Ronald Burkle has been a member of the three comma club for quite a while now as is the major driving force behind Soho House, which is a chain of private member clubs. Reportedly, this billionaire had contacted Caesars Entertainment Limited and expressed his wish to buy one of their resorts located in Las Vegas called Rio All-Suite Las Vegas Hotel and Casino.
PageSix.com is a platform for celebrity news and gossip, which is why this piece of news should be taken with a grain of salt. They published an article in which they state that the 66-year-old billionaire, who is also the manager for The Yucaipa Companies private equity and venture capital firm, has set his eyes on Las Vegas.
On the other hand, Caesars Entertainment Limited is a Las Vegas-based company which currently operates 25 casinos all over the US, and one of their most important resorts is the one located in Las Vegas called Caesars Palace Las Vegas Hotel and Casino. The thing with this facility is that its shares have fallen by 30% during last year, which is a perfect opportunity for people such as Burkle to act and acquire it, should both sides agree to it.
However, Burkle is not the only investor who has set an eye for this Caesar’s property as a couple of others expressed their desire to obtain it, one of the most prominent investors being Carl Icahn, who is already a holder of 10% stake in Caesars. Icahn was successful in his effort, naming three new board directors. These new executives have big plans for Caesars and even plan to offload it or merge it with some of the rival firms such as Eldorado Resorts Incorporated and MGM Resorts International.
According to PageSix’s article, the Yucaipa Companies were established in 1986 by Burkle and have managed to become very successful, being dedicated to revitalizing fortunes of companies that are underperforming. At the moment, they have stakes in many retailers such as Barneys New York Incorporated, Tesco, and more.
If the acquisition takes place and the Rio All-Suite Las Vegas Hotel and Casino becomes a property owned by Burkle, he plans to name Scott Sibella a new boss of the property. Scott Sibella has a lot of experience in managing and leading casinos, as he has recently quit his job as President and Chief Operating Officer for MGM Grand which is located near Burkle’s possible future casino.
Who Is Burkle?
Ronald Wayne Burkle was born in November 1952 and is currently 66. He is one of the most popular American investors and philanthropists, and his major company is The Yucaipa Companies, LLC, which he co-founded and manages to-date. His net worth is estimated to be approximately $2 billion at the moment, which puts him on the 633rd place on the Forbes’ list of the richest people in the world.
Furthermore, Burkle has been a political activist for quite a while now, supporting the Democratic party and being a fundraiser.
Some of his most important work includes merging and acquiring supermarket chains such as Fred Meyer, Ralphs, and Jurgensen. Furthermore, he even had stakes in 35 companies but eventually reduced that number by merging companies.
The future of Caesars is definitely at stake, and it will be interesting to follow how things are going to work out for this casino company and all the 25 casinos that they own.