine:

"Through a filing with the Securities and Exchange Commission on Tuesday, billionaire investor Carl Icahn announced that he owns 10 percent of Caesars Entertainment Corporation.
Icahn wants to use that stake in the Las Vegas-based gaming giant to wield influence in the direction of the company, which he feels should result in a new CEO and/or a sale.. According to the filing, he wants representation on the board and wants to discourage them from appointing a new CEO in the immediate future.
“We believe that our brand of activism is well suited to the situation at Caesars, which requires new thought, new leadership, and new strategies,” the filing adds.
The current CEO of Caesars, Mark Frissora, was scheduled to leave his position in February, but the shareholders decided to extend his time in the role through April. Icahn doesn’t want Frissora at the helm any longer than that and is planning on nominating a list of candidates to take his place, if necessary.
Over the last few months, Icahn has been building a position in the company because he feels that the stock is undervalued. The founder and controlling shareholder of Icahn Enterprises believes that the best way to boost the value of the stock is to sell it.
Other major investors are onboard with the Icahn’s plan. Tilman Fertitta, another billionaire and owner of Landry’s Inc., which owns Golden Nugget LLC., reportedly bought 4 million shares of Caesars after hearing about Icahn’s stake.
Caesars has been approached twice by other casino operators with an offer to buy the company’s assets dating back to last year. Golden Nugget LLC and Eldorado Resorts Inc. both made offers. Both were rejected by Caesars shareholders.
The market reacted positively to the news of Icahn’s stake in Caesars. Since the announcement of the filing on Tuesday, the price of Caesars’ stock rose five percent. It’s up 42 percent this year but is still down 27 percent over the last 12 months.
Icahn has a history of success in selling gambling companies. Last year, he sold Tropicana Entertainment Company to Eldorado for $1.85 billion.
Caesars filed for bankruptcy in 2017, but has since recovered and is now just heavily in debt. The company has about $9.6 billion in debt, which is just less than half of the $25.6 billion in debt it held when it filed for bankruptcy about two years ago.
Any deal made by Caesars Entertainment would likely have little effect, if any, on the World Series of Poker. While Caesars owns the WSOP brand, it is under Caesars Interactive Entertainment, which was not involved in the bankruptcy proceedings."

[TheXFactor]

Caesars Entertainment inc. only has a market cap now of $6.3 Billion. I doubt that they will take Carl Icahn's advice and sell the company. Mostly likely they will buy him out and tell him to fuck off.

The reason that Caesars is so "undervalued" is because they committed bankruptcy fraud by placing their most valuable assets in a separate public company Vici Properties that has a current market cap of $8.7 Billion. 22 hotels, casinos, race tracks and golf courses. They did this to avoid paying creditors. Caesars Entertainment actually leases their properties from Vici which they control.

Caesars Interactive Entertainment is a private company separate from those companies. They own the WSOP brand and have close to 10,000 employees.

Caesars Palace was best known for being in the movie The Hangover which was a story about a bunch of drunks getting fucked up in Las Vegas. These drunks could have done a far better job running the company than Caesars executives.

[GambleBotsChafedPenis]

if memory serves the dipshit PE guys that did the LBO of the evil empire did so in 2006, the height of gaming revenues of their second biggest market (AC)...I don't know if after bankruptcy and spinning some of the equity back out if they've managed to make any money on the deal...vegas is vegas so that has probably helped things, but remember the evil empire owns a ton of shitty casinos that are probably profitable, but not so much so that they were able to service the debt load of the LBO...

this will be interesting...