CARL Icahn has amassed a sizable position in Caesars Entertainment, according to people familiar with the matter, raising the prospect of a fresh tussle with the US hotel and casino operator.
The size of the activist’s stake and his intentions could not immediately be learnt.
A representative for Icahn declined to comment, while a spokesperson for Caesars could not immediately be reached for comment.
Shares in Caesars rose as much as 17 per cent on Friday (May 31). The stock was up 15 per cent at 11.14 am in New York, giving the company a market value of about US$8 billion.
Caesars, the largest owner of casinos in the US, reported first-quarter results in April that fell short of investor expectations. The company cited poor weather conditions in some markets that kept gamblers from coming out.
Icahn has a long history of investing in the gambling sector, owning casinos from Atlantic City to Las Vegas.
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In 2019, he got three board seats at Caesars after building up a nearly 10 per cent stake in the business. He later pressed for the US$8.6 billion merger with Eldorado Resorts that created the latest version of the company. BLOOMBERG
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