Caesars chief secures licence approval in Nevada

caesarsThe Nevada Gaming Commission has unanimously voted to grant Mark Frissora, president and chief executive of Caesars Entertainment, a gaming licence despite the uncertainty surrounding the future of the company.

Confirmation of the licence comes after the regulatory body considered two new issues that were raised by the state Gaming Control Board’s suitability hearing for Frissora earlier this month.

Commissioners had questioned Frissora over a US Bankruptcy Court-ordered report issued this week that said Caesars and its private equity backers may have to pay between $3.6 billion (€3.2 billion) and $5.1 billion in damages due to a series of deals that harmed its now-bankrupt operating unit and its creditors.

Frissora also faced questions about a matter raised in a public-comment period about various problems that former executives at the company experienced with their pension funds.

However, Frissora upheld his stance that he only arrived at the company in July of last year and the two points in question refer to issues before his time with Caesars.

“All of this occurred before I came on board; I will do what I can to help, make some calls. I’m focused on employees and customer satisfaction,” Frissora said, according to the Las Vegas Review-Journal newspaper.

Commissioners agreed that the bankruptcy issue was not a part of the suitability hearing and voted to approve licensing for Frissora.

The licence comes after the Nevada Gaming Control Board earlier this month also recommended Frissora for approval in the state.

 

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March 20, 2016: posted in News And Reviews No Comments

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