Caesars announces CEO departure revenue and operating profit up for Q3

Caesars Entertainment has announced President and CEO Mark Frissora will leave the company on 8 February 2019.

Frissora joined Caesars in 2015 and has overseen a number of initiatives and achievements during his time in charge.

In a statement regarding his release, the operator highlighted strategies resulting in a near-$800m increase in adjusted EBITDAR, the completion of 70% of hotel room renovation across its network and the reduction of annual fixed charges by $1.4bn.

Frissora said: "I have been privileged to lead this iconic company and am proud of all that our team has accomplished. Together, we navigated a complex restructuring process. I am confident the company is well positioned to thrive and grow in the future.”

Caesars delivered its Q3 trading update on the same morning as the announcement, reporting net revenues of $2.19bn, up 120% year-on-year, and an operating profit of $232m – an increase of 176%.

Net income attributable to Caesars was $110m, compared to a net loss of $433m last year.

Frissora said: "We are making important progress against our growth strategy with the integration of Centaur, expansion of our US sports betting business and the creation or renewal of partnerships with six professional sports organisations.”

Additionally, Caesars commented on a recent merger offer from Golden Nugget, confirming it rejected the proposal.

The operator said: “The board considered the proposal, in consultation with its legal and financial advisors, and determined it is not consistent with the company's plans to create and enhance shareholder value over the long term. The board has informed Golden Nugget of its decision.”