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President, CEO of Caesars Entertainment leaving next year

Posted at 1:43 PM, Nov 01, 2018
and last updated 2018-11-01 16:47:19-04

The president and chief executive officer of Caesars Entertainment Corporation is leaving the company next year.

Mark Frissora will remain in his current role until Feb. 8, 2018. In the meantime, the four members of the Compensation and Management Development Committee as well as the Chairman of the Board will work with a nationally recognized search firm to identify Mr. Frissora's successor.

"The Board of Directors thanks Mark for his instrumental role in leading the Company through a challenging period and setting Caesars on a course for sustained, long-term growth and value creation," said Jim Hunt, Chairman of the Board of Directors. "Under Mark's leadership, the Company has significantly improved margins and profitability while simultaneously increasing customer and employee satisfaction. We are grateful for his leadership and numerous contributions and are optimistic for the future."

According to a press release, Caesars has implemented strategies resulting in a 900 basis points increase in adjusted EBITDAR margin and a nearly $800 million increase in adjusted EBITDAR under Frissora's leadership. 

The company has also renovated 70 percent of its hotel rooms, launched various growth initiatives, significantly deleveraged its balance sheet and simplified its capital structure.

Earlier this month, Caesars rejected a deal from the owner of the Golden Nugget.

And earlier today, it was announced that Caesars Entertainment is the first founding partner of Las Vegas Raiders Stadium.