Caesars names a veteran of the gaming industry as new CEO

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LAS VEGAS (AP) – Caesars Entertainment appoints a veteran of the gaming industry as the new general manager.

The casino giant named Tony Rodio as CEO on Tuesday. He will replace Mark Frissora, who guided the company in reorganizing its bankruptcy after joining Caesars in 2015.

This change of direction comes two months after billionaire investor Carl Icahn revealed a significant stake in the casino and started demanding fundamental changes.

Caesars, which operates more than 35 casinos in the US, left bankruptcy protection at the end of 2017, but has struggled since. A committee is set up to review a sale, among other things.

Its stock has dropped 16% in the last 12 months. The rivals MGM Resorts International and Wynn Resorts, however, fell again.

The stock of Caesars, however, increased by about 40% compared to the beginning of the year. It was up 14 cents, or 1.5%, to $ 9.53 on Tuesday afternoon.

Rodio, 60, has more than three decades of experience in the industry, including seven years as President and CEO of Tropicana Entertainment, sold by Icahn last year for $ 1.85 billion. dollars.

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He leaves his position as CEO of Affinity Gaming to join Caesars. Frissora was originally scheduled to end his term at Caesars in February, but has postponed his departure to this month.

Icahn, whose stake in Caesars is above 17%, was adamant that he had a say in the company's executive, as well as control of board seats.

Caesar has agreed to replace three members of its board of directors with directors chosen by Icahn. The Icahn group also had the option of appointing a fourth director if Caesars did not appoint an acceptable CEO.