Thursday January 1,2015 : ONLINE GAMBLING VETERAN IN LINE FOR TOP LAND CASINO JOB?
Big things lie ahead for Mitch Garber, land industry observers predict.
US media reporting on the reintegration with Caesars Entertainment of its offshoot Caesars Acquisition Company predict that Mitch Garber is destined for the top spot when current president and CEO Gary Loveman's contract ends in 2016.
Garber is the former CEO of the Party Gaming group, leaving before its merge with Bwin Interactive to form the Bwin.Party Digital Entertainment group. He became CEO of Caesars Interactive, the online gambling wing of Caesars Entertainment based in Montreal, and is currently also vice chairman of the Caesars Entertainment parent group.
The group's failed attempt to fix the company’s balance sheet has led to an expected bankruptcy filing early in the new year as the company's continuing massive debt burden alarms investors.
In a SEC filing Monday, the group said 39 percent of its creditors had agreed with a restructuring plan, but 60 percent of creditors need to support it before January 10 2015.
Despite the downhill slide of Caesars on Loveman's watch (he has been in the hot seat since 1998) he has been given a fresh contract which expires in 2016.
Just a month ago Garber commented:
"We are confident that our strategy of developing new projects in key markets and investing capital to expand and enhance our existing casino and interactive portfolio will drive growth and solid operating results for Caesars Growth Partners.”
But the reintegration of Caesars Acquisition is taking place after the passage of just two years of the originally anticipated 5 years.