The recognizable billionaire and businessman, Carl Icahn, holds a significant stake in Caesars Entertainment, the leading gaming, hospitality and entertainment operator, Bloomberg News announced recently. The publication cited sources close to the matter.
After the release of the recent report, Caesars shares marked an uptick. During last week, the company’s stock hovered around $32 per share. However, after the release of the report, a notable 15% increase was recorded to $37.07 per share. At the time the market closed Friday, the price per share was $35.56 per share or 10% up over the last five days.
Although Bloomberg’s report confirmed that Icahn holds a significant share in Caesars, there was no information suggesting the particular size of his stake.
In a statement released by CNBC, Icahn commented on the topic. The renowned activist and businessman explained: “I Like Caesars and I own some stock; I would never do activism in Caesars.”
Icahn is famous for his activism and successful investments. He is renowned for helping businesses return shareholder value and grow through strategic divestments of assets, changes to senior-level management and restructuring.
Throughout his career, Icahn has helped a wide range of businesses in different sectors, including technology, entertainment and even the automotive industry. Some of his notable strategic investments include Netflix and Apple, among other recognizable businesses.
Caesars Recently Posted Its Q1 Results
Early in 2019, Icahn confirmed that he has a 9.78% stake in Caesars. Although he recently said that he wouldn’t push for activism, at the time, he pitched the idea of a sale affecting Caesars. He also supported changes to the C-suite at the company.
It wasn’t long after when Caesars announced a strategic merger. Back in July 2020, the company confirmed a merger with Eldorado Resorts to form a new entity that retained the name Caesars Entertainment in a deal valued at $8.5 billion.
After the announcement of the strategic merger, Icahn explained that he was “pleased” with the outcome.
Late in April, Caesars released its first quarter results. Highlighting its performance for the three months ended March 31, the company posted a decline in revenue despite an increase in iGaming win. In Q1 2024, Caesars reported $2.7 billion in revenue, which marked a slight dip when compared to the $2.8 billion figure posted for the same period in 2023.