SBC News Gary Loveman to step down as CEO of Caesars Entertainment

Gary Loveman to step down as CEO of Caesars Entertainment

loveman
Gary Loveman

Caesars Entertainment CEO Gary Loveman is set to step down from his leadership position on 1 July. Loveman will be succeeded by Mark Frissora who had joined the embattled casino operator from car rental firm Hertz Rental in 2014.

Caesars Entertainment stated that Loveman would work alongside Frissora during a transition period for the company which had recently filed for Chapter 11 bankruptcy. Loveman will continue to serve as Chairman of Caesars Entertainment, focusing on the restructure of the bankrupt Caesars Operating Company business unit.

Loveman steps down as CEO of Caesars Entertainment, having served since 2003.During his tenure Loveman had built the firm into an international leader in casino and leisure by acquiring casino operator Harrahs for $5 billion in 2006. Loveman would also expand Caesars Entertainments gambling portfolio by purchasing Hard Rock Hotels and The World Series of Poker.

However the operator has suffered financial difficulties since its 2008 $30 billion leveraged acquisition by private equity firms Apollo Global Management and TPG. Caesars Entertainment has been burdened with extreme debt payments which were significantly hit by the US recession and customer downturn to its casino resorts.

Apollo Global Management and TPG had placed the operator into bankruptcy in January filing with Chicago courts, as the company looked to reduce its debt burdens and restructure finances with creditors.

Check Also

SBC News Mark Frissora takes over as Caesars Entertainment CEO

Mark Frissora takes over as Caesars Entertainment CEO

Embattled US gambling operator Caesars Entertainment Corp, has confirmed the appointment of Mark Frissora as …

SBC News Caesars places casino operating unit under Chapter 11 bankruptcy protection

Caesars places casino operating unit under Chapter 11 bankruptcy protection

  Caesars Entertainment Corp has filed for Chapter 11 bankruptcy protection in Chicago this Thursday …