New Caesars CEO

just saw on the twitter machine..

Howard Stutz of LVJ reports Loveman to be replaced by Mark Frissora former CEO of Hertz on July 1st.

 

Loveman stays on as Chairman however. This reminds me of Robert DeNiro in Casino.

 

Loveman out as CEO for CET. Former Hertz CEO in.

That is what I am hearing. Cant see how this can hurt CET. Loveman really seemed to be hated by a lot of people. Wonder if he will lose his gig of doing those commercials or psa's of responsible gambling.

 

Wow is the first word that springs to my mind. That, and a few years too late:
http://www.reviewjournal.com/news/las-vegas/caesars-ceo-loveman-stepping-down-wake-bankruptcy

 

It figures he still has his foot in the door. He was always robbing Peter to pay Paul in the Caesars empire. And it shows in the Casinos.
Finally caught up to them. It's just something to divert the attention. Board of directors need to be spanked. HARD!.

 

Loveman should have been gone years ago. The value he brought to the company was exhausted years ago.

 

Doesn't this guy seem like a bit of strange choice? He doesn't have any reorg background and he doesn't seem like a hatchet man, two things I'd expect they'd look for in a new CEO. Not to mention gaming experience. Plus he was pushed out by investors at Hertz. But he'll just do whatever TPG and Apollo want him to do anyway.

 

As long as the Asian guy saying "No, no, no!" to underage gamblers doesn't lose his spot in the commercial, I'm good. That guy cracks me and my g/f up every time.

 

Compare him to Loveman, who was an academic who transitioned into the business world. It's not the casino business but car rentals are still part of the hospitality sector. I am going to presume he will be able to balance the checkbook.

 

I hope he understands 6/5 blackjack and super tight slots chase customers away to competitors.

 

...who have 6/5 blackjack and super tight slots.

 

They probably haven't severed all ties with him because if they do he'll take a lot of people down with him in terms of PR. There were a lot of other people who were up to their eyeballs in responsibility, besides Loveman, for Caesars' financial problems. I'm not sticking up for Loveman; I suspect the board will let things cool down for a couple of years and then give him the heave-ho that he rightly deserves. Loveman could not have done what he did without the complicity of some of the board members. What I don't understand is why the shareholders didn't force the issue at some point, there had to be a lot of institutional ownership that saw the way things were headed.