Casino operator Caesars Entertainment Corporation has announced that Mark Frissora has assumed the company’s president and CEO role, completing the transition plan previously announced in February 2015.
“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,” said Frissora.
“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,” added Frissora.
Caesars former President and CEO Gary Loveman will continue to serve as Chairman of the Board of Caesars Entertainment and will continue to oversee the restructuring of Caesars Entertainment Operating Co. (CEOC).
The announcement comes after CEOC said that it had a net income of $53m in April.
During its filing with the Securities and Exchange Commission, CEOC said that its total revenue during the month was $327.8 million, including $239.1 million in casino revenue.
Because of the current bankruptcy reorganization, CEOC must report its operating results on a monthly basis.
Aside from Caesars Palace, CEOC also controls more than a dozen regional properties including Harrah’s Reno Casino and Hotel and Caesars Atlantic City.
“Our first quarter results were driven by strength in CIE’s social and mobile games business, contributions from new hospitality amenities and favorable hold. These factors, coupled with improved margins due to cost savings initiatives, drove improved Adjusted EBITDA performance across all segments of our business,” said Loveman. “While we are pleased with our first quarter performance, we are focused on driving further same-store revenue growth, effectively managing expenses and making critical hospitality investments to position the business for long-term growth.”
Caesars also explained that the monthly results for its operations does not indicate what the company will do from month to month. They also advised “investors and potential investors not to place undue reliance upon the information contained in the monthly operating report.”