Without a doubt, Carl Icahn has a lot of foes in the casino industry. However, his name holds a lot of weight and so does his word. With this in mind, Caesars in Atlantic City seems to rely on his recommendations and opinions heavily. In fact, Icahn only has a 9.78% stake in the casino, but he pulls strings as if he owns the joint.
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Caesars In Motion
At the beginning of the month, Caesars announced the appointment of three new members to its Board of Directors. Not to mention, Icahn personally hand-selected all three himself. Now, everyone in the industry knows Icahn is pushing hard for an outright sale or a merger. So, it’s likely he could be putting all his key men in position to make this happen. According to Caesars, Keith Cozza, James Nelson, and Courtney Mather are the casino’s newest directors to join the team. At the same time, three Board members stepped down after receiving word of the new appointments, although their reasons are unclear. Also, Icahn is looking for a new CEO to replace Mark Frissora, so it’s possible he’ll personally select him too. At the end of the day, Icahn only wants a sale to take place, and he’s willing to do whatever to make it happen!
Possible Golden Nugget Caesars Merger
In a statement issued by Caesars last Friday, the idea of merging with another casino isn’t completely off the table yet. As the New York billionaire pointed out, “Caesars would be a great opportunity for certain investors who already have an interest.” At the moment, it’s not clear who these particular investors are, but we’ve got a clue. If you remember, last fall Golden Nugget owner Tilman Fertitta made an offer to combine the two NJ casinos. Caesars didn’t accept the offer, but Fertitta hasn’t given up yet. So, there’s definitely a huge chance here that Icahn is referring to the Texas businessman in his comments. At this point, we’ll have to wait to see how this all unfolds. After all, this is a huge story, and it’s still developing as we speak!