Last week Caesars Entertainment announced that Eric Hession, the company’s current Senior VP and Treasurer, has been appointed Chief Financial Officer. Hession will begin his tenure effective January 1, 2015. He will report to the company’s CEO, Gary Loveman.
“Eric has been an invaluable member of the finance team at Caesars and I am pleased to welcome him to the senior management team. His tenure with the company coupled with his experience and leadership track record makes him ideally suited to assume the role of CFO. Eric is highly regarded inside and outside of the company and I have the upmost confidence in him to do a fantastic job,” said Loveman.
Hession will replace Donald Colvin, who is departing the company for reasons reportedly unrelated to the financial condition of the company.
Widened Q3 Losses
Hession joins Caesars in a financially downward time, as the company just reported third-quarter net loss of $908 million ($6.29 per share), a widened loss from the same quarter last year. However, the company also reported an increase in revenues for Q3 driven by growth at the Resort Properties (CERP). They believe that their losses may have come from continued hotel renovations and construction that disrupted core business volumes.
“I am excited for this new opportunity and look forward to working with our team and our stakeholders to further strengthen Caesars’ financial position and drive greater value for our shareholders,” Hession said.
Looking Toward the Future
Caesars Entertainment plans to battle its current financial condition by working to reduce expenses by focusing on operations, marketing and corporate expenses initiatives. The company has also announced that they are in formal talks with creditors.
As Hession expands his responsibilities within the finance department, and looks to curb the company’s losses, DiscoverOrg analysts predict that Hession will likely spend a large portion of his budget in the first three months of tenure in efforts to streamline company operations and ultimately reduce expenses. High profile leadership moves, such as this one, create an abundance of new selling opportunities. Utilize DiscoverOrg’s direct dial phone numbers, organization charts, and real time scoops to take advantage of these selling opportunities.
You might also be interested in: