MGM CEO’s replacement announced as company goes up for sale
Mark Frissora is finally out as the head of Caesars as a sale announcement could be imminent
The word around Las Vegas is that Caesars Entertainment Corp. is definitely going to be sold, much to the satisfaction of billionaire Carl Icahn. Icahn has been grabbing a larger piece of the company over the past couple of months in an effort to further his plan to have the company sold and those efforts seem to be paying off. An announcement of a potential sale could be made this week, but the company’s current CEO, Mark Frissora, won’t be around for it. He is being replaced by an Icahn-selected executive.
Anthony Rodio is to be the new CEO at Caesars. Frissora’s departure was announced about a year and a half ago, but he stayed on board until a suitable replacement was found. That replacement is Rodio, who is currently the CEO of private gaming company Affinity Gaming.
Rodio was previously with Tropicana Entertainment when that company was owned by Icahn. It was later sold to Eldorado and he left for Affinity. Icahn states of the casino executive, “By hiring a great CEO in Tony Rodio and a great management team, and by reinvesting every single penny of profits back into the company, we turned Tropicana into a great casino company.”
There are two companies that are currently leading the fight to take control of Caesars – the Golden Nugget and Eldorado. Golden Nugget may currently be the preferred company, as it suggested a merger between the two late last year and had already drawn up the paperwork. An acquisition by the company could be fast-tracked and Icahn has stated that he wants the sale to be completed as quickly as possible.