Vegas Free-for-All - CET's Gary Loveman to Step Down in June

Roulette Man

Feb 4, 2015
9:11am

Unfortunately he will probably have an 8 figure golden parachute (I don't know that for sure). I've never understood what his motivation was to have such heavy corporate debt and still be able to run a successful corporation. I think he has been nothing short of a disaster for CET.

From Today's LVA shorts:

February 4, 2015 16:16 Gary Loveman to Step Down in June: Having overseen the recent and contentious bankruptcy filing, come June 30 Gary Loveman is to step down from the role of CEO that he's held with Caesars Entertainment (and its former incarnations) since 2003, the company announced today in a statement. He's been with Harrah's/Caesars since 1988 and his current employment contract runs through 2016. While Loveman will continue as the company's chairman, a former CEO of the Hertz rental company, Mark Frissora, is now officially "CEO designe" until July 1, when he will formally take over that role.

Don the Dentist

Feb 4, 2015
9:18am

Block User

He made the decision that Harrah's would not open a casino in Macau.

All the accounting maneuvering to shield assets for the bankruptcy proceedings is a joke. Screw the small lenders is his mantra.

I agree his reign as head of CET was a complete disaster and should have ended a long time ago.

alanleroy

Feb 4, 2015
10:25am

Block User

He just feels like he's screwed that pooch as much as a pooch can be screwed, so it's time to put someone else in the driver's seat.

malibber2

Feb 4, 2015
12:23pm

Block User

Creditors probably demanded it in order to talk about a management sponsored reorganization plan. I wouldn't feel too bad for him as I am sure he got a lot of his money up front, and chairman of the board probably doesn't pay too bad.

ecomstoc

Feb 4, 2015
9:17pm

Block User

Former associate professor of business at Harvard(according to LVRJ). These folks from academia always seem to have all the answers, but applying them to "real life" seems to be a different animal.

Boilerman

Feb 4, 2015
9:33pm

Block User

Remember when housing prices in California skyrocketed year after year, and folks assumed that if they got on the train they were certain to sell later for a fancy profit? The same was happening with the value of Vegas Strip properties, and Caesars assumed they were going to buy low and sell high.

I didn't work out.

Quote

Originally posted by: Roulette Man
Unfortunately he will probably have an 8 figure golden parachute (I don't know that for sure). I've never understood what his motivation was to have such heavy corporate debt and still be able to run a successful corporation. I think he has been nothing short of a disaster for CET.

From Today's LVA shorts:

February 4, 2015 16:16 Gary Loveman to Step Down in June: Having overseen the recent and contentious bankruptcy filing, come June 30 Gary Loveman is to step down from the role of CEO that he's held with Caesars Entertainment (and its former incarnations) since 2003, the company announced today in a statement. He's been with Harrah's/Caesars since 1988 and his current employment contract runs through 2016. While Loveman will continue as the company's chairman, a former CEO of the Hertz rental company, Mark Frissora, is now officially "CEO designe" until July 1, when he will formally take over that role.

David

Feb 4, 2015
11:26pm

Block User

Quote

Originally posted by: Don the Dentist
He made the decision that Harrah's would not open a casino in Macau.

Quote

Not quite...IIRC, Macau wouldn't give Harrah's (now Caesars) a license. I think it was something about too much debt...they did buy a golf course here in hopes of buying their way into Macau, but it didn't work out. Macau is very conservative when issuing casino licenses - they only consider financially stable companies, and Gary pretty much screwed the pooch on that one.

I didn't live here when that all played out, but have gotten a decent feel for the government here since moving to Macau last March.

Don the Dentist

Feb 5, 2015
12:07am

Block User

Quote

Originally posted by: prefect

Quote
Originally posted by: Don the Dentist
He made the decision that Harrah's would not open a casino in Macau.
Quote

Not quite...IIRC, Macau wouldn't give Harrah's (now Caesars) a license. I think it was something about too much debt...they did buy a golf course here in hopes of buying their way into Macau, but it didn't work out. Macau is very conservative when issuing casino licenses - they only consider financially stable companies, and Gary pretty much screwed the pooch on that one.

I didn't live here when that all played out, but have gotten a decent feel for the government here since moving to Macau last March.

See attached link:

https://calvinayre.com/2010/08/07/casino/harrahs-gary-loveman-worst-decision-ever/

David

Feb 9, 2015
3:26pm

Block User

Just read up on it...you're right, he did pass bidding in 2006. In 2007, he regretted it and bought the golf course in hopes of getting a gaming concession later, which didn't happen. Thanks!

callahanha

Feb 10, 2015
11:28am

Block User

I believe it was his decision to close the Showboat in Atlantic City while it was a profitble casino. Then he says 2 month's later that Bally's needs to start tunring a profit. The Showboat was my favorite place in AC to stay. The staff was exceptional and I really feel for all the staff that lost their jobs. They worked hard and made the Showboat a grat place to play and stay. Why close a business that was making money??

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