Caesars Chief has Secured Gaming License Approval in Nevada
The vote is unanimous the Nevada Gaming Commission has approved by vote to grant Mark Frissora, president and the chief executive of Caesars Entertainment, the gaming licence despite uncertainty that surrounds the future of the company. The confirmation of the licence was granted after the regulatory body had considered the two new issues that were raised by the state Gaming Control Board of the suitability hearing for Frissora earlier this month. The Commissioners had questioned Frissora over a U.S. Bankruptcy Court-ordered report that was recently issued that said Caesars and their private equity backers may need to pay damages of between $3.6 billion (€3.2 billion) and $5.1 billion due to a series of deals that harmed their now-bankrupt operating unit and their creditors. Frissora has also faced questions about a matter that was raised in a public comment forum about the various problems that the former executives of the company experienced with their pension funds. Frissora has upheld his stance that he joined the company during July last year and that the two points being questioned refer to issues that were before his time with Caesars. He also said that he would do what he can to help get this all cleared up. The Commissioners agreed that the bankruptcy issue wasn’t part of the suitability hearing and they voted to approve licensing for Frissora. The Nevada Gaming Control Board also recommended Frissora for approval in the state.