Caesars Entertainment Corporation’s president and CEO Mark Frissora is to depart the enterprise next year, having led a “successful operational and financial transformation”.
Supporting a seamless transition Frissora is to remain in the role until Friday 8 February, as Caesars praised a number of organic and inorganic growth initiatives undertaken during his stewardship.
Chief amongst which is the acquisition of Centaur Holdings, expansion into Dubai, the planned development of Caesars’ first resort in Mexico and the pursuit of a license in Japan.
Jim Hunt, Caesars’ chairman of the board of directors, praised the impact of Frissora on the company: “The board of directors thanks Mark for his instrumental role in leading the company through a challenging period, and setting Caesars on a course for sustained, long-term growth and value creation.
“Under Mark’s leadership, the company has significantly improved margins and profitability, while simultaneously increasing customer and employee satisfaction. We are grateful for his leadership and numerous contributions and are optimistic for the future.”
Speaking about the decision, Frissora added: “I have been privileged to lead this iconic company and am proud of all that our team has accomplished. Together, we navigated a complex restructuring process.
“We have improved our margins significantly and created enterprise value which enabled the successful reorganisation of our Caesars Entertainment Operating Company subsidiary.
“I am confident that the company is well positioned to thrive and grow in the future. I am committed to maintaining stability and operating discipline during this transition.”
This comes as Caesars announced robust third quarter financial results, which saw net income swing to $110m compared to a net loss of $433m a year earlier.
Net revenues for the period increased $1.19bn, from 2017’s $993m to $2.19bn, with operating profit also boosted 176 per cent year-on-year, or $148m, from $84m to $232m.
“We executed well during the quarter despite a challenging operating environment in Las Vegas and Atlantic City, and we are optimistic about the opportunities ahead,” commented Frissora.
Adding: “We are making important progress against our growth strategy with the integration of Centaur, expansion of our US sports betting business, and the creation or renewal of partnerships with six professional sports organisations.”
