Nevada regulator backs Caesars CEO for gaming licence

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The Nevada Gaming Control Board (NGCB) regulatory body has recommended that Caesars Entertainment Corp. chief executive Mark Frissora be granted a licence to operate the casino company.

Frissora took over at Caesars on July 1 last year, replacing Gary Loveman, who still serves as chairman of the firm.

Also holding a position on the company’s board, Frissora has endured a tough first year in charge, with the company’s largest operating division having been placed into bankruptcy.

During a question-and-answer session with the NGCB, Frissora defended his performance as chief executive, stating the company has “under-invested” in its resorts on the Las Vegas Strip and that he has created a five-year plan in an effort to “recapitalise the Strip”.

“In spite of the bankruptcy, there is a high degree of satisfaction among our employees,” Frissora said according to the Las Vegas Review journal newspaper.

Frissora also addressed questions regarding his time as a top executive at vehicle hire firm Hertz Global Holdings, where he worked before joining Caesars.

Hertz had accused Frissora of having a “management style and temperament that created a pressurised operating environment” during his time in charge, claiming that his lack of oversight led to “material misstatements” in its 2011, 2012 and 2013 financial reports.

“The disclosure by Hertz is something I didn’t agree with; Hertz had 33 quarters as a public company and not once was pressure or fraud ever brought up to me,” Frissora said.

NGCB members declared themselves satisfied with Frissora’s answers and went on to recommend he be granted a licence.

Frissora has already been approved by gaming regulators in Illinois, Louisiana, Indiana, Iowa, Mississippi, New Jersey, as well as in Ontario, Canada.

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