Caesars CEO Mark Frissora Steps Down

Caesars Windsor – Caesars Windsor

Caesars Entertainment Corp. CEO Mark Frissora is leaving his position next year after three years served, the company announced before presenting its third-quarter financials Nov. 1.

The decision was announced by Caesars’ board of directors chairman Jim Hunt, according to the Las Vegas Review-Journal. Hunt also reportedly announced a 15-year agreement to be a partner in the forthcoming Las Vegas football stadium.

“I’m very grateful to the entire team for their efforts and proud of what we’ve accomplished together and very optimistic about our company’s future,” Frissora said during the company’s earnings call, according to the Associated Press. He went to say his “plan is to remain focused on operating discipline and maintaining stability during the transition.”

Frissora helmed the casino giant through a turbulent period, including a reorganization plan to help subsidiary Caesars Entertainment Operating Co., Inc. to exit bankruptcy and clear its $18 billion in debt.

Caesars Entertainment Corp. operates 50 casinos in five countries and 13 states, and employs more than 60,000 people, according to the Associated Press.

Gwen Stefani scored $5.5 million in her Las Vegas debut this year at Zappos Theater at Planet Hollywood, a show which was co-produced by Caesars and Live Nation.

This year also saw a protracted battle between the corporation and thousands of unionized workers over contractual negotiations, but an agreement was reached before an industry-gutting strike came into effect.

Caesars reported 3Q net income of $110 million and posted revenue of $2.19 billion. 

Still, Caesars’ 3Q report lagged behind last year’s, the Review-Journal said, partially because Celine Dion had to cancel 20 shows and 2017 featured major boxing events that were difficult to replicate.