Their activists spur positive change

Article Excerpt

CAESARS ENTERTAINMENT CORP. $9.40 (Nasdaq symbol CZR; Consumer sector; Shares outstanding: 655.1 million; Market cap: $6.2 billion; No dividends paid; Takeover Target Rating: Medium; www.caesers.com) operates 49 casinos in 13 U.S. states and five countries. Caesars Entertainment’s resorts operate primarily under the Caesars, Harrah’s and Horseshoe brands. The company’s portfolio also includes the Caesars Entertainment UK family of casinos, and the World Series of Poker. Activist investor Carl Icahn is now reportedly building a sizable shareholding in the company. Although the exact size of his current stake is unknown, the activist’s interest in Caesars suggests he’s ready to return to casino investment after selling Tropicana Resorts in April 2018 for $1.85 billion. Icahn first invested in Tropicana in 2008. The billionaire’s involvement helps draw investor attention to Caesars’ improving prospects. For example, in the wake of the U.S. Supreme Court’s decision to lift limits on sports betting, the company is now taking those wagers at its two Atlantic City casinos in New Jersey, and at another two…