Caesars Entertainment CEO Gary Loveman is stepping down from his position. The decision comes amid the company’s bankruptcy filing and proceedings. The company looks to shed half of its debt and restructure into two units. The resignation will be effective in June 2015. Mark Frissora will replace Loveman as CEO of Caesars on July 1, 2015.
Frissora’s previous position was CEO for Hertz. He left the company due to personal reasons in September 2014, but was also the subject of some anger from shareholders at the time. Frissora will earn $1.8 million per year before incentive bonuses.
Nevada Sports Books Post Second Biggest Super Bowl Handle Ever
Nevada’s 191 sports books booked nearly $116 million in bets on the Super Bowl, according to a release from the Nevada Gaming Control Board. This was the second highest Super Bowl handle in the state’s history.
The sports books mostly lost on the result of the Super Bowl as more money was on the Patriots than the Seahawks, as well as on the over. The state’s betting shops were able to book a profit of $3.3 million due to propositional bets made on the game. The hold percent was 2.8%.
The win on the game is just a small portion of the economic benefit the Super Bowl creates in Nevada. Hotel, dining, beverage and other gaming all increase on Super Bowl weekend. An estimate 307,000 people visited Las Vegas Super Bowl weekend.
World Series of Poker Schedule Released
The 46th annual World Series of Poker schedule was released this week. There will be 68 events this year, including one tournament that will be played online until it becomes heads up. The series begins on May 27 with the Casino Employee’s event. The $10,000 Main Event starts on July 6.
Las Vegas Casino Implosion
The Clarion Hotel and Casino will be imploded around 2am on February 10 in Las Vegas. The casino is located on Convention Center Drive behind Encore, just off the Las Vegas Strip. The property was previously known as Greek Isles and Debby Reynold’s Hollywood Casino. This will be the first implosion since the New Frontier was imploded in 2007.
South Dakota Gaming Expansion Passes Committee
The final step in the process of bringing craps, roulette, and keno to South Dakota kenos became one step closer to reality this week. The Senate State Affairs Committee passed the bill 7-1. The measure heads to the full senate for a vote. South Dakota voters approved the measure by a 57-43 majority in November. The state legislature must affirm the will of voters for this to become law in the state due to it being a constitutional amendment. If approved, the new games would be available in Deadwood and on the state’s reservations in July 2015.