Thebillionaire 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 companys 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.
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