Prominent American casino op 7BALL erator, Caesars Entertainment Corporation, has announced that it has selected veteran gaming industry executive, Anthony ‘Tony’ Rodio (pictured), to replace the outgoing Mark Frissora as its new Chief Executive Officer.
Rival relocation:
The Las Vegas-headquartered firm used an official Tuesday press release to declare that 60-year-old Rodio currently serves as CEO for rival operator, Affinity Gaming, but is due to take up his new post ‘during the next 30 days.’
Complicated saga:
New York-listed Caesars Entertainment Corporation is responsible for some 25 American casinos including the iconic Caesars Palace Las Vegas Hotel and Casino as well as Canada’s giant Caesars Windsor venue. Despite previously chalking up annual revenues of over $8 billion, the firm filed for Chapter 11 bankruptcy protections in 2015 and only emerged from this perilous state in October of 2017 following the completion of a Frissora-led restructuring plan that saw it shed approximately $10 billion in overall liabilities.
Continuing disappointment:
In spite of this triumph, the past year has seen the value of shares in Caesars Corp decline by around 30%, which has prompted widespread fears regarding the long-term prospects for the planet’s fourth-largest casino operator in terms of annual revenues. Last month saw such speculation increase after American hedge fund billionaire, Carl Icahn, completed a deal that saw him become the Nevada firm’s largest individual shareholder with a stake of 15.53%.
Uncertain future:
It is widely thought that Icahn will now endeavor to revitalize
the future fortunes of Caesars by organizing a scheme to sell off some or all of the firm’s assets to rivals such as Eldorado Resorts Incorporated or MGM Resorts International. As such, last month saw the 83-year-old businessman help to name a trio of new change-friendly directors to the operator’s board while the company moreover more recently created a special ‘transaction committee’ tasked with overseeing its ongoing efforts to create ‘additional shareholder value.’
Operator’s optimism:
James Hunt, Chairman for Caesars Entertainment, used the press release to describe Rodio as ‘a respected and highly accomplished executive’ that has been responsible for building and growing ‘businesses in our industry throughout his career.’ He also stated that the experienced p possesses ‘a track record of operational excellence, proven leadership and deep industry knowledge and expertise’ and will now be responsible for appraising and carrying out its ‘go-forward plans.’
Hunt’s statement read…
“We are confident that Anthony has the vision and depth of operating experience to lead our talented senior management team as Caesars [Entertainment Corporation] continues its long history of delighting our guests, fostering a welcoming and rewarding workplace for our team members and creating value for shareholders and other stakeholders.”
