Word: icahn
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Dates: during 2010-2019
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...comes down to price, valuation and long-term potential returns, says Icahn. But he quickly emphasizes that he isn't expecting a speedy bounce back in the battered sector...
...like to wait and buy things when nobody wants them - that's when you get the best values," says Icahn, who made his investments through bankruptcy-court proceedings. But he cautions that the sector still holds considerable risk and that a rebound could be many months or even years away. "Only a fool will tell you they can pick the bottom," he says...
...bottom? "There's certainly going to be rough sledding ahead in the casino industry - Vegas is overbuilt and Atlantic City has its problems with a lot of [regional] competition. That's precisely why they're selling at the values they're selling at," says Icahn...
Still, many investors and analysts are eyeing Icahn's move closely. Some wonder if his move into the sector is a sign to start putting investment chips back on the table and roll the dice on companies with big exposure to the U.S. gaming market. "[Carl Icahn] has always been a very astute investor," concurs Clyde Barrow, a casino expert and professor at the University of Massachusetts at Dartmouth. "There's a lot of upside potential, and if you're investing for the long term, now is the time to buy." (See pictures of hard times in Las Vegas...
...Icahn has earned accolades on Wall Street for his savvy stock-picking choices, knack for launching feisty board battles at poorly performing companies and, most importantly, his ability to snap up unwanted, undervalued or mismanaged companies at bargain-basement prices and turn them around for big profits...