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Caesars Entertainment and Eldorado Resorts in Reported Merger Talks

Caesars-Eldorado merger

Caesars Entertainment and Eldorado Resorts have initiated merger negotiations, according to Reuters. The news agency cited “sources familiar with the matter” who said Sunday the two casino operators were in the early stages of talks “exploring the possibility” of a combination. Caesars is understood to have provided Eldorado with a limited amount of sensitive financial…Read More

Gambler Plans to Sue BetBright Over Bets Voided in 888 Acquisition

BetBright

A former BetBright customer whose bets could have netted him £30,000 ($40,000) had they not been voided by the company last week told the UK’s Guardian newspaper he is preparing legal action against its former owners, Desdert (Ireland) Ltd. BetBright abruptly ceased trading last Tuesday, just 24 hours after the announcement it had been bought…Read More

Icahn Increases Grip on Caesars to 17.75 Percent, Sale or Merger Now Likely

Carl Icahn

Billionaire activist investor Carl Icahn has increased his stake in Caesars Entertainment to 17.75 percent, according to a Monday SEC filing. The 83-year-old is now the largest shareholder in the Caesars group. Icahn has been slowly increasing his ownership since the news broke in February that he had quietly bought 10 percent of the US…Read More

Gamblers Vexed as BetBright Shuts Down, Voiding Outstanding Bets, 24 Hours After News of 888 Acquisition

BetBright

Customers of Irish online betting platform BetBright were complaining they had been left high and dry this week after the company abruptly ceased trading on Tuesday, declaring all outstanding bets void, with just a week to go before the famous Cheltenham horse racing festival. Cheltenham is the UK’s biggest horse racing meeting and one of…Read More

Carl Icahn Afforded Three Caesars Entertainment Board Seats, Billionaire Urges Company Sale

Carl Icahn Caesars Entertainment board

Carl Icahn has been given three seats on the board of Caesars Entertainment after the billionaire corporate raider acquired a nearly 10 percent stake in the financially distressed casino operator. Caesars confirmed the appointments in a press release naming Icahn Enterprises CEO Keith Cozza, Icahn Capital Portfolio Manager Courtney Mather, and Icahn Enterprises board member…Read More

Indiana Senate Approves Controversial Terre Haute Casino Gambling Package

Terre Haute casino

The Indiana Senate on Tuesday passed a gambling expansion package that would legalize sports betting, authorize table games for racetracks, allow for a Gary riverboat casino to move 160 miles inland to Terre Haute, and remove the cap on the number of casinos a single company is permitted to own within the state. Just don’t…Read More

Caesars Entertainment and Carl Icahn Working to Find Company’s Next CEO

Caesars Entertainment stock Carl Icahn

Caesars Entertainment and billionaire corporate raider Carl Icahn are working together in finding CEO Mark Frissora’s successor. The next chief executive will lead the casino operator into its next chapter post-bankruptcy. According to Reuters, Icahn has nominated Affinity Gaming CEO Anthony Rodio to replace Frissora. Rodio and Icahn worked together in the past when the…Read More

Churchill Downs Close to Completing Rivers Casino Deal as Illinois Eyes Sports Betting

Churchill Downs

Kentucky-based Churchill Downs Inc (CDI) is hopeful that the Illinois Gaming Board will approve its acquisition of a controlling stake in Midwest Gaming Holdings (MGH) at a hearing this Friday, March 2. MGH is the parent company of the Rivers Casino in the Chicago suburb of Des Plaines — the state’s top-performing casino — and…Read More

Bail Out or Buy-In? Conflicting Reports in Wake of AAF’s $250M Sale

AAF

Just two weeks into its first season, the Alliance of American Football (AAF) has been sold for a sum of $250 million amid rumors that the league was on the verge of ruin and unable to cover payroll costs. Tom Dundon, the owner of the NHL’s Carolina Hurricanes, stepped in and snapped up the freshly…Read More

Carl Icahn Discloses Caesars Entertainment Investment, Seeks ‘Significant Influence’ in Company’s Future

Carl Icahn Caesars Entertainment stock

Billionaire Carl Icahn says in a Securities and Exchange Commission (SEC) filing that his 9.8 percent stake in Caesars Entertainment would be better served if the casino operator sold the company. Reports surfaced last week that the corporate raider was pressuring the casino empire to consider acquisition. This week, the billionaire confirmed the rumors in…Read More

Golden Nugget Owner Tilman Fertitta Invests in Caesars Entertainment Following Failed Merger Offer

Tilman Fertitta Caesars stock Golden Nugget

Billionaire Tilman Fertitta has purchased roughly four million shares of Caesars Entertainment less than four months after his proposal to merge his Golden Nugget properties with the Las Vegas casino operator was rejected. A source close to Fertitta told Bloomberg the investment was made because the businessman believes Caesars remains undervalued. The specific date of…Read More

As Big as Caesars? Q4 Results Show Penn National Has Become Regional Casino Superpower

Penn National

Penn National Gaming (PNG) posted record Q4 financial results on Thursday, as revenue skyrocketed, illustrating the extent to which the company has become a behemoth in the regional casino market through its $2.8 billion acquisition of Pinnacle Entertainment, which completed in October last year. The deal united the two biggest regional operators in the US,…Read More

Paragon Gaming Sells Stake in Vancouver’s Parq Casino in Wake of Controversy and Financial Loss

parq casino

Las Vegas-based Paragon Gaming has sold its stake in the Parq Casino, a luxury gaming facility in downtown Vancouver which has been in the headlines for all the wrong reasons since its 2017 opening. Paragaon announced that it has unloaded its ownership shares to the PBC Group, an Ottawa-based real estate developer, for an undisclosed…Read More