Frissora takes over as CEO of Caesars

2 July 2015

Mark Frissora has been confirmed as the new president and chief executive officer of US casino operator Caesars Entertainment Corp.

The former chairman and chief executive of vehicle rental firm Hertz Global Holdings was announced as successor to Gary Loveman in February, and has now assumed the position.

Frissora also becomes president and chief executive of Caesars Enterprise Services (CES) and joins the CES Steering Committee, while Loveman continues to serve as chairman of the board.

“Since joining the company in February, I have visited most of our domestic properties, met with all of the company's senior leaders and focused my attention on identifying new opportunities to drive growth and efficiency, which will ultimately create shareholder value," Frissora said.

“I am excited about the opportunities ahead and to become part of such a dynamic company and industry.

“Caesars has a diverse collection of assets, a highly engaged management team and employee base and strong loyalty among its customers.

“I am working with the leadership team and the Board to formulate a multi-year growth strategy for the company that spans our footprint in Las Vegas and other markets.”

In March, a US bankruptcy judge ordered an independent examiner to investigate transactions by the operating unit of Caesars Entertainment Corp after the company filed for Chapter 11 bankruptcy this year, and is alleged to have illegally moved assets to avoid them being claimed by creditors.

Marc Rowan, founder of principle shareholder Apollo Global Management, welcomed Frissora moving into position.

Rowan added: “Mark has quickly assumed leadership of the company and has spent his early months at Caesars working closely with the senior team and pursuing opportunities to increase productivity.” 

Related article: Loveman to step down as CEO of Caesars