Tuesday, 6 November 2018

Caesars Entertainment CEO and President Mark Frissora Steps Down

Casino company Caesars Entertainment has announced that its president and CEO will be stepping down next year.

The Las Vegas-based firm announced the news that Frissora will be leaving the company just before Caesars reported its third quarter financial results in which they revealed a loss compared to the same period a year ago.

According to Caesars, Frissora will stay with the Las Vegas-based company until February 8, 2019, and the firm has already begun searching for a replacement for him.

Frissora joined the popular casino company back in 2015 after leaving his CEO position at car rental company Hertz. He plans to focus on “operating discipline” and “maintaining stability” during the transition.

In a statement, Frissora said: “I’m very grateful to the entire team for their efforts and proud of what we’ve accomplished together and very optimistic about our company’s future.”

Caesars Entertainment

The news comes after the company confirmed that Tilman Fertitta, the owner of the Golden Nugget casino chain, approached Caesars.

According to the firm, Fertitta proposed Caesars acquire “all of Golden Nugget’s restaurant, hospitality, entertainment and gaming businesses in exchange for a significant minority of Caesars’ common shares.” Caesars, however, rejected the proposal.

Meanwhile, Caesars launched its “next generation” sportsbook property at its LINQ Hotel & Casino on the Las Vegas promenade last month.

Called ‘The Book’, Caesars claims aims the venue aims to redefine sports betting. It features over 200 seats, 87 LED televisions, several mobile and self-serve stations as well as sports and bar games for customers to play.