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.
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.
Updated: February 20, 2019 08:21 AM
Created: February 20, 2019 08:08 AM
(Copyright 2019 by The Associated Press. All Rights Reserved.)