CEO of Caesars Entertainment steps down

The casino giant revealed that its maximum authority will step down next year.

US.- Caesars Entertainment has revealed that its president and CEO, Mark Frissora, will step down next year. The announcement came just before the company reported its third quarter financial results and posted a loss when compared to the same period a year earlier.

The Las Vegas-based company said that Frissora will continue in the company until February 8, 2019, and that a search firm will be in charge of finding a replacement for him. Frissora joined Caesars in 2015, after being CEO of the car rental company Hertz.

“I’m very grateful to the entire team for their efforts and proud of what we’ve accomplished together and very optimistic about our company’s future,” said Frissora during the company’s earnings call with investors. He added that his plan is to remain focused on operating discipline and maintaining stability during the transition.

Moreover, Caesars confirmed that it had received a proposal from Golden Nugget, owned by Tilman Fertitta, for the company to acquire “all of Golden Nugget’s restaurant, hospitality, entertainment and gaming businesses in exchange for a significant minority of Caesars’ common shares.” However, the company rejected the proposal but continues to be open to “reasonable alternatives to enhance long-term shareholder value.”