Icahn Enterprises

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Icahn Enterprises L.P.
Master limited partnership
Traded as NASDAQIEP
Industry Conglomerate
Predecessor American Real Estate Partners L.P.
Headquarters 767 Fifth Avenue, New York City, New York, United States
Key people
Carl Icahn, Chairman
Keith Cozza, CEO
Services Diversified investments
Revenue Decrease US$14.604 billion (2015)[1]
Increase US$1.386 billion (2015)[1]
Decrease US$2.127 billion (2015)[1]
Total assets Increase US$36.442 billion (2015)[1]
Owner Carl Icahn (89.012%)[1]
Number of employees
90,807[1]
Website www.ielp.com

Icahn Enterprises L.P. is an American conglomerate company headquartered at the General Motors Building in New York City, New York. The company has investments in various industries including auto parts, energy, metals, rail cars, casinos, food packaging, real estate and home fashion.[2] The company is currently controlled by investor Carl Icahn.

History[edit]

Icahn Enterprises L.P. was incorporated on Feb. 17, 1987.[3]

The Sands Casino Hotel in Atlantic City, New Jersey and several of the adjacent lots were purchased for $274.8 million by Pinnacle Entertainment in November 2006.[4]

On April 23, 2007 it was announced that American Casino & Entertainment Properties was being sold to Whitehall Street Real Estate Funds, an affiliate of Goldman Sachs, for $1.3 billion.[4][5][6] The sale is subject to approval of the Nevada Gaming Commission and the Nevada State Gaming Control Board.

On September 17, 2007, American Real Estate Partners changed its name to Icahn Enterprises L.P. and its NASDAQ ticker symbol from ACP to IEP. The company remains a master limited partnership.

In February 2016, Icahn Enterprises purchased Trump Entertainment Resorts out of Chapter 11 bankruptcy, acquiring the Trump Taj Mahal resort casino in Atlantic City, N.J. Shortly thereafter, an agreement was announced for the Taj Mahal to be managed by another Icahn affiliate, Tropicana Entertainment.[7] Icahn also stated he would withhold a planned $100-million investment into the property if New Jersey approved casinos in the northern region of the state.[8]

On August 3, 2016, it was announced that the Trump Taj Mahal would be shut down permanently on October 10, 2016.

Ownership[edit]

Carl Icahn is the majority shareholder with a 89.012% personal stake in Icahn Enterprises L.P.[1]

Subsidiaries and interests[edit]

References[edit]

  1. ^ a b c d e f g "10-K". EDGAR. 2016-02-29. 
  2. ^ Kevin Orland (7 December 2015). "Pep Boys Rises After Icahn Takes Stake With Eye Toward Deals". Bloomberg Business. Retrieved 7 December 2015. 
  3. ^ "Profile: Icahn Enterprises LP (IEP.O)". Reuters. Retrieved 18 August 2017. 
  4. ^ a b Knight, Arnold M. (2007-04-24). "Icahn Sells Southern Nevada casinos". Las Vegas Review-Journal. p. 1A. Retrieved 2007-04-24. 
  5. ^ "KTNV 11PM newscast". KTNV. 2007-04-23. 
  6. ^ "Icahn Company Sells 4 Nevada Casinos to Goldman". New York Times. Reuters. 2007-04-24. Retrieved 2007-04-24. [dead link]
  7. ^ Joshua Jamerson (March 2, 2016). "Tropicana to manage Trump Taj Mahal; Icahn chides N.J. Leaders". Wall Street Journal. Retrieved 2016-03-24. 
  8. ^ "No money for Taj Mahal if New Jersey casinos are approved". www.gamblinginsider.com. Retrieved 2016-03-09. 
  9. ^ "Icahn Enterprises completes acquisition of Pep Boys" (Press release). Pep Boys. February 4, 2016. Retrieved 2016-03-03. 
  10. ^ Andrew Bary (March 2, 2016). "A safe casino bet: Icahn’s Tropicana Entertainment". Barron's. Retrieved 2016-03-03. 
  11. ^ Christopher Palmieri (February 26, 2016). "Trump's former Atlantic City jewel exits bankruptcy, now Icahn's". Bloomberg Business. Retrieved 2016-02-26. 

External links[edit]