Caesars Shakeup: Slew of Entertainment Execs Leave Casino Giant
Posted on: January 5, 2024, 09:16h.
Last updated on: January 8, 2024, 11:35h.
Caesars Entertainment (NASDAQ: CZR) started 2024 by significantly pruning the ranks of entertainment executives, with as many as 10 such employees reportedly leaving the casino operator.
The Las Vegas Review-Journal reported that on Tuesday, Jan. 2, up to 10 entertainment executives left the Horseshoe operator. That was the same day on which Amy Graca started her time as Caesars senior vice president of entertainment. The media outlet noted that neither the gaming company nor the executives returned requests for comment.
It’s believed that Mike Hodin, Amy Naples, Paul Shilsky, Jessica Tindor, Mark Weinstein, and Chris Yancey are among the entertainment executives that have left Caesars. It’s possible, though not confirmed, those moves are related to Caesars President of Entertainment Jason Gastwirth ending his 13-year stint with the company on Dec. 31, 2023.
Caesars is the second-largest operator on the Las Vegas Strip, behind only MGM Resorts International (NYSE: MGM).
Implications of Shakeup at Caesars
Some executive upheaval at Caesars isn’t surprising. When Eldorado Resorts completed its $17.3 billion takeover of the Harrah’s operator in July 2020, the buyer’s management team took the lead at “new Caesars.”
It’s not clear if the aforementioned departures stem from the Eldorado takeover. But when that company’s CEO Tom Reeg took the helm at Caesars, cost cuts were promised, indicating some management pruning would likely occur.
Reeg and team were also tasked with integrating two different corporate cultures, something that’s often a thorn in the side of buyers — regardless of industry — in large mergers and acquisitions. Under Reeg’s stewardship, ERI developed a reputation for empowering managers to run individual properties as they see fit, but also became known for intense scrutiny on cost efficiencies.
On the Strip, Caesars operates iconic venues Caesars Palace, Flamingo Las Vegas, Bally’s Las Vegas, LINQ Hotel & Casino, Paris Las Vegas, and Planet Hollywood Resort & Casino.
Margins Matter
For now, it’s just speculation. But the reconfiguration of Caesars’ entertainment executive ranks could also be the product of an increased focus on profit margins.
The Strip is one of the most competitive live entertainment environments in the U.S. An efficient avenue for operators to wring the most benefit from concerts and shows is to deliver big-name acts while eschewing lower margin, lesser-known fare.
The Colosseum at Caesars Palace is a prime example of that theme. Acts there include residencies for Adele and Garth Brooks, as well as Jerry Seinfeld – all of which have significant star power. With success, Caesars has employed a similar emphasis at Planet Hollywood, while scaling back on lower-tier entertainment options that don’t generate significant profits.
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Last Comments ( 9 )
I recently retired from Ballys, now, known as the Horseshoe. I have worked there for 30 years as a bartender. When I started working here, there was a girl dressed in a Jubilee costume giving out glasses of champagne to guests entering our hotel(COMPLIMENTARY). Over the past years, they implemented a light system to let the bartenders know if they can comp a drink to our active guests playing at the bar. This was NEVER an issue 40-50 years ago when the town was run by REAL businessmen & not corporate ASSHOLES! College graduates who never poured a drink in their lives that get manager positions need to roll up their sleeves & get their hands DIRTY before they break balls about trivial BULLSHIT! Work a month in a bartender or Cocktail severs shoes to see how the Reality of service works. Everything looks Awesome on paper in a perfect world. Sometimes we have to tweak the system to get things done & Satisfy our Guests. MyMotto: Keep Them Coming Back! Food for thought! You get more bees with honey! ESPECIALLY, In a Very competitive market.
The money grab in Vegas is beyond deplorable. This town was built and raised on value and deals and the corporate accounting pigs have destroyed it. They should rebuild Vegas 1970’s style in another corner of the desert and leave this trash to the pigs that own it now.
When you're Executives in charge of entertainment cater to the out of town ghetto? [same with you Luxor! ] then your real paying guests and locals are going to go (next door to the Mirage while you can still see boobies at their pool!)
Guess this writer ddn't do his home work. On the strip, Ceasars also owns Harrahs and the Horseshoe. The Bally's name has been SOLD. As a former loyal customer of Ceasars the Eldorado team has destroyed the Ceasar brand in Nevada. Ourself and a large number of our Diamond and 7 Star friends have moved on. Our monthly visits to a Ceasar Property are now spent elsewhere and frankly, after 20 years we do not miss ,"Hail Ceasar" or the crap their marketing now.
How many executives does it take to screw in a residency?
About time to get new staff. Places like wynn,mgm bring in the stars, the Caesars entertainment brought in has bins.
Caesars has been a poorly ran company for many years. They give the whales loads of perks but treat the people that really put money into their pockets like a nuisance. I was a seven stars player for years until the entertainment people at Caesars told me point blank one night that I was a fool to be playing the slots that was after I was refused a 4am breakfast comp even after playing in the high limit area for hours. That was the last straw for me especially since they closed down all the Laurel lounges and remove every buffet except for one. Vegas will never be the same as big corporations have taken out all the charm of what made it great. Now it's bring your money and pay pay pay.
Baloney! These companies have turned Las Vegas into a sterile, bleak image of what it is supposed to be. No one, not even the rich, can have a real good time there anymore. Prove me wrong.
It seems ElDorado is cutting back on everything even in Atlantic City