LAS VEGAS—Caesars Entertainment Corporation President and CEO Mark P. Frissora is leaving the company. He will remain in his current role until Feb. 8, 2019.
The four members of the compensation and management development committee, as well as the chairman of the board, will work with a nationally recognized search firm to identify Frissora’s successor.
Under his leadership, Caesars implemented strategies resulting in a 900 basis points increase in adjusted EBITDAR margin and a nearly $800 million increase in adjusted EBITDAR. The company has completed the renovation of approximately 70% of the hotel rooms across its network and launched various organic and inorganic growth initiatives, including the acquisition of Centaur Holdings LLC, expansion into Dubai, the planned development of Caesars’ first resort in Mexico and the pursuit of a license in Japan.
During his tenure, the company has also significantly deleveraged its balance sheet and simplified its capital structure. Since 2014, prior to the restructuring of Caesars Entertainment Operating Company, Caesars has reduced the cost of its debt by 400 basis points and is committed to further deleveraging. In the same period, the company reduced annual fixed charges, including interest expense, by $1.4 billion.