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Mark Frissora takes over as CEO of Caesars Entertainment

2 July 2015

By Howard Stutz
For the first time in 12 years, a new person is at the top of Caesars Entertainment Corp.

Mark Frissora took over as CEO of the casino giant Wednesday, replacing Gary Loveman, who remains as the company’s chairman. Loveman will continue to oversee the bankruptcy restructuring of Caesars largest operating division.

Frissora, a former top executive with automobile and equipment rental car company Hertz Global Holdings, joined Caesars in February as a member of the board to prepare for the transition.

In a statement, the company said Frissora visited most of Caesars domestic properties and worked closely with the current management.

“Mark has quickly assumed leadership of the company and has spent his early months at Caesars working closely with the senior team and pursuing opportunities to increase productivity,” Apollo Global Management founder Marc Rowan said in a statement.

Apollo and TPG Capital are the principal shareholders of Caesars Entertainment.

Frissora, 59, spent seven years as chairman and CEO of Hertz. He led the consolidation of the rental-car industry through the acquisition of the Dollar Thrifty Automotive Group.

According to a securities filing, Frissora will earn $1.8 million a year in salary and can earn up to 150 percent of his base salary in bonus pay.

Frissora is credited with expanding Hertz from a single-brand, airport rental car company to a global organization with four retail brands and more than 3,000 off-airport locations.

Prior to joining Hertz in 2006, Frissora was chairman and CEO of Tenneco, an auto parts maker.

Frissora said in a statement he was focusing his attention “on identifying new opportunities to drive growth and efficiency, which will ultimately create shareholder value.”

In January, Caesars placed Caesars Entertainment Operating Co. into a planned Chapter 11 bankruptcy reorganization. CEOC controls Caesars Palace, Caesars Atlantic City, Harrah’s Reno Casino and Hotel, and more than a dozen regional properties.

Caesars Entertainment has a gaming industry high $22.8 billion in long-term debt, of which $18.4 billion is attached to CEOC. Through bankruptcy, the company hopes to eliminate almost $10 billion of the division’s debt and convert CEOC into a real estate investment trust.

Copyright GamingWire. All rights reserved.

Mark Frissora takes over as CEO of Caesars Entertainment is republished from Online.CasinoCity.com.
 

Chinese government eases visitation rules as Macau gaming revenues decline

2 July 2015
There was actually a glimmer of good news coming from Macau at the end of June. But to find it, you need to look past the Chinese gaming market’s 13th straight monthly gaming revenue decline and the region’s lowest single monthly figure since November 2010. The good news came in the form of a change in visitation rules and one reported uptick in gaming revenue toward the end of the month. ... (read more)
 

Boyd Gaming announces $45 million expansion at Delta Downs

1 July 2015
Boyd Gaming Corp. said Tuesday it will spend $45 million to add a hotel tower and other amenities to its western Louisiana race track casino. The company said in a statement it hopes to complete the project in 2016 that will add 167 hotel rooms to the Delta Downs Racetrack Casino & Hotel in Vinton. ... (read more)
 

Inside Gaming: Even after death, Kerkorian's legacy through Tracinda will wield influence

1 July 2015
At some point, the estate of Kirk Kerkorian will no longer have ownership in MGM Resorts International. But disposing of more than 91.2 million shares in the casino giant won’t happen overnight. Kerkorian, who died June 16 at age 98, left instructions that Tracinda Corp. — his Los Angeles-based holding company — “execute an orderly disposition” of the company’s MGM shares. ... (read more)

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