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NEWS 20 February 2019

Caesars Entertainment to evaluate billionaire’s board request

By Nathan Joyes

Caesars Entertainment has responded to Carl Icahn’s request to represent the company on the board, following his filing on the Securities and Exchange Commission.

Activist investor Icahn confirmed the purchase of a 10% stake in Caesars Entertainment on Tuesday.

However, the investor announced he was far from content with current proceedings, wanting representation on the board, as well as demanding the company agree to a sale.

Caesars has since responded to Icahn’s comments, saying it will “carefully evaluate” his suggestions.

A statement read: “Caesars Entertainment regularly engages with our stockholders and considers their ideas and input regarding stockholder value.

“The board and management have engaged in discussions with Mr Icahn and expect to continue a constructive dialogue. The company intends to carefully evaluate Icahn’s suggestions, including his request for board representation.

Despite Icahn’s discontent with Caesars’ current approach, the company’s shares are up in 2019.

The operator continued: “We continue to focus on expanding margins by refining our operating model, in part by seeking more opportunities to increase efficiency. We are also pursuing inorganic growth through acquisitions and brand licensing opportunities, including opening the Company's first non-gaming resort, Caesars Bluewaters Dubai, last year.

“We expect to generate strong free cash flow in the coming years which will fuel further growth and deleveraging.”

RELATED TAGS: Legal & Regulatory | Mergers & Acquisitions
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