Caesars Entertainment CEO to step down next year
News on 2 Nov 2018
News on 2 Nov 2018
Caesars Entertainment Corp. has announced that its current president and CEO Mark Frissora (62) has indicated he will step down on February 8 2019. He has been with the company since 2015, guiding it through bankruptcy reorganisation.
The Associated Press news agency noted in reporting on the departure that the announcement came just before Caesars reported third-quarter net income of $110 million, after posting a loss in the same period a year earlier.
“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,” Frissora said during the company’s earnings call with investors, emphasising that he intends to remain focused on operating discipline and maintaining stability during the transition.”
The company said a search firm will be enlisted to find a replacement for Frissora.
Caesars posted revenue of $2.19 billion in Q3-2018, meeting market expectations.
Caesars confirmed Thursday that it has received a proposal from casino operator Golden Nugget LLC, owned by Houston billionaire Tilman Fertitta, which calls for Caesars to “acquire substantially all of Golden Nugget’s restaurant, hospitality, entertainment and gaming businesses in exchange for a significant minority of Caesars’ common shares.”
The proposal was reported in US media last month (see previous report) but the Caesars announcement reveals that it was rejected by the Board, albeit with the rider that it “continues to be open to reasonable alternatives to enhance long-term shareholder value.”
News on 2 Nov 2018
Caesars Entertainment Corp. has announced that its current president and CEO Mark Frissora (62) has indicated he will step down on February 8 2019. He has been with the company since 2015, guiding it through bankruptcy reorganisation.
The Associated Press news agency noted in reporting on the departure that the announcement came just before Caesars reported third-quarter net income of $110 million, after posting a loss in the same period a year earlier.
“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,” Frissora said during the company’s earnings call with investors, emphasising that he intends to remain focused on operating discipline and maintaining stability during the transition.”
The company said a search firm will be enlisted to find a replacement for Frissora.
Caesars posted revenue of $2.19 billion in Q3-2018, meeting market expectations.
Caesars confirmed Thursday that it has received a proposal from casino operator Golden Nugget LLC, owned by Houston billionaire Tilman Fertitta, which calls for Caesars to “acquire substantially all of Golden Nugget’s restaurant, hospitality, entertainment and gaming businesses in exchange for a significant minority of Caesars’ common shares.”
The proposal was reported in US media last month (see previous report) but the Caesars announcement reveals that it was rejected by the Board, albeit with the rider that it “continues to be open to reasonable alternatives to enhance long-term shareholder value.”
