New Chairman of Caesars announced as bankruptcy ends
Caesars Entertainment Corporation (CEC) announced the completion of their merger and restructuring as they reveal their new Board of Directors.
The merger made with Caesars Acquisition Company (CAC) comes at the same time as the restructuring of Caesars Entertainment Operating Company (CEOC), and its debtor subsidiaries.
Caesars began its business all the way back in Reo Nevada 1937. Currently the company, through its subsidiaries, operates 47 casinos in 13 states and five countries.
However, in 2016 CEC recorded net losses of $2bn and $1.6bn in 2017 as the company attempts to bounce back following its filing for chapter 11 bankruptcy. The current restructuring allows for the removal of $10bn in toxic debts and gained approval from regulators in Louisiana, Missouri and the Nevada Gaming Control Board.
James Hunt was chosen to be Chairman of the new Board. He spent ten years at The Walt Disney Company, 15 years at Ernst & Young as well as several board roles at different companies. They included Brown & Brown, Inc., The St. Joe Company, Penn Mutual Life Insurance Co, the Nemours Foundation and Children's Hospital Los Angeles.
In a press release from CAC, Hunt said: "It is an honour to have been designated as Chairman of the Board of Caesars Entertainment. Caesars is a leader in gaming and entertainment with strong brands, first-class properties and talented people. I am committed to working tirelessly with our Board colleagues and our management team to drive long-term value creation."
President and Chief Executive Officer Mark Frissora will remain as an executive member of the Board.
Other Members of the Board include Thomas Benninger, John Boushy, John Dionne, Matthew Ferko, Don Kornstein, David Sambur, Richard Schifter, Marilyn Spiegel and Christopher Williams.
Frissora added: "The completion of the merger and restructuring process present Caesars Entertainment with the opportunity to continue on our path of growth and value creation. I look forward to partnering with Jim and all of the members of the incoming board to continue to take steps to unlock new growth opportunities."