Thursday, Nov. 1, 2018 | 3:52 p.m.
Mark Frissora is leaving Caesars Entertainment.
The casino giant’s president and chief executive officer, who helped guide it through bankruptcy reorganization, will stay with the company until Feb. 8, it was announced today.
Frissora, who joined the company in 2015, is also credited with helping guide Caesars’ planned expansion into Dubai and Mexico.
“I have been privileged to lead this iconic company and am proud of all that our team has accomplished,” he said in a statement. “We navigated a complex restructuring process. We have improved our margins significantly and created enterprise value which enabled the successful reorganization of our Caesars Entertainment Operating Company subsidiary.”
The group’s four-member Compensation and Management Development Committee and the chairman of the board will conduct a search for a replacement. Frissora will stay through the transition.
“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.
Also today, Caesars reported third-quarter net income of $110 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Las Vegas-based company said it had net income of 14 cents. Losses, adjusted for nonrecurring gains and pretax gains, were 3 cents per share.
The results met Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was also for a loss of 3 cents per share.
The casino operator posted revenue of $2.19 billion in the period, also meeting Street forecasts.
Caesars shares have declined 30 percent since the beginning of the year. In the final minutes of trading today, shares hit $8.85, a drop of 32 percent in the last 12 months.
The Associated Press contributed to this report.