Caesars Entertainment has held talks with Icahn

Caesars Entertainment has held talks with Icahn Photo: AP

February 20, 2019 08:21 AM

LAS VEGAS (AP) — Caesars Entertainment said Wednesday that it has held discussions with billionaire investor Carl Icahn, who began pushing for fundamental changes this week after revealing a 10 percent stake in casino and resort.

In a filing with the Securities and Exchange Commission on Tuesday, Icahn said he wanted to the company to pursue a sale while making leadership changes, and add some of his own choices to the board.

Advertisement

Caesars said Wednesday that it is evaluating Icahn's ideas and will continue to listen to the activist investor.

In Tuesday's filing, Icahn also said he wants a say in who the company appoints to replace CEO Mark Frissora, who guided Caesars through its $18 billion bankruptcy in 2017. Frissora was scheduled to leave his position this month but that departure was pushed back to the end of April. Icahn said he doesn't want Fissora's tenure extended again and expects the company put off appointing a new leader until after he and the board have engaged "meaningfully."

Shares of the Las Vegas company jumped more than 5 percent Tuesday on news of Icahn's involvement, but are still down 27 percent from a year ago.

Caesars reports fourth-quarter earnings results on Thursday.

Connect with KSTP


Join the conversation on our social media platforms. Share your comments on our Facebook, Instagram, and Twitter pages.

Credits

(Copyright 2019 by The Associated Press. All Rights Reserved.)

Advertisement

Police investigating fatal crash involving pedestrian in St. Paul

Minnesota millionaire receives food stamps; Lawmaker tries to close loophole

Bridge closings on Minnesota River announced as flooding continues

Hands-free bill not a done deal yet in Minnesota Senate

Flooding leaves just one way in and out of Henderson

NCAA Tournament: Let the games begin

Advertisement