Legal Gambling USA

Online casino games, poker, sports and horse racing betting websites authorized in USA

Legal Gambling USA

Carl Icahn has bought an even bigger stake in Caesar's Entertainment

March 11, 2019

Carl Icahn, an American billionaire philanthropist and businessman, has bought an even bigger stake in Caesar's Entertainment. Icahn rose his stakes from 9.8 percent up to 15.53 percent, and as part of this deal with Carl Icahn, the casino will replace three of its current board directors with members that Icahn has personally chosen. 

Seeking Fundamental Changes from Within

Most people won't raise an eyebrow when they realize Icahn plans to change the casino and resort and mold it to his own will. Caesar's Entertainment owns some iconic entertainment venues that include: 

  • Zappos Theater
  • Colosseum at Caesar's Palace
  • Planet Hollywood

Who Does This Benefit?

If you were to ask Carl Icahn, you'd hear him say that this new merger benefits the shareholders because he argues how the gambling company has largely underperformed compared to its competitors. Mark Fressora, once the CEO of Caesar's Entertainment, will resign from his position in the coming April. Unfortunately, under Fressora's leadership, the company went through a post-bankruptcy restructuring plan. While Caesar's Entertainment planned to get rid of Fressora in February 2019, they said that they had to push this back to April 2019 because of how they had to search for Fressora's replacement. Getting rid of the CEO that bears some of the responsibility for the company's bankruptcy woes could directly benefit the shareholders and Carl Icahn especially. 

Who Could Replace Mark Fressora?

Carl Icahn has said that he wants the billionaire Anthony Rodio to take Fressora's place. Anthony Rodio does have an impressive resume when you look at it for the role of CEO. In fact, he previously worked as the CEO for Tropicana Entertainment. Last year, Icahn sold this casino over to Eldorado Resorts. 

With a 15.6 percent stake in Caesar's Entertainment, Carl Icahn gets much say in how this business will be operated. Previously, he threatened to replace all the board directors if his needs weren't met. Caesar's Entertainment has been a company that has fallen on hard times and had to struggle to come out of Chapter 11 Bankruptcy back in 2017. This company lost 47 percent of its value last year, which goes to show the hard times that have befallen the company. The high possibility is that Caesar's Entertainment will get acquired by Eldorado Resorts. Tilman Fertitta has expressed some interest in acquiring the struggling business. The process, however, will need to be thoroughly strategic whether Icahn chooses to sell or merge it.

Online Casino News in USA

The Only Game in Town

March 26, 2020 — Land-based casinos in the US are suffering from the devastation being caused by lost business revenues due to the Coronavirus pandemic. While there might be light at the end of the tunnel, the month...

Pala Casino Offers Amazing Bonus To New Players

March 25, 2020 — New players to the Pala Casino need to celebrate the fact that they are offered some of the most amazing bonuses in the industry at this time. There is the classic matching bonus for up to $500 on t...

Claim $1,000 in Free Bonus Money at Golden Nugget

March 19, 2020 — The Golden Nugget is one of the best online gaming destinations for New Jersey residents. Right now all new players at the Golden Nugget can qualify for up to $1,000 in free money when they make the...

Gamblers Look to Online Casinos as Coronavirus Shuts Down Live Gambling

March 18, 2020 — In Las Vegas the legendary Strip has been reduced to a shell of its normal self. In the wake of the coronavirus pandemic many properties are closing temporarily. Other casinos are only allowing a li...

All the news from legal online casino in USA

Copyright 2020 © LEGAL-GAMBLING-USA.COM - All rights reserved
Legal Disclaimer - Warning - Affiliate Program - Responsible Gaming - Contact on Twitter   RSS

Gambling involves risk: indebtedness, dependence, isolation. Helpline: 1.800.522.4700
Gambling is prohibited for minors.

-18 -21