|Born||Gary W. Loveman
April 12, 1960
Boston, Massachusetts, U.S.
|Alma mater||B.A. Wesleyan University 1982
Ph.D. M.I.T. 1989
|Occupation||Chief executive officer, president|
|Employer||Caesars Entertainment Corporation|
Gary W. Loveman (born April 12, 1960) is an American business executive and former academic. Recently he stepped down from his post as chief executive officer and president of Caesars Entertainment Corporation. Prior to joining Harrah's Entertainment, the predecessor company to Caesars Entertainment, in 1998, Loveman was a professor at Harvard Business School.
Early life and education
Loveman grew up in Indianapolis, Indiana as the youngest of three siblings. As a child, he was interested in math and active in sports. Loveman went on to attend Wesleyan University where he earned a bachelor's degree in economics in 1982. After graduating from Wesleyan, Loveman worked for the Federal Reserve Bank of Boston for two years as an economic researcher before pursuing a doctorate degree at Massachusetts Institute of Technology. In 1989, Loveman completed his Ph.D. in economics.
After graduating from MIT at the age of 29, Loveman began teaching at Harvard Business School, where he was a professor for nine years. While at Harvard, Loveman taught Service Management and developed an interest in the service industry and customer service. He also launched a side career as a speaker and consultant after a 1994 paper he co-authored, titled "Putting the Service-Profit Chain to Work", attracted the attention of companies including Disney, McDonald's and American Airlines. The paper focused on the relationship between company profits and customer loyalty, and the importance of rewarding employees who interact with customers.
In 1997, Loveman sent a letter to Phil Satre, the then-chief executive officer of Harrah's Entertainment, in which he offered advice for growing the company. Loveman, who had done some consulting work for the company in 1991, again began to consult for Harrah's and, in 1998, was offered the position of chief operating officer. He initially took a two year sabbatical from Harvard to take on the role of COO of Harrah's, at the end of which Loveman decided to remain with the company.
Career with Caesars Entertainment Corporation
Loveman served as Harrah's Entertainment's chief operating officer from 1998 until 2003. As COO, Loveman was responsible for the establishment of the company's Total Rewards loyalty management system, which gathers data on casino customers. The program allowed the company to analyze the travel and spending habits of their customers. Through this, Harrah's determined that repeat slot players, not high rollers, are most profitable to the company. Under Loveman's leadership Harrah's began to focus on building loyalty and bringing more of these gamblers to the casino. Loveman also established a rewards program for Harrah's employees of all levels, based on customer satisfaction.
In 2003, Loveman became chief executive officer, replacing Phil Satre. The following year, Loveman grew Harrah's into the largest casino operator in the world with the acquisition of Caesars Entertainment Inc. As CEO, Loveman expanded Harrah's from 15 casinos in 2003 to over 54 locations in 2013, through the acquisition of Caesars, Horseshoe Gaming Holding, Planet Hollywood, the Imperial Palace casino, and the World Series of Poker brand. In 2008, he led the company as it transitioned from a public to private company, after being acquired by private equity firms Apollo Global Management and TPG Capital for approximately $30 billion.
During the economic downturn of the late 2000s the company experienced a decrease in revenue and increased debt associated with the 2008 buyout by Apollo and TPG. Loveman cut costs and renegotiated the company's maturing debt to avoid defaulting. His leadership of the company through the debt restructuring in 2009 was praised by the American Gaming Association president and CEO Frank J. Fahrenkopf, Jr.
In 2010, Loveman oversaw Harrah's transition to the name Caesars Entertainment Corporation and led the company in an effort to take the company public again. In 2012, the company successfully completed an initial public offering, selling approximately two percent of its shares.
In 2013, Loveman initiated the sale of Caesars' golf course in Macau. The golf course, purchased in 2007, was acquired in anticipation of later acquiring a gaming license and operating a casino in Macau. Loveman had initially turned down the purchase of a gaming license in Macau in 2006, a decision he described in 2010 as the biggest mistake the company has made.
Loveman, a proponent of online gambling, helped to launch Caesars' online gambling operation in Nevada in September 2013. In February 2015, Gary Loveman announced that he is going to step down from his post.
In addition to his role with Caesars, Loveman serves on the board of directors at Coach, Inc. and FedEx. He is also on the board of directors for the American Gaming Association, where he previously served as the chairman of the board from 2007 to 2009.
He is the chairman of the Business Roundtable's Health and Retirement Committee and, in 2012, was named to the President's Export Council. Loveman is a current member of the Boston Children's Hospital board of trustees and MIT's Department of Economics' visiting committee. Loveman and his wife have also helped with fundraising efforts for Joslin Diabetes Center.
Awards and recognition
In 2003, Loveman's career was the subject of a Stanford Graduate School of Business case study. He has been recognized as the "best CEO" in the gaming and lodging industry by Institutional Investor magazine in 2004, 2005, 2006 and 2007. In 2013, Loveman was inducted into the American Gaming Association's Gaming Hall of Fame and awarded the Education Hero Award by the Las Vegas-based Public Education Foundation.
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- Karl Taro Greenfeld (5 August 2010). "How to Survive in Vegas". Bloomberg Businessweek. Retrieved 17 September 2013.
- Julie Schlosser (8 March 2004). "Teacher's Bet". Fortune. Retrieved 17 September 2013.
- "Management". caesars.com. Caesars Entertainment. Retrieved 7 October 2013.
- Liv Gold (23 February 2010). "Gary Loveman, PhD '89". MIT Technology Review. Retrieved 17 September 2013.
- "Gary Loveman of Harrah's Entertainment: Gambling Man". Institutional Investor. 12 July 2005. Retrieved 17 September 2013.
- Laura Schreffler (23 July 2013). "One on One with Gary Loveman—Hail to the Chief of Caesar’s Entertainment". Haute Living. Retrieved 17 September 2013.
- Deena Beasley (25 February 2010). "Harrah's CEO loves heels, hates Vegas palaces". Reuters. Retrieved 17 September 2013.
- "Harrah's buying Caesars". CNN. 15 July 2004. Retrieved 17 September 2013.
- "Company News; Harrah's Agrees to buy Horseshoe Gaming". The New York Times. 12 September 2003. Retrieved 17 September 2013.
- Deena Beasley (22 February 2010). "Harrah's CEO: Las Vegas still weak". Reuters. Retrieved 17 September 2013.
- Lee Spears (8 February 2012). "Caesars Surges 71% in Debut After Slashing IPO From 2010 Try". Bloomberg Businessweek. Retrieved 17 September 2013.
- Howard Stutz (9 August 2013). "Romance off: Caesars sells Macau land holdings for $438 million". Las Vegas Review-Journal. Retrieved 17 September 2013.
- Phil Hevener (24 September 2013). "Maybe Global Gaming Expo (G2E) unites us". Gaming Today. Retrieved 4 October 2013.
- Christopher Palmeri (16 September 2013). "Caesars to Start Online Poker Service in Nevada This Week". Bloomberg Businessweek. Retrieved 4 October 2013.
- Gary Loveman Resigns as Caesars’ CEO
- "Board of Directors". fedex.com. FedEx. Retrieved 17 September 2013.
- "Board of Directors". americangaming.org. American Gaming Association. Retrieved 19 September 2013.
- "Loveman Elected to AGA Chair". Casino Enterprise Management. February 2007. Retrieved 4 October 2013.
- "Health and Retirement Committee". businessroundtable.org. Business Roundtable. Retrieved 19 September 2013.
- "Caesars’ Loveman Appointed to President’s Export Council". Global Gaming Business. 30 March 2012. Retrieved 17 September 2013.
- "Board of Trustees, Boston Children's Hospital". childrenshospital.com. Boston Children's Hospital. Retrieved 2 October 2013.
- "Visiting Committee". mit.edu. Massachusetts Institute of Technology Department of Economics. Retrieved 2 October 2013.
- "Gary Loveman and Kathleen Walsh: A Pair Wins for Joslin". joslin.org. Joslin Diabetes Center. Retrieved 17 September 2013.
- Elaine Chaivarlis (26 April 2011). "The Nightly Turbo: Gary Loveman on Legalizing Online Poker, PokerStars Cash-outs Coming, and More". Pokernews.com. Retrieved 17 September 2013.
- "President and CEO of Caesars unleashes defence of online poker". Pokernewsreport.com. 9 May 2011. Retrieved 17 September 2013.
- Jeffrey Pfeffer; Victoria Chang (2003). "Gary Loveman and Harrah's Entertainment". stanford.edu. Stanford Graduate School of Business. Retrieved 17 September 2013.
- "Magazine names Loveman industry’s best CEO". 18 January 2005. Retrieved 17 September 2013.
- "Harrah's Entertainment Reports First-Quarter Results". Hospitality Net. 27 April 2006. Retrieved 7 October 2013.
- "The Best CEOs". Institutional Investor. 10 January 2007. Retrieved 17 September 2013.
- "Gaming Association chief to be 2013 hall inductee". Associated Press. 31 August 2013. Retrieved 17 September 2013.
- Dorothy Huffey (28 September 2013). "Public Education Foundation honors Schorr, Loveman". Las Vegas Review-Journal. Retrieved 4 October 2013.