Mark Frissora Resigns From Caesars Entertainment

In an unexpected move that took everybody by surprise, longstanding CEO of Caesars Entertainment Corporation, Mark Frissora, has announced he is resigning from his position forthwith.

He will officially leave his CEO duties on February 8th (until when he will be supporting a seamless transition to his successor), which will be almost exactly four year since he took charge of the multinational conglomerate and iGaming business giant.

No Clear Reason Given

The official press announcement came on November 1st after the company's board broke the news saying:

“President and Chief Executive Officer Mark P. Frissora is leaving the company, having led a successful operational and financial transformation and established a platform for future growth.”

Compensation and management development committee, and chairman of the Board, will work together with nation's top search firms to find Frissora's successor.

During his tenure, Caesars has increased its adjusted EBITDAR margin by 900 basis points as well as $800 million. The company has also deleveraged its balance sheer, simplified capital structure and has, since 2014, reduced the cost of entire debt by 400 basis points, while planning even further deleveraging.

Furthermore, annual fixed charges have been reduced by $1.4 billion, which includes interest expense. Renovation of circa 70% hotel rooms across the entire network of venues has been completed...

...all the while launching organic and inorganic growth initiatives, such as Centaur Holdings acquisition, Dubai expansion, the construction of first Caesars Resort in Mexico and so forth.

“Instrumental Role”

The departure of such a pivotal figure for the company caused quite a stir in the company whose executives were very sorry to see Frissora go...

...hence, James Hunt, Caesars' Chairman of the Board of Directors, said:

"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.”

He added: “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."

In his final statement in the Chairman role, Frissora stated:

"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 reorganization 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.”

Most Recent Legacy

A little over a month ago, Caesars made a first significant personnel change when Monica S. Digilio was appointed new Chief Human Resources Officer.

This was made on the wings of numerous successes, chiefly on U.S. soil and in tie with sports betting liberalization there. It began with Caesars dethroning the untouchable PokerStars https://jswqzs.com/news/caesars-is-new-emperor-of-nj-online-gambling as a company with the most revenue in New Jersey and culminated with the supposed merger between Caesars and Golden Nugget Casinos.

In the meantime, the conglomerate became the first casino brand to complete a partnership agreement with an NBA franchise, namely the Philadelphia 76ers.

Source:

“Caesars Entertainment CEO Mark Frissora to Leave Company”, caesars.com, November 1st, 2018.