Caesars CEO steps down after three years at the company’s helm; the casino operator becomes first founding sponsor of Las Vegas Stadium
Caesars Entertainment Corp. CEO Mark Frissora announced Thursday that he is resigning after three years in the role. Mr. Frissora will step down on February 8, 2019. The Las Vegas casino giant said during a conference call following the release of its Q3 financial results that it would appoint a search firm to find a replacement for its Chief Executive.
Mr. Frissora stepped in as CEO of Caesars in July 2015. The company was in the middle of a Chapter 11 bankruptcy case at the time. It emerged from bankruptcy in the fall of 2017 under Mr. Frissora’s stewardship to embark on domestic and international expansion of both its gaming and non-gaming operations in a bid to improve its profitability and reduce its debt.
Caesars also reported its financial results for the third quarter of the year on Thursday. The company recorded net income of $110 million, up from a net loss of $433 million in 2017. Third-quarter revenue amounted to $2.19 billion, up from $0.99 billion in the prior year. The significant increase was attributed to the inclusion of the results of Caesars’ main operating unit, which emerged from bankruptcy last fall, as well as of the results of Indiana-based gaming company Centaur Holdings. Caesars finalized the acquisition of Centaur during the reviewed quarter.
In its financial report, the Las Vegas company provided comments on the recently emerged reports that it had been approached by businessman Tilman Fertitta with a merger offer. According to sources familiar with Mr. Fertitta’s intentions, the Golden Nugget owner had presented Caesars with an offer for a reverse merger that would have seen Caesars acquire Mr. Fertitta’s gaming, hospitality, and restaurant businesses in exchange for “a significant minority of Caesars’ common shares.”
The company said Thursday that after considering the proposal, it has decided to decline it as “it is not consistent with [its] plans to create and enhance shareholder value.” According to separate reports, Caesars is currently in talks to acquire Michigan-based gaming and hospitality corporation JACK Entertainment.
Raiders Stadium Partnership
News also emerged on Thursday, that Caesars has penned a 15-year agreement to become a founding partner of Las Vegas Stadium, currently under development in Paradise, Nevada and slated to become home venue of the Oakland Raiders as part of the franchise’s planned relocation to Las Vegas in the coming years.
As part of the partnership, the Caesars brand will be featured at the stadium’s entrances and drop-off zone. The agreement also involves digital signage as well as print, media, and radio assets, among others.
Caesars will be offering exclusive experiences to its customers and Total Rewards members. High roller casino players will be provided with even more enhanced experience, including access to training facility events and the special Caesars-branded owners suite located at the 50-yard line of the stadium, among others.
While the entrances and other parts of the stadium will feature Caesars-branded signage, it should be noted that the deal does not involve stadium naming rights. According to sources, the Raiders have been in talks with multiple other major companies that have been prone to sponsoring stadiums.
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