Caesars Chief has Secured Gaming License Approval in Nevada

The Nevada Gaming Commission unanimously approved a gaming license for Mark Frissora, president and chief executive of Caesars Entertainment, despite uncertainties surrounding the company's future.

The approval came after the regulatory body reviewed two new issues raised by the Nevada Gaming Control Board during Frissora's suitability hearing earlier this month.

Questions on Bankruptcy Report

Commissioners questioned Frissora about a recent U.S. Bankruptcy Court-ordered report. The report indicated that Caesars and its private equity backers may need to pay damages between $3.6 billion (€3.2 billion) and $5.1 billion. This stems from a series of deals that harmed their now-bankrupt operating unit and creditors.

Pension Fund Concerns

Frissora also addressed questions from a public comment forum regarding issues former executives faced with their pension funds.

Frissora's Defense and Approval

Frissora emphasized that he joined the company in July of the previous year and that the issues predated his involvement. He pledged to help resolve them.

The Commissioners agreed the bankruptcy issue fell outside the suitability hearing's scope and voted to approve his licensing. The Nevada Gaming Control Board also recommended Frissora for approval.