Caesars CEO steps down after three years in the company’s helm; the casino operator becomes first founding sponsor of Las Vegas Stadium
Caesars Entertainment Corp.. CEO Mark Frissora announced Thursday that he’s resigning after three years at the part. Mr. Frissora will step down on February 8, 2019. The Las Vegas casino giant stated during a conference call following the release of its Q3 financial results it would create a search firm to locate a replacement for the Chief Executive.
The business was at the center of a Chapter 11 bankruptcy case in the time. It emerged from bankruptcy in the autumn of 2017 beneath Mr. Frissora’s stewardship to embark on national and international expansion of its gaming and non-gaming operations in an attempt to enhance its sustainability and reduce its debt.
Caesars also reported its financial results for its third quarter of the year on Thursday. The business recorded net income of $110 million, up from a net loss of $433 million in 2017. Third-quarter revenue amounted to $2.19 billionup from $0.99 billion from the previous calendar year. The significant growth was attributed to the addition of the results of Caesars’ chief operating unit, which emerged from bankruptcy last fall, as well as of the results of Indiana-based gaming firm Centaur Holdings. Caesars finalized the purchase of Centaur throughout the year that was reviewed.
In its financial report, the Las Vegas firm provided comments on the newly emerged reports that it was approached by businessman Tilman Fertitta using a merger deal. According to sources familiar with Mr. Fertitta’s intentions, the Golden Nugget owner had presented Caesars having an offer for a reverse merger that could have seen Caesars obtain Mr. Fertitta’s gaming, hospitality, and restaurant businesses in exchange for “a significant minority of Caesars’ common stocks. ”
The business said Thursday that after thinking about the proposal, it’s decided to decline it as “it isn’t consistent with [its own ] plans to make and enhance shareholder value. ” According to different reports, Caesars is now in talks to obtain Michigan-based hospitality and gaming corporation JACK Entertainment.
News also emerged on Thursday, that Caesars has penned a 15-year arrangement to develop into a founding partner of Las Vegas Stadium, currently under development in Paradise, Nevada and slated to become home place of the Oakland Raiders as part of the franchise’s projected move to Las Vegas in the next few years.
As part of the partnership, the Caesars brand will be featured in the stadium’s entries and drop-off zone. The agreement also involves digital signage in addition to print, press, and radio assets, among others.
Caesars will be supplying exclusive adventures to its customers and Total Rewards members. High roller casino players will be provided with much more improved experience, such as access to training center events as well as the exceptional Caesars-branded owners package located in the 50-yard line of the arena, among others.
While the entrances and different areas of the stadium will feature Caesars-branded signage, it ought to be noticed that the deal does not involve arena naming rights. According to sources, the Raiders have been in discussions with multiple other significant businesses that have been more prone to sponsoring stadiums.
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