Frissora out, Rodio in:
Charting a new course for Caesars casinos.
One of the world’s most recognizable corporations, Caesars Entertainment, has been treading rough waters the last few years. In 2015, the company was at rock bottom. The board brought in Mark Frissora as chief executive officer, who was able to guide the gambling conglomerate through the perfect storm of chapter 11 bankruptcy.
Caesars survived the relentlessly crashing waves of that storm, but
the wear and tear on the company has been evident. Despite emerging
from bankruptcy in 2017, the last 12 months have seen Caesars stock
market value decline 16%. Now in 2019, as the ship begins to right
itself, shareholders look to a new captain they hope can chart a
successful course for the future.
Tony Rodio Takes the Helm for Caesars Casinos
If it’s experience they were looking for, the board of directors certainly found it in their new CEO, Tony Rodio. Tony’s been working in the casino industry for nearly 40 years, holding positions of lowly clerk up to executive rank.
After obtaining a Bachelor of Science (Rider University) and Masters
in Business Administration (Monmouth University), Rodio began his
foray into the gambling industry in 1980 as an accounting clerk. He
quickly worked his way up the ranks, holding numerous executive
position at casino corporations that include Harrah’s
Entertainment, Trump Marina Hotel Casino, the Atlantic
City Hilton Casino Resort and Penn Gaming.
In 2011, he headed out to Spring Valley, Nevada to begin a new
leadership role as President and CEO of Tropicana Entertainment.
Rodio spent 7 years in that cushy leather seat, during which time he
oversaw $400 million worth of capital improvements, leading the
company to an EBITDA increase of 135%. He is still a member of the
board for Tropicana, but in October of 2018, he stepped down as CEO
to fill that same position for Affinity Gaming; a casino
operator in the heart of it all – Las Vegas, Nevada.
Now, after just 6 months with Affinity – a short time in which he
saw the company’s financial performance improve by 50% – he’s
taking on what’s sure to be the most prestigious role of his
illustrious career. Tony Rodio has been appointed CEO of the most
diversified casino entertainment brand in the world. From its humble
beginnings as Harrah’s Entertainment in Reno, Nevada in
1937, Caesars has expanded into 50 casinos across 13 U.S. states and
four other countries, including Canada, Egypt, South Africa and the
It’s an enormous task to undertake, but one that Rodio’s new
colleagues are confident he’s abundantly prepared for.
Praise from Caesars’ Chairman of the Board
In a press
release announcing the acquisition of Tony Rodio, Caesars’
Chairman of the Board James Hunt had this to say:
“Tony brings to Caesars a track record of operational excellence, proven leadership and deep industry knowledge and expertise. Tony is a respected and highly accomplished executive who has successfully built and grown businesses in our industry throughout his career. We are confident that Tony has the vision and depth of operating experience to lead our talented senior management team as Caesars continues its long history of delighting our guests, fostering a welcoming and rewarding workplace for our team members and creating value for shareholders and other stakeholders. Our entire Board looks forward to his leadership in evaluating and executing the Company’s go-forward plans.”
At 60 years of age, Rodio is honored to take the helm, navigating
Caesars Entertainment through open waters as his 40th year in the
casino industry approaches. His admiration for the Caesars brand runs
deep, leaving him “optimistic about the Company’s future
prospects.” Rodio sees this as a time of “transition and
opportunity”, and he looks “forward to leading Caesars’
exceptional team through the Company’s next phase of growth,
innovation and value creation.”
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