Tom Smith stares at a slot machine while playing at the Empire City Casino in Yonkers, New York.
- Legendary investor Carl Icahn revealed on a Tuesday filing that he had a 9.8% stake in the gaming giant Caesars.
- Icahn encouraged the company to sell itself and said he was planning to talk to the board and other stakeholders about his views, the filing.
- Icahn has a history of mergers and acquisitions in the casino industry.
- See Caesar's trade live.
Game giant Caesars was up 5.36% to $ 9.64 a share Tuesday after legendary investor Carl Icahn revealed a large share in the company and urged the company sell itself.
The billionaire investor has gathered a 9.8% stake in the casino operator, according to a government from Tuesday. Icahn said he believes the sale of the emperors is the best way to earn the value of all shareholders, and that he plans to talk to the board and other stakeholders about his views, the filing.
"We believe our brand of activism fits in well with the situation in the emperors, which requires new thinking, new leadership and new strategies, and has made a significant investment in the issuer in the belief that it will give us significant influence in the future of the company.
Icahn has a history of mergers and acquisitions in the casino industry. In 2018, he agreed to sell Tropicana Entertainment, a company he bought out of bankruptcy in 2008, to Eldorado Resorts and the real estate company Gaming and Leisure Properties for $ 1.85 billion.
And in 2017, Icahn sold the shuttered Trump Taj Mahal casino in Atlantic City to Hard Rock International, who bought this property out of bankruptcy two years earlier.
Caesars was down 27 % over the last 12 months