Mark Frissora Resigns from Caesars Entertainment!

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  2nd-Nov-2018
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MH9_1541153498_1.jpg Caesars Entertainment

Caesars Entertainment

When we talk about Hotels and Casinos then one name comes in everyone’s mind is Mark P. Frissora. He joined Caesars Entertainment back in 2015. Before that from 2000 to 2014, he worked as CEO as well as Chairman of Two Fortune 500 companies.

As per the latest news from Caesars Entertainment, Mark Frissora announced his resignation after 3 years from the post of CEO as well as Chairman. But he will continue his as CEO and Chairman till 8th February 2019 because the Caesars Entertainment is yet to find a replacement.

Mark Frissora was appointed in February 2015 by Apollo Global Management and TPG Capital. At the initial days, he worked as a CEO of Car rental company Hertz and auto parts manufacturer Tenneco at Caesars.

Caesars Entertainment Chairman Jim Hunt said that he and his 4 team member of Compensation and management development work together to find the successor of Frissora. The Board of Directors of the Caesars Entertainment thanks to Mark Frissora for his important role in leading company through a challenging period and setting Caesars on a course for sustained, long-term growth and value creation. They also mentioned that under Frissora leadership, the margins and profit improved significantly. Under Mark’s leadership, the number of customers and employee’s satisfaction was also increased. The Board of Directors of the Caesars Entertainment is grateful for Mark’s leadership and his contribution and also for his bright future.

Caesars also published its 3rd quarter earnings reports on Thursday. As per the news, the net income of the Caesars is 14 cents per share while Wall Street had expected no earnings for the quarter. However, Caesars missed out the revenue exceptions, reporting $2.19 billion in revenue compared to the 2.21$ billion as per Refinitiv.

As per the report, in previous month the Golden Nugget Casinos owner Tilman Fertitta wanted to tie-up with Caesars Entertainment in a deal which would value Caesars 13$ per share. The reverse merger with Caesars as the acquirer would exchange stock in a private company owned by Fertitta for shares in Caesars. Mark Frissora rejected the proposal of Fertitta in Caesars earnings release. The Board determined that “it is not consistent with the Caesars Entertainment’s plan to create and enhance shareholder values over the long term”.

Under the leadership of Mark Frissora, Caesafter-hours shares fell more than 20 percent. After restructuring process of the casino giant well-known for its last year economic failure which is just begun before Frissora became CEO and lasted more than 2 years.

Caesars shares jumped 9 percent in after-hours of this announcement. The stocked closed up at 3 percent at 8.85 $ per share and is down 30 percent this year. After hours trading climbed another 96 cents, 10.8 percent to $9.81 a share on trading nearly two times of the average volume.

Frissora added that “We don’t anticipate seeing anything like that in the future, but you never know because we have a lot of theaters, a lot of performances which are good and right now, we are making sure we have a robust calendar”.

Domain: Afterhours
Category: Food & Wine
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