New Caesars CEO starts today, replacing Gary Loveman

Casino giant Caesars Entertainment has a new chief executive starting today.

Mark Frissora, who formerly led the rental car company Hertz, has replaced Gary Loveman as CEO of Caesars, which operates many of the big resorts on the Strip. Loveman is staying on as chairman and will continue to oversee the bankruptcy restructuring of Caesars’ big operating division, the company said.

Mark Frissora is shown in this June 14, 2007, file photo.

Mark Frissora is shown in this June 14, 2007, file photo.

Caesars first announced in February that Frissora would take over the reins from Loveman, who had been CEO since 2003. Frissora was CEO-designee for the past few months.

Frissora said in a statement that since he arrived at Caesars in February, he has visited most of the company’s U.S. properties, met with top executives and focused on “identifying new opportunities to drive growth and efficiency.”

“I am excited about the opportunities ahead and to become part of such a dynamic company and industry,” Frissora said. “Caesars has a diverse collection of assets, a highly engaged management team and employee base and strong loyalty among its customers.”

Frissora added that he’s been working with company leaders to develop a “multi-year growth strategy” for Caesars.

Caesars’ principal shareholders, Apollo Global Management and TPG Capital, both expressed excitement about the start of Frissora’s term.

Apollo founder Marc Rowan said in the company statement that Frissora is already “pursuing opportunities to increase productivity.”

TPG founding partner David Bonderman said Frissora’s track record of “driving growth and efficiency” will be good for the company.

Frissora is entering at a financially challenging time for Caesars. Its division called Caesars Entertainment Operating Company filed for bankruptcy protection in mid-January, less than a month before Caesars announced Loveman’s departure.

Caesars hopes a Chicago bankruptcy court will approve a plan to shed some $10 billion of the operating company’s $18.4 billion debt. The operating company is one of several Caesars divisions, and Caesars Palace is the only Las Vegas property included in the bankruptcy filing.

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