• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Caesars’ Loveman departs as staff, US$3.25-mln bonus

Dec 26, 2016 Newsdesk Latest News, Top of the deck, World  


Caesars’ Loveman departs as staff, US$3.25-mln bonus

Gary Loveman (pictured), the man who led casino operator Caesars Entertainment Corp at the time one of its units requested reorganisation under Chapter 11 of the U.S. Bankruptcy Code, is to receive a US$3.25-million bonus when he ceases to be an employee of the group on December 31. He will remain chairman.

According to a Caesars filing to Nasdaq in New York on Friday, the bonus payment was authorised on December 20 by the human resources committee of the company’s board.

“Following the termination of his employment agreement, Mr Loveman will no longer be an employee of the company, but will continue to serve as chairman of the board,” stated the filing.

In July 2015, Mark Frissora, a former chief executive of rental car firm Hertz Global Holdings Inc, took over as president and CEO of Caesars Entertainment, posts that had been held by Mr Loveman. The latter, a former economics professor at Harvard Business School, stayed on as chairman as part of that leadership transition.

Caesars Entertainment Operating Co Inc – the part of the business running some of the group’s most profitable venues including flagship properties in Las Vegas – requested reorganisation under Chapter 11 of the U.S. Bankruptcy Code from a court in Chicago in January 2015. It was part of a plan to cut group debt by approximately US$10 billion.

Some investment analysts had said the fact Caesars Entertainment had not found a route to expand its operations to the high-growth gambling markets of Asia – unlike its Las Vegas market rivals Las Vegas Sands Corp, MGM Resorts International and Wynn Resorts Ltd – contributed to its difficulties. Caesars Entertainment instead had to rely on the modest-growth U.S. domestic market.

Caesars Entertainment had tried to parlay a Macau golf course into a casino project, but in August 2013 sold the 70-hectare (175-acre) Caesars Golf Macau to local investors for US$438 million; a price 24 percent below the US$577 million that Caesars Entertainment’s corporate predecessor, Harrah’s Entertainment Inc, paid for it in 2007.

Caesars Entertainment has plans for a casino resort in South Korea. Hong Kong-listed real estate developer Lippo Ltd, one of the partners in a consortium for that scheme, confirmed in a filing in early December that it was still negotiating the disposal of its stake in the venture.

On Friday in a second filing to Nasdaq, Caesars Entertainment said that some bank creditors of Caesars’ operating unit had withdrawn a default notice they had served on the latter.


  • tweet
Related articles
  • Paradise 4Q loss up sequentially, positive EBITDA
    Paradise 4Q loss up sequentially,...

    Feb 26, 2021  

  • Kangwon licence extension to come with tax rejig: JP Morgan
    Kangwon licence extension to come with...

    Feb 24, 2021  

More news
  • Aristocrat to launch EGM-based responsible gaming features
    Aristocrat to launch EGM-based...

    Feb 26, 2021  

  • Suncity to open clubs at Londoner Macao, Lisboa Palace
    Suncity to open clubs at Londoner...

    Feb 26, 2021  


Latest News

Aristocrat to launch EGM-based responsible gaming features

Aristocrat to launch EGM-based responsible gaming features

Feb 26, 2021  

Casino slot machine maker and digital games provider Aristocrat Leisure Ltd says it plans to launch in the first quarter this year a new product with responsible gaming features, which has already...
Read More
Suncity to open clubs at Londoner Macao, Lisboa Palace

Suncity to open clubs at Londoner Macao, Lisboa Palace

Feb 26, 2021  

Tech supplier Crane ups forecast for 2021 core sales

Tech supplier Crane ups forecast for 2021 core sales

Feb 26, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day


US$53.4 million

Adjusted EBITDA reported by Asian casino operator Melco Resorts and Entertainment for the fourth quarter of 2020



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau removes last mainland cities from its quarantine listMacau removes last mainland cities from its quarantine list February 23, 2021
  • GEG in US$1.6bln construction deal on Galaxy Macau Phase 4GEG in US$1.6bln construction deal on Galaxy Macau Phase 4 February 22, 2021
  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us