Speaking to Bloomberg News, Mark Frissora Chief Executive of Caesars Entertainment Corp (CEC) has laid out the three main objectives that will lead his firm’s recovery and add greater value for shareholders.
Frissora and CEC executives are handling the final proceedings of the bankruptcy of the firm’s operating unit Caesars Entertainment Operating Company (CEOC). Frissora told Bloomberg that he expects all CEOC affairs to be finalised by Q3 of this year.
Once CEC emerges as an independent and unshackled entity from negotiations, Frissora and CEC executives will move to focus on three areas of expansion: the redevelopment of Las Vegas projects, expanding on International projects and M&A targets.
Moving forward, Caesars’ leader now has to convince the market and shareholders of the gambling operators future prospects and growth potential post the CEOC bankruptcy chapter.
Frissora who has led the casino operator since July 2015, points to CEC’s earnings performance during the past ‘two crisis years’, in which the CEC division has outperformed market expectations generating an EBITDA of + $750 million.
Caesars hometown of Las Vegas will be the first point of action as Frissora states that his firm has to redevelop its proposition on ‘the strip’. Frissora points to ‘underutilised real estate’, which needs to be redeveloped with new casino gaming technology and infrastructure which will attract modern consumers.
Relating to Caesars international and M&A ambitions, Frissora is excited at the firm’s Toronto casino hotel plans and confident of the firm’s bids for Brazilian properties.
With regards to the lucrative Asian market, Frissora notes that due to its past circumstances Caesars Entertainment has not engaged in Macau properties. This may prove to work in favour of Caesars longterm international goals as CEC leadership has strong ambitions of partnering with regional operators within new markets of South Korea and Japan.