Earlier last week, we reported several stories circulating around the 83-year-old billionaire Carl Icahn. Well, he’s back in the headlines once again! Up until now, Icahn held a 9.8% stake in Caesars Entertainment. So if you thought he held weight over the casino then, wait until you read this!
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A Closer Look into Icahn’s Investments
At this point, everyone knows Icahn’s motivation behind his bold investments into Caesars. But if you’re new to this story, the truth is he’s pushing for a quick sale. However, Caesars continues to decline offers, but they’re still keeping the option on the table. Perhaps, just to keep the old man off their backs. So, the future state of the casino resort lies in limbo as it weighs out its options going forward.
Considering the fact that Icahn doesn’t have much time left on his biological clock, he’s starting to get impatient. With that in mind, he recently upped his stake in the casino from 9.8% to 15.5%. Which, is almost a 50% increase in a matter of weeks. Now, we all know his investments into Caesars isn’t to see the casino prosper in the future after he’s long gone. So it’s clear where his motivation is coming from.
Now that Icahn is the single largest shareholder in Caesars, his corporate decision making in the NJ casino just got much louder. As a result, two private equity firms in the casino announced plans to pull their investments in the company. Which, is probably what Icahn wants to happen. With them out of the picture, a sale might come a lot sooner than later. In response, Icahn said he’s preparing to further up his stakes in Caesars. If he does that, then it’s likely even more investors will pull out. So as this story continues to unfold, stay tuned to the next episode!