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Report: Activist investor Carl Icahn building Caesars Entertainment stake

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Report: Activist investor Carl Icahn building Caesars Entertainment stake

Activist investor and Icahn Enterprises LP Chairman Carl Icahn is building a stake in Caesars Entertainment Corp., CNBC reported Jan. 11, citing unnamed sources.

Shares in the Nevada-based Caesars climbed 5.1% to $8.40 per share in morning trading. Stock in Caesars has dropped 38.5% in the year ending Jan. 10.

The size of Icahn's stake is unknown, the report said, citing sources. Icahn and Caesars did not immediately return messages from S&P Global Market Intelligence seeking comment.

The report follows similar news on Jan. 10 that another activist investor, Starboard Value LP is building its own stake in MGM Resorts International, according to Reuters.

Golden Nugget Inc. owner Tilman Fertitta has also shown interest in Caesars, including a possible merger between the companies proposed in October.

Last year, Icahn Enterprises-backed Tropicana Entertainment Inc. sold to Eldorado Resorts Inc. for $1.85 billion.