Carl Icahn builds stake in Caesars Entertainment - CNBC
(Adds share price, background)
Jan 11 (Reuters) - Billionaire investor Carl Icahn is
building a stake in casino operator Caesars Entertainment Corp
, CNBC reported https://cnb.cx/2TKjvwR on Friday, citing
sources familiar with the matter.
The company's shares jumped as much as 11.6 percent in
morning trading. The size of Icahn's stake was not immediately
known, according to the CNBC report.
The company whose casinos include the Caesars, Harrah's and
Horseshoe brands, had rejected a merger approach last year by
Tilman Fertitta, the billionaire owner of Golden Nugget Casinos.
Caesars Entertainment emerged from bankruptcy in 2017 after
failing to cope with some $25 billion in debt. Its long-term
debt stood at about $8.8 billion as of Sept. 30.
Up to Thursday's close, the company's shares had fallen
about 39 percent in the past 12 months.
Caesars and Icahn did not immediately respond to requests
(Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur
and Shounak Dasgupta)
First Published: 2019-01-11 16:49:45
Updated 2019-01-11 17:19:58
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