Icahn isn’t the only billionaire who has recently taken an interest in Caesars.<\/p>\n
Tilman Fertitta, whose Landry’s empire includes Golden Nugget casino resorts in Nevada, New Jersey, Louisiana, and Mississippi, offered a reverse takeover last fall for the company. The proposal would have paid each Caesars share $13, and put Fertitta in the role of CEO of the merged company.<\/p>\n
\nCaesars responded to the pitch, “The Board considered the proposal, in consultation with its legal and financial advisors, and determined that it is not consistent with the Company’s plans to create and enhance shareholder value over the long term. The Board has informed Golden Nugget of its decision.”<\/p>\n<\/blockquote>\n
Along with Fertitta’s Golden Nugget, MGM Resorts was said to be considering a Caesars acquisition proposal. However, no formal offer was ever presented, and analysts issued warnings that a merger might cause monopoly concerns in Las Vegas.<\/p>\n
“We seriously doubt that, even if there are such discussions, they will go anywhere,\u201d Nomura analyst Harris Curtis said in November. “We reiterate our positive view on Caesars Entertainment, which is based not on a takeover premium but on improving operational performance with a new CEO, as well as stronger demand trends in Las Vegas next year.”<\/strong><\/p>\nThe hunt for Frissora’s replacement continues. Caesars says it’s working “with a nationally recognized search firm” to identify his successor.<\/p>\n","protected":false},"excerpt":{"rendered":"
Carl Icahn, the billionaire activist investor who sold Tropicana Entertainment last year and retains ownership of Trump Entertainment Resorts, is said to be building a substantial stake in Caesars Entertainment. CNBC said last week that while the size of Icahn’s Caesars investment wasn’t immediately known, “sources familiar with the situation” told the business media outlet […]<\/p>\n","protected":false},"author":25,"featured_media":96084,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18,1],"tags":[],"acf":[],"yoast_head":"\n
Carl Icahn Returning to Gaming Industry With Caesars Investment<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n