that, according to credible sources, Carl Icahn had taken a sizable position in Caesars Entertainment. Shares of Caesars soared on the news.
Icahn has been an activist investor for more than 40 years. In that time, he’s made billions – often at the expense of the companies he targets. He was instrumental in sending Trans World Airlines into bankruptcy after taking the airline private in 1988. Icahn had TWA take out over $500 million in new debt, primarily to give himself a $469 million payday. The airline never recovered from its mammoth debt burden.
The last time Icahn owned shares of Caesars, he helped orchestrate its successful merger with Eldorado Resorts. It was a particularly dicey time for Caesars – and a nerve-racking time for mergers of any kind. Eldorado made its bid in June 2019. But by the time the deal was set to close, the pandemic was in full swing. Casinos were closed. Banks weren’t lending. Yet, through Ichan’s persistence, the deal subsequently closed in July 2020.
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