Caesars Entertainment Inc. has expanded its board of directors with two new independent directors affiliated with businesses controlled by American businessman and investor Carl Icahn.
In a Securities and Exchange Commission filing, the company announced that Jesse Lynch, general counsel of Icahn Enterprises LP and chief operating officer of Icahn Capital LP, and Ted Papapostolou, chief financial officer of Icahn Enterprises, are joining the board immediately, subject to regulatory approvals.
“I have great respect for (Caesars CEO) Tom Reeg and the senior management team and what they have accomplished since the merger in 2020,” said Icahn, who holds a sizeable stake in the company. “We look forward to working with Tom and the board to maximize value for all shareholders, including by exploring strategic alternatives for the company’s underappreciated digital business.”
In after-hours trading immediately after the SEC filing, Caesars shares, traded on the Nasdaq exchange, rose 2 percent.
Lynch and Papapostolou join a board now consisting of 12 directors, 10 of whom are independent and include former Las Vegas Mayor Jan Jones Blackhurst and former American Gaming Association President and CEO Frank Fahrenkopf. Corporate directors include Reeg and Caesars Executive Chairman Gary Carano.
Caesars has the second-highest number of rooms on the Strip behind MGM Resorts International and controls the Caesars, Harrah’s, Horseshoe and Eldorado brands. The company recently announced plans for an extensive revamping of The Cromwell on the Strip to the Vanderpump Hotel, named for reality TV star Lisa Vanderpump.
Earlier this year, Caesars opened its first branded online casino live dealer studio in Pennsylvania in a partnership with Evolution Gaming. The company currently is licensed for online gaming play in Michigan, New Jersey, West Virginia and the Canadian province of Ontario in addition to Pennsylvania.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.
