{"id":321333,"date":"2024-05-31T14:40:49","date_gmt":"2024-05-31T19:40:49","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=321333"},"modified":"2024-05-31T15:09:27","modified_gmt":"2024-05-31T20:09:27","slug":"carl-icahn-has-new-caesars-stake-not-considering-activism","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/","title":{"rendered":"Carl Icahn Takes New Caesars Stake, Not Looking at Activism"},"content":{"rendered":"

Shares of Caesars Entertainment (NASDAQ: CZR) surged Friday after it was revealed that Carl Icahn has built a large position in the gaming stock.<\/p>\n

\"Carl
Activist investor Carl Icahn has taken a new stake in Caesars Entertainment. (Image: Chip East\/Bloomberg<\/em> via Getty)<\/figcaption><\/figure>\n

In late trading, shares of the Harrah\u2019s operator are up 11% on volume that\u2019s more than five times the daily average after trading higher by as much as 18% on news of the Icahn stake. That puts the stock on pace for its best intraday showing in 18 months. News of Icahn initiating a new position in the casino arrived as the stock has shed nearly a quarter<\/a> of its value this year.<\/p>\n

I like Caesars and I own some stock, I would never do activism in Caesars,\u201d Icahn reportedly said in an interview with CNBC<\/em>\u2019s Scott Wapner.<\/p><\/blockquote>\n

The exact size of Icahn\u2019s position isn\u2019t yet known. On the air, Wapner said he got the impression Icahn might debate that the stake is, in fact, large, but \u201clarge\u201d can be a relative term to investors like Icahn. More details should be available when Form 13F filings<\/a> for the second quarter are released, but that won\u2019t happen until late July or August.<\/p>\n

Icahn, Caesars Have History<\/h2>\n

While Icahn said he\u2019s not planning activist moves with Caesars, he\u2019s familiar with the company and has previously pushed for change there.<\/p>\n

\n

In 2019, Icahn Enterprises took a roughly 10% stake in \u201cold Caesars,\u201d positioning him to later become the architect of the $17.3 billion acquisition<\/a> by Eldorado Resorts \u2013 the transaction that created \u201cnew Caesars.\u201d Eldorado management, including CEO Tom Reeg, now run the show at Caesars. Icahn reportedly has ample respect for Caesars ‘current management team, including Reeg, and that may have been some of his motivation for investing in the company a second time.<\/p>\n<\/div>\n

Icahn is one of the most successful, well-known activist investors of all time. When those market participants get involved in a company, they typically push for board seats and some form of change, be it the shedding of lagging assets, spin-offs, or outright sales.<\/p>\n

It\u2019s possible that Icahn could later shift to activist from passive investor in Caesars, but for now, it appears his renewed affinity for the stock stems from its status as a value play and the point that the Las Vegas Strip continues experiencing strong demand. Caesars, which is the second-largest operator on the Strip, has been heralded as a value idea<\/a> by some other professional investors.<\/p>\n

Icahn Has Lengthy Gaming Industry History<\/h2>\n

In addition to pushing old Caesars to accept the Eldorado acquisition offer, Icahn has long-running imprints on the gaming industry, including buying a pair of bankrupt Atlantic City operators, Tropicana Entertainment, and Trump Entertainment Resorts.<\/p>\n

That’s to say, he\u2019s knowledgeable of the business and could be of assistance to Caesars should management want to tap his experience.<\/strong><\/p>\n

The gaming company has been criticized for its large debt burden, which stood at $12.436 billion at the end of the first quarter, and some investors have signaled they\u2019d like to see Caesars more rapidly reduce that figure. On the firm\u2019s first-quarter earnings conference call, Reeg said Caesars is open to selling<\/a> \u201cnoncore\u201d assets though he didn\u2019t elaborate on what those could be. He did, however, note the company runs some gaming venues \u201cthat produce very little or no cash flow\u201d and aren\u2019t essential to its long-term plans.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Caesars Entertainment (NASDAQ: CZR) surged Friday after it was revealed that Carl Icahn has built a large position in the gaming stock. In late trading, shares of the Harrah\u2019s operator are up 11% on volume that\u2019s more than five times the daily average after trading higher by as much as 18% on news […]<\/p>\n","protected":false},"author":46,"featured_media":43401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,81886],"tags":[81903,81898,23],"acf":[],"yoast_head":"\nCarl Icahn Has New Caesars Stake, Not Considering Activism<\/title>\n<meta name=\"description\" content=\"Carl Icahn Takes New Caesars Stake, Not Looking at Activism.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carl Icahn Has New Caesars Stake, Not Considering Activism\" \/>\n<meta property=\"og:description\" content=\"Carl Icahn Takes New Caesars Stake, Not Looking at Activism.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-31T19:40:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-31T20:09:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/01\/Carl-Icahn-to-surrender-Trump-Taj-gaming-license.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1536\" \/>\n\t<meta property=\"og:image:height\" content=\"864\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/\",\"url\":\"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/\",\"name\":\"Carl Icahn Has New Caesars Stake, Not Considering Activism\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/01\/Carl-Icahn-to-surrender-Trump-Taj-gaming-license.jpg\",\"datePublished\":\"2024-05-31T19:40:49+00:00\",\"dateModified\":\"2024-05-31T20:09:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Carl Icahn Takes New Caesars Stake, Not Looking at Activism.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/01\/Carl-Icahn-to-surrender-Trump-Taj-gaming-license.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/01\/Carl-Icahn-to-surrender-Trump-Taj-gaming-license.jpg\",\"width\":1536,\"height\":864,\"caption\":\"Activist investor Carl Icahn. He said he took a new stake in Caesars Entertainment. (Image: Chip East\/Bloomberg via Getty)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Carl Icahn Takes New Caesars Stake, Not Looking at Activism\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Carl Icahn Has New Caesars Stake, Not Considering Activism","description":"Carl Icahn Takes New Caesars Stake, Not Looking at Activism.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/","og_locale":"en_US","og_type":"article","og_title":"Carl Icahn Has New Caesars Stake, Not Considering Activism","og_description":"Carl Icahn Takes New Caesars Stake, Not Looking at Activism.","og_url":"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2024-05-31T19:40:49+00:00","article_modified_time":"2024-05-31T20:09:27+00:00","og_image":[{"width":1536,"height":864,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/01\/Carl-Icahn-to-surrender-Trump-Taj-gaming-license.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/","url":"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/","name":"Carl Icahn Has New Caesars Stake, Not Considering Activism","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/01\/Carl-Icahn-to-surrender-Trump-Taj-gaming-license.jpg","datePublished":"2024-05-31T19:40:49+00:00","dateModified":"2024-05-31T20:09:27+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Carl Icahn Takes New Caesars Stake, Not Looking at Activism.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/01\/Carl-Icahn-to-surrender-Trump-Taj-gaming-license.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/01\/Carl-Icahn-to-surrender-Trump-Taj-gaming-license.jpg","width":1536,"height":864,"caption":"Activist investor Carl Icahn. He said he took a new stake in Caesars Entertainment. (Image: Chip East\/Bloomberg via Getty)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/carl-icahn-has-new-caesars-stake-not-considering-activism\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Carl Icahn Takes New Caesars Stake, Not Looking at Activism"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/321333"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=321333"}],"version-history":[{"count":5,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/321333\/revisions"}],"predecessor-version":[{"id":321356,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/321333\/revisions\/321356"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/43401"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=321333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=321333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=321333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}