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Billionaire Icahn wants Caesars Entertainment to sell itself

Posted at 7:12 AM, Feb 20, 2019
and last updated 2019-02-20 10:12:47-05

LAS VEGAS (AP) — Billionaire investor Carl Icahn plans to drive casino giant Caesars Entertainment to sell itself.

The activist investor disclosed in a securities filing Tuesday that he owns a roughly 10 percent stake in the company, confirming previous reports.

Icahn believes the stock of the Las Vegas-based company is "undervalued," plans to seek board representation and wants the company to refrain from immediately appointing a new CEO.

The filing states he might nominate a slate of directors at the company's shareholders meeting.

Caesars emerged from an $18 billion bankruptcy in 2017.

Icahn's move comes after the casino operator was approached by at least two companies.

Caesars did not immediately respond to a request for comment. It is scheduled to report fourth quarter earnings Thursday.

Icahn last year sold casino company Tropicana Entertainment for $1.85 billion.