Caesars Entertainment Inc. has expanded its board with two new independent board members affiliated with companies controlled by the US businessman and investor Carl Icahn.
In a submission of securities and stock market commission, the company announced that Jesse Lynch, general lawyer for Icahn Enterprises LP and Chief Operating Officer for Icahn Capital LP, and Ted PapaPostolou, CFO of Icahn Enterprises, immediately joined the Board.
“I have great respect for (Caesar’s CEO) Tom Reeg and the management team and what they have achieved since the merger 2020,” said Icahn, who has a significant proportion in the company. “We look forward to working with TM Tom and the Board to maximize the value for all shareholders, including by exploring strategic alternatives for the company’s undervalued digital operations.”
In ex-retailing immediately after the SEC archiving, Caesars shares, which were traded on Nasdaq Exchange, rose 2 percent.
Lynch and PapaPostolou join a board that now consists of 12 board members, 10 of whom are independent and includes former Las Vegas Mayor Jan Jones Blackhurst and former American Gaming Association President and CEO Frank Fahrenkopf. The companies’ board members include Reeg and Caesar’s executive chairman Gary Carano.
Caesars has the second highest number of rooms on the strip behind MGM Resorts International and controls brands Caesars, Harrah’s, Horseshoe and Eldorado. The company recently announced plans for extensive rebuilding of Cromwell at the strip for the Vanderpump Hotel, named after reality TV star Lisa Vanderpump.
Earlier this year, Caesars opened its first brand online casino live retailer Studio in Pennsylvania in a partnership with Evolution Gaming. The company currently has a license for online games in Michigan, New Jersey, West Virginia and the Canadian Province Ontario besides Pennsylvania.
Contact Richard N. Velotta at rvelotta@ theplayerlounge.com or 702-477-3893. Follow @rickvelotta at X.
