• 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
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Gary Loveman to step down as Caesars CEO in July

Feb 05, 2015 Newsdesk Latest News, Top of the deck, World  


Gary Loveman to step down as Caesars CEO in July

Gary Loveman, chief executive of U.S.-based casino operator Caesars Entertainment Corp, whose largest unit recently filed for Chapter 11 bankruptcy, plans to step down from the role, the parent company said on Wednesday.

Mr Loveman (pictured) will continue to serve as chairman of Caesars Entertainment and of Caesars Entertainment Operating Co Inc (CEOC), the firm’s operating unit now in bankruptcy, according to Wednesday’s statement.

“As chairman, Loveman will continue to oversee the restructuring of CEOC,” the company added.

Mark Frissora, a former CEO of rental car firm Hertz Global Holdings Inc, will succeed Mr Loveman as Caesars’ group CEO, Caesars Entertainment said. He will join as “CEO designee” until he formally becomes CEO on July 1.

Mr Frissora has no experience in casino operations, but Caesars Entertainment said he has “a track record of operating, growing and creating value at complex and highly leveraged companies.”

“During the transition period, he [Mr Frissora] will work with Loveman and the board to familiarise himself with Caesars’ operations and leadership team and go through the regulatory licensing process,” the company said.

Mr Loveman, who joined the group – formerly known as Harrah’s Entertainment Inc – in 1998, presided over the acquisitions of several brands and properties in the U.S. Currently, Caesars Entertainment and its subsidiaries operate about 50 casinos in 13 U.S. states and five countries.

The change comes less than a month after CEOC voluntarily filed for bankruptcy in Chicago, Illinois. It is part of a plan by Caesars Entertainment to cut group debt – amounting to about US$18.4 billion – by approximately US$10 billion.

In Wednesday’s statement, Mr Loveman said the time “is ripe for a transition”.

“My decision to begin to transition management now comes with the confidence that we have taken the steps necessary to ensure the company’s long-term success,” he said.

“I am confident that the efforts under way to address the capital structure of CEOC and the announced merger of Caesars Acquisition Corp and Caesars Entertainment will position Caesars for growth and prosperity for many years to come.”

The brand has long coveted casino operations in the high growth Asian region. Mr Loveman has admitted that not entering the Macau gaming market was the biggest mistake the company ever made.

The firm turned down a deal to acquire a Macau sub-concession in 2006 but a year later paid US$577 million for a golf course in the city in an unsuccessful attempt to parlay it into a casino project. The company sold the land last year to local investors for US$438 million, 24 percent below what it had paid seven years earlier.

Caesars Entertainment now has a foothold in South Korea and it also announced a desire to enter the Philippines market.


  • tweet
Related articles
  • Londoner Macao pulls in foreigners and Chinese: LVS CEO
    Londoner Macao pulls in foreigners and...

    May 25, 2023  

  • SJM Holdings CEO Ambrose So to retire in June
    SJM Holdings CEO Ambrose So to retire...

    Apr 28, 2023  

More news
  • FBM enters U.S. market via Easy$Link deployment in Florida
    FBM enters U.S. market via Easy$Link...

    May 29, 2023  

  • RGB posts US$2.3mln 1Q profit, optimistic for rest of 2023
    RGB posts US$2.3mln 1Q profit,...

    May 29, 2023  


Latest News

FBM enters U.S. market via Easy$Link deployment in Florida

FBM enters U.S. market via Easy$Link deployment in Florida

May 29, 2023  

FBM, a maker of casino slot machines and an international specialist in electronic bingo machines, says it has delivered its first product in the United States. The firm said it had entered the...
Read More
RGB posts US$2.3mln 1Q profit, optimistic for rest of 2023

RGB posts US$2.3mln 1Q profit, optimistic for rest of 2023

May 29, 2023  

Cotai Expo hotel extra to licence capex, says Goldstein

Cotai Expo hotel extra to licence capex, says Goldstein

May 29, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Even in the darkest moments of the pandemic, we’ve always said this market will come back strong… We’re big believers in Macau”

Robert Goldstein

Chairman and chief executive of Las Vegas Sands



Most Popular

  • Londoner Macao pulls in foreigners and Chinese: LVS CEOLondoner Macao pulls in foreigners and Chinese: LVS CEO May 25, 2023
  • Ian Coughlan out of Wynn Macau Ltd board, Cameron-Doe inIan Coughlan out of Wynn Macau Ltd board, Cameron-Doe in May 29, 2023
  • Cotai Expo hotel extra to licence capex, says GoldsteinCotai Expo hotel extra to licence capex, says Goldstein May 29, 2023
  • Genting Malaysia revenue at US$494mln in 1Q, narrows lossGenting Malaysia revenue at US$494mln in 1Q, narrows loss May 25, 2023
  • Suntrust agrees to US$6mln loan from chairman Andrew LoSuntrust agrees to US$6mln loan from chairman Andrew Lo May 29, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us