New Caesars boss starts today

Mark Frissora is now the new CEO and President of Caesars Entertainment, taking over from Gary Loveman in a move that was announced back in February. However Gary Loveman will will remain as Chairman and will also oversee the bankruptcy proceedings of the companies operating division, Caesars Entertainment Operating Company.

The former boss of Hertz car rental has taken over from Loveman who was with the company since 2003, Frissora said in a statement that since he arrived at Caesars in February, he has visited most of the company’s U.S. properties, met with top executives and focused on “identifying new opportunities to drive growth and efficiency.”

“I am excited about the opportunities ahead and to become part of such a dynamic company and industry,” Frissora said. “Caesars has a diverse collection of assets, a highly engaged management team and employee base and strong loyalty among its customers.”

Frissora added that he’s been working with company leaders to develop a “multi-year growth strategy” for Caesars.

It is a challenging time for the casino giant who has an $18 billion mountain of debt that the company is trying to shed $10 billion of it in restructuring its bankruptcy. However some senior debt holders are suing the gambling firm saying that the entire business should be in bankruptcy not just the chosen parts that are not profitable.