By Christiana Sciaudone
Investing.com - Caesars (NASDAQ:CZR) Entertainment sank on news that a Carl Icahn board member resigned. The stock is down more than 11%, to the lowest since May.
Billionaire Icahn acquired more than 17% of Caesars stock last year, and controlled up to 25% to force a $17.3 billion sale of Caesars to Eldorado, which closed this month, according to MarketWatch and CDC Gaming Reports.
Icanh is the largest individual stockholder in the new company, which retains the Caesars name and is led by Eldorado management. The combined entity is now the world’s largest casino company.
On July 24, Keith Cozza said he was resigning effective immediately, the company said in a filing. “Mr. Cozza’s resignation was not the result of any disagreement with the company on any matter relating to the company’s operations, policies or practices.”
Cozza is the chief executive officer and president of Icahn Enterprises.