(Reuters) – Activist investor Carl Icahn has a sizable position in casino operator Caesars (NASDAQ:) Entertainment, Bloomberg News reported on Friday, citing sources familiar with the matter.
The company's shares rose 15% following the report.
The size of Icahn's stake in the company could not be determined, the report added.
Last month, the casino operator, which runs Caesars Atlantic City and Caesars Palace, missed market expectations for first-quarter results, offset by low table turnout in its Las Vegas segment.
“I like Caesars and I own some stock, I would never do activism at Caesars,” Icahn said on CNBC.
In February 2019, the billionaire investor, after disclosing a 9.78% stake in the company, had urged Caesars to sell itself.
Icahn's push for the company's sale came after Caesars rejected a merger approach in 2018 by Tilman Fertitta, the billionaire owner of Golden Nugget Casinos.
The activist investor had said at the time that he was seeking representation on Caesars' board of directors, including nominating a slate of directors at the company's 2019 annual general meeting.
Months after Caesars reached a deal with Icahn and three new directors were named to its board, Eldorado Resorts (NASDAQ:) agreed to buy rival Caesars Entertainment for about $8.5 billion in cash and stock.
Icahn had said he was “pleased” with the deal announcement.
Following the completion of the merger in July 2020, the combined company decided to retain the Caesars name to capitalize on the value of the iconic global brand.
In 2020, Icahn revealed in a document that he dissolved his stake in the company.
Caesars and Icahn's representatives did not immediately respond to Reuters requests for comment.
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