Caesars says continues to look at options after Icahn urges sale of company

February 20, 2019

(Reuters) – Caesars Entertainment Corp said on Wednesday it will continue to look at options for the company, a day after activist investor Carl Icahn urged the U.S. casino operator to consider selling itself.

Icahn, who disclosed a 9.78 percent stake in Caesars on Tuesday, is also seeking board representation.

“The board and management have engaged in discussions with Mr. Icahn and expect to continue a constructive dialogue,” Caesars said in a statement.

“The board remains open to all reasonable alternatives to enhance value for Caesars’ stockholders and has and will continue to evaluate strategic alternatives presented to it,” the company added.

Icahn’s push for a sale of the company comes after Caesars rejected a merger approach last year by Tilman Fertitta, the billionaire owner of Golden Nugget Casinos.

Caesars, whose casinos include the Harrah’s and Horseshoe brands, emerged from bankruptcy in 2017 after failing to cope with some $25 billion in debt.

Its long-term debt stood at about $8.81 billion as of Sept. 30, 2018.

(Reporting by Rama Venkat in Bengaluru; Editing by Shailesh Kuber)

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