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Caesars Entertainment Announces Agreement with Carl C. Icahn

George Miller

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Caesars Entertainment Announces Agreement with Carl C. Icahn
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Three New Directors Appointed to Board

 

Caesars Entertainment Corporation announced that it has entered into an agreement with Carl C. Icahn and affiliated entities regarding, among other things, the membership and composition of the Company’s Board of Directors.

Under the terms of the agreement, Keith Cozza, Courtney Mather and James Nelson are being appointed to Caesars’ Board of Directors, effective immediately.  These appointments are subject to customary regulatory approval. In connection with the director appointments, three existing directors will step down from the Board, effective immediately. The agreement also provides the Icahn Group the right to appoint a fourth representative to the Board if a new Chief Executive Officer who is acceptable to new directors is not named within 45 days of this agreement.

“Our new colleagues bring diverse and relevant experience, and we look forward to them joining our board in our ongoing efforts to further enhance value for all shareholders,” said James Hunt, Chairman of the Board. “Since the completion of Caesars’ restructuring, we have been undergoing a strategic process to create value, and we will continue that process working with our new directors.” Hunt added, “On behalf of the entire Board and Caesars’ nearly 68,000 employees, I want to thank our departing director colleagues for their distinguished and tireless service to the Company.”

Carl Icahn commented: “I believe the best path forward for Caesars requires a thorough strategic process to sell or merge the company to further develop its already strong regional presence, which will allow Caesars to continue to take advantage of the Caesars Rewards program bringing more and more players into Caesars’ Vegas market. I expect this to make Caesars the most powerful competitor in Vegas, the gaming capital of the world.  Caesars would be a great opportunity for certain investors who have already expressed interest, and I’m glad the Board will explore these opportunities.  Independent of strategic alternatives, I believe Caesars should also be focused on leadership succession, disciplined capital allocation, improving operating performance and optimizing real estate and other assets.”

Messrs. Mather and Cozza will each serve a term expiring at Caesars Entertainment’s 2019 Annual Meeting of Stockholders (the “2019 Annual Meeting”), and will be nominated by the Company on its slate of nominees for election as directors at the 2019 Annual Meeting. Mr. Nelson will serve in the class of directors who will be elected at the 2020 Annual Stockholders Meeting.

Pursuant to the agreement, the Icahn Group, which beneficially owns 9.78% of Caesars’ outstanding shares, has agreed to vote all of its shares in favor of each of Caesars’ Board nominees at the Company’s 2019 Annual Meeting, which has not yet been scheduled and thereafter while its designees are board members. The Icahn Group will also be subject to certain customary standstill provisions.

Mr. Cozza will join the Governance and Corporate Responsibility Committee, Mr. Mather will be appointed to the Company’s Compensation and Management Development Committee, and Mr. Nelson will be appointed to the Company’s Audit Committee. Additionally, Messrs. Cozza and Mather will be appointed to the Strategy and Finance Committee and the Ad Hoc CEO Search Committee.

In connection with the 2019 Annual Meeting, the Board will propose further enhancements to its governance processes, asking that stockholders approve amendments to its Certificate of Incorporation to (i) permit stockholders owning at least 15% of the Company’s outstanding shares to call a special meeting of stockholders and (ii) prohibit the adoption of a stockholder rights plan with a triggering threshold below 20% of the then outstanding shares, except in limited circumstances.

 

About Caesars Entertainment:

Caesars Entertainment is the world’s most diversified casino-entertainment provider and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. Caesars Entertainment’s portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to environmental sustainability and energy conservation and recognizes the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com

 

Source: Caesars Entertainment Corporation

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Gambling in the USA

Interblock Signs License Agreement with National Hockey League

George Miller

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Interblock Signs License Agreement with National Hockey League
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Electronic Tables Games Decorated with all 31 NHL Team Logos

Luxury gaming manufacturer and electronic table game (ETG) market leader Interblock® announced it has signed a license agreement with the National Hockey League (NHL ®) to incorporate League and Team logos into Stadium and standalone products.

John Connelly, CEO of Interblock commented “The historical synergy between sports and table game players made signing a deal with the NHL all the more exciting.  This collaboration will create a new portfolio of Electronic Table Games designed to attract a new type of patron to casino floors across North America. The NHL has given Interblock the ability to feature all 31 team logos in the design of our machines, where available, across North America.  Interblock will begin introducing the initial products in Q1 of 2020.

 

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Gambling in the USA

Gaming Regulators Seek Ban on Steve Wynn from Nevada Casino Industry

Niji Narayan

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Gaming Regulators Seek Ban on Steve Wynn from Nevada Casino Industry
Photo Source: axios.com
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Nevada gambling regulators have filed a complaint against Steve Wynn, saying that the casino magnate’s alleged sexual misconduct has damaged the industry’s reputation in the state. The complaint lists multiple instances of sexual misconduct allegations that have been lodged against Wynn since January 2018.

The 23-page complaint, filed to the Nevada Gaming Commission, says Wynn is “unsuitable to be associated with a gaming enterprise or the gaming industry as a whole.” Wynn has denied all misconduct allegations against him.

The move follows a $20 million fine the commission levied on Wynn’s former company in February to settle allegations that former executives failed to investigate claims of sexual misconduct against Wynn by female employees. Gambling regulators in Massachusetts levied a $35 million fine on the company in April but allowed it to keep a casino license for a Boston-area resort.

An investigation by the Nevada gaming control board detailed allegations that Wynn paid hush money to multiple women who claimed he had pressured them into nonconsensual sexual relationships.

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Gambling in the USA

Two new speakers added to Sports Betting USA roster

George Miller

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Two new speakers added to Sports Betting USA roster
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Senator Raymond Lesniak and Jamaal Lesane set to join stellar line-up

Two new speakers are to share their knowledge with delegates at next month’s Sports Betting USA conference in New York after being added to the roster.

Former New Jersey Senator Ray Lesniak and Jamaal Lesane, Senior Vice President, Legal and Business Affairs at The Madison Square Garden Company, will take to the stage on the second day the Metropolitan West.

Senator Lesniak, who was the instigator and driving force behind the legal battle that led to the repeal of PASPA, will deliver the keynote address.

Lesane is at the vanguard of venue owners looking to optimise in-stadia facilities for sports fans and will join the panel discussing the monetisation of the game day experience.

Sports Betting USA, which takes place 5-6 November and follows a one-day investor summit, will examine the opportunities and challenges of the wagering industry that has been estimated to be worth up to $150 Billion.

Event director Rory Credland believes the show, now in its third year, has a stronger line-up than ever and has become a must attend event for those with a stake in the growing market.

He added: “We’re delighted to welcome another two great speakers to Sports Betting USA and are confident they will have a lot to contribute to the exchange of knowledge.

“Senator Lesniak in particular needs no introduction and is one of the main reasons we are all gathering in New York. It will be fascinating to hear his take on the way other states can follow the lead of New Jersey in the coming months.”

Among the other highlights of this year’s show will be a presentation by New York Senator Joseph Addabbo Jr, who will share his state’s vision for sports betting as they look to include its legalisation in the 20/21 budget.

They will be joined by senior executives from leading operators, suppliers and media companies, including William Hill USA, Penn National Gaming and Sportradar, as well as representatives of sporting organisations including the NFL, NBA, NHL, MLB, MLS, PGA Tour, and NASCAR.

 

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