Tom Smith stares at a slot machine screen while gambling at the Empire City Casino in Yonkers, New York.
- Legendary investor Carl Icahn disclosed in a Tuesday filing that he had a 9.8% stake in the gaming giant Caesars.
- Icahn urged the company to sell itself, and said that he plans to talk to the board and other stakeholders about his view, the filing shows.
- Icahn has a history of mergers and acquisitions in the casino industry.
- Watch Caesars trade live.
The gaming giant Caesars was up 5.36% to $9.64 a share Tuesday after legendary investor Carl Icahn disclosed a massive stake in the company and urged the company to sell itself.
The billionaire investor has amassed a 9.8% stake in the casino operator, according to a regulatory filing Tuesday. Icahn said he believes that a sale of Caesars is the best path to serve all shareholders’ value, and that he plans to talk to the board and other stakeholders about his views, the filing shows.
“We believe that our brand of activism is well-suited to the situation at Caesars, which requires new thought, new leadership and new strategies and have acquired a substantial investment in the Issuer in the belief that it will provide us with significant influence in the company’s future,” Icahn said in the filing.
Icahn has a history of mergers and acquisitions in the casino industry. In 2018, he agreed to sell Tropicana Entertainment, a company he bought out of bankruptcy in 2008, to Eldorado Resorts and the real-estate company Gaming and Leisure Properties for $1.85 billion.
And in 2017, Icahn sold the shuttered Trump Taj Mahal casino in Atlantic City to Hard Rock International. He acquired that property out of bankruptcy two years earlier.
Caesars was down 27% in the past 12 months.