|Gary W. Loveman|
|Born||April 12, 1960|
|Residence||Boston, Massachusetts, U.S.|
|Alma mater||B.A. Wesleyan University 1982
Ph.D. M.I.T. 1989
|Home town||Indianapolis, Indiana|
|Board member of||Business Roundtable, President's Export Council, American Gaming Association|
|Website||Loveman's Profile Aetna|
Gary Loveman (born April 12, 1960) is an American business executive, economist, philanthropist, and former educator and consultant. Starting his career as an economic researcher for the Federal Reserve Bank of Boston and an economics professor at Harvard Business School in the 1980s, In 1994 he co-authored a paper in the Harvard Business Review entitled "Putting the Service-Profit Chain to Work," which according to Fortune became "scripture in the customer service industry" and led to a side career as a consultant and speaker. Loveman was appointed Harrah's Entertainment's chief operating officer in 1998. As COO, Loveman was responsible for the implementation of the company's Total Rewards loyalty management system, which gathers data on casino customers and resulted in a new company focus on providing "comps" to consistent gamblers. In 2003, Loveman became chief executive officer of Harrah's Entertainment.
While CEO, he oversaw the acquisitions of Caesars Entertainment, Planet Hollywood, the Imperial Palace casino, and the World Series of Poker brand, among other entities. He led the company when it went private in 2008, when it changed its name to Caesars Entertainment Corporation in 2010, and as it went public again in 2012. Loveman presided over the purchase of Playtika in 2011 and the subsequent formation of Caesars Interactive Entertainment. This acquisition expanded Caesars into social- and mobile gaming. In early 2015, the company's casino operating unit filed for reorganization with the intent of reducing its "debt to $8.6 billion from $18.4 billion." On June 30, 2015 he stepped down from his post as CEO and president of Caesars, remaining chairman, and several months later Aetna Inc. announced that Loveman had been appointed executive vice president and president of their Healthagen health services subsidiary. He is on boards such as the American Gaming Association, where he previously served as chairman. Loveman is a current member of the Boston Children's Hospital board of trustees and an owner of the Boston Celtics. Also involved with the Business Roundtable and President's Export Council, Loveman has been inducted into the Gaming Hall of Fame.
- 1 Early life and education
- 2 Career
- 3 Boards and philanthropy
- 4 Personal life
- 5 Awards and recognition
- 6 Publishing history
- 7 See also
- 8 References
- 9 External links
Early life and education
Gary W. Loveman was born on April 12, 1960. He grew up in Indianapolis, Indiana as the youngest of three siblings. His father was an engineer at Western Electric. As a child, he was interested in mathematics and active in competitive sports, first in basketball and later in tennis. By his senior year at Thomas Carr Howe High School, he was the top-ranked tennis player in Indianapolis. At Wesleyan University in Connecticut he earned a bachelor's degree in economics, graduating in 1982 with honors and through Phi Beta Kappa. Loveman subsequently worked for the Federal Reserve Bank of Boston for two years as an economic researcher, before pursuing a doctorate degree at the Massachusetts Institute of Technology (MIT). Loveman completed his Ph.D. in economics at MIT in 1989, and was also awarded one of three Alfred P. Sloan Doctoral Dissertation Fellowships.
Teaching and consulting (1989-1997)
After graduating from MIT at the age of 29, Loveman began teaching at Harvard Business School in Boston in 1989. In 1990 he co-authored the paper "The Re-emergence of Small Enterprise," which analyzed the role of small business using nine countries as case studies. By 1991 he was publishing papers in the Harvard Business Review on topics such as economics in Eastern Europe, for example co-authoring "Starting Over in Eastern Europe: Entrepreneurship and Economic Renewal" with Simon Jounson. By 1993 he was an assistant professor of business information. Although he had originally focused on "disciplinary economics," at Harvard Loveman taught Service Management and developed an interest in the service industry and customer servic, particularly customer loyalty, although he recollected later that "there was very little formalization of service as a discipline" at the time.
|"By 1997 [Harrah's Entertainment] was one of the biggest [casino companies] the industry but was having a hard time unifying its web of casinos. Gamblers weren't loyal from one site to the next, and same-store sales growth was negative at most properties. Loveman sent a letter to Harrah's CEO Phil Satre offering a few ideas about how to grow the company, and within months Harrah's was putting them into place."|
|— Fortune on March 8, 2004|
In 1994 he co-authored a paper in the Harvard Business Review entitled "Putting the Service-Profit Chain to Work". Focusing on the relationship between company profits and customer loyalty, as well as the importance of rewarding employees who interact with customers, the paper used companies such as Taco Bell and Southwest Airlines as case studies. The paper "became scripture in the customer service industry," according to Fortune in 2015, and attracted the attention of companies including Disney, McDonald's and American Airlines. Explains Bloomberg, the paper resulted in Loveman being "in demand as a speaker, consultant, and seminar leader for major corporations eager to cash in on his idea that labor was more than a function of cost and that happy employees led to repeat customers who spent more." In 1997, Loveman sent a letter to Phil Satre, the CEO of Harrah's Entertainment, in which he offered advice for growing the company with customer service programs. Loveman, who had done some consulting work for the company in 1991, again began to consult for Harrah's.
COO of Harrah's (1998-2003)
As Harrah's was "about to embark on a wave of expansion," Satre offered Loveman the position of chief operating officer (COO) in January 1998. Loveman took a two-year sabbatical from Harvard for the role, afterwards deciding to remain with the company. As COO Loveman implemented a number of new company policies and programs, including rewards program for Harrah's employees of all levels, where employees could redeem points earned from customer satisfcation surveys for products online. Loveman's "first big move as COO," according to Bloomberg Businessweek, was launching Total Rewards, which was "the first [customer] loyalty program in the industry to be applied across every casino in a company." Renamed Total Rewards in 1998 after being launched in 1997 as Harrah's Total Gold, the program had first been developed at a cost of $20 million. Dubbed "the architect of the [Total Rewards] program," Loveman oversaw the collection of customer data enabling Harrah's to "mine and cross-market a database... it means, for example, that a regular visitor to its casinos will be sent relevant discounts and free offers based on their previous travel and spending habits." Explained Loveman in 2003 to the Harvard Business Review, "we use database marketing and decision-science-based analytical tools to widen the gap between us and casino operators who base their customer incentives more on intuition than evidence." By allowing "for more accurate analysis of betting patterns—probabilities," the data shifted Harrah's focus from "high rollers" to consistent gamblers.
Appointment to Harrah's CEO (2003-2007)
|"Loveman is a unique figure in American business: an academic theoretician who made the transition to operating a multibillion dollar corporation."|
|— Bloomberg on August 5, 2010|
According to Bloomberg, the Total Rewards program became "such a success...that by the time Satre stepped down in 2003, Loveman had become the logical choice to succeed him." In 2003, Loveman became chief executive officer of Harrah's after Satre's retirement from an 18 year tenure. Later that year Loveman oversaw Harrah's purchase of the World Series of Poker parent company for USD $1.5 billion. He also led the purchase of Horseshoe Gaming Holding, which was described by Fortune as "one of the largest private casino operations in the U.S.," in September 2003 for $917 million. By March 2004, Harrah's had spent $3.4 billion in acquisitions since Loveman's promotion to CEO, growing its portfolio of casinos from 15 to 25 across 12 states.
Harrah's purchased the rival company Caesars Entertainment in 2004 for about USD $5.2 billion in cash and stock, creating the world's largest casino operator. In July 2004, Loveman stated "we estimate we can realize approximately $80 million of synergies in the first full year of the acquisition, with significantly more expected over time." The deal was completed in 2005 with Caesars Entertainment Inc. purchased for USD $9.3 billion. Later in 2005, Loveman oversaw the acquisition of the Imperial Palace casino in Las Vegas for USD $370 million. During Hurricane Katrina in 2005, under Loveman Caesars was the first employer to "guarantee continuation of pay and benefits before the storm arrived," with on-site health clinics and service centers established until all employees had been contacted. In 2000 and 2001, prior to Loveman’s appointment as CEO, the government of Macau opened up three licenses for foreign operators, with Harrah's not among the final three. In 2006, Loveman and Harrah’s declined a prospective opportunity to purchase a sub-concession for $900 million. Loveman has said that electing not to purchase this subconcession license was a mistake. The following year, he instead oversaw the purchase of the nearby golf course Orient Golf (Macau) Club. In February 2007, he was elected chairman of the American Gaming Association (AGA).
Going public and downturn (2008)
In 2008, he led the company as it transitioned from a public to private company, when it was acquired by private equity firms Apollo Global Management and TPG Capital for USD $30.7 billion. Bloomberg described it as "the last big leveraged buyout of the pre-crash era," explaining that "Harrah's shareholders profited from Loveman's numeric mastery in 2008, when... stockholders took home $90 a share as Loveman and his new partners increased Harrah's debt load to $24 billion." In the second weekend of September 2008, Lehman Brothers went bankrupt and Harrah's began to be affected by the Great Recession of 2008 and 2009. Although Loveman has stated that the decision to privatize Harrah's had been "wise as of the time it was made," he also opined that "we privatized the company at precisely the most inopportune moment in retrospect. The crop of companies that experienced these transactions in 2008 have almost all struggled."
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. Throughout this period, Loveman remained focused on employee programs and loyalty programs. Among others, he continued to oversee Caesar's Wellness program, which provides healthcare to employees through on-site clinics. As of October 2009, Harrah's Total Rewards program had 10 million active users, with their "rewards cards" redeemable at any of Harrah's casinos. At the time, Michael Bush of Advertising Age opined that Total Rewards was "heralded by many as the gold standard of customer-relationship programs." Bush also reported that the principal analyst at Forrester often cited Harrah's, Disney and 1-800 Flowers as "the industry's leading examples of how loyalty programs should be run."
IPO and online gambling (2009-2014)
In late 2009, Caesar's purchased Planet Hollywood Resort & Casino in Las Vegas for $70 million and the assumption of $550 million in debt. The casino, once worth $1 billion, had suffered financially, and Loveman stated he was confident that Harrah's would be able to increase profits from the casino by incorporating it into the Total Rewards program. By 2010 Total Rewards had a database of 40 million members, with Bloomberg writing that Harrah's loyalty program was "the linchpin of Harrah's success," and had "driven gaming revenue—far more profitable than food or hospitality—to 80 percent of Harrah's $9 billion business, vs. an industry average of 45 percent, according to the AGA." At the time, during Loveman's tenure as CEO the company had grown from a "regional operator" of 15 casinos having 39 in the United States and 13 internationally. Bloomberg wrote in August 2010 that "Harrah's is likely to be around for many years... thanks to the debt restructuring Loveman engineered in 2009, less than 1 percent of Harrah's debt comes due in the next two years. By contrast, competitor MGM Resorts has 15 percent of its debt scheduled for repayment in that time."
In late 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 May 2011, Loveman oversaw Caesar's purchase of Playtika, a social game developer based in Israel, for around $90 million. He then oversaw the subsequent formation of Caesars Interactive Entertainment, which by 2012 was already one of Caesar's more lucrative divisions. Caesar's Entertainment successfully completed an initial public offering in 2012, selling approximately two percent of its shares. Loveman initiated the sale of Caesars' Macau golf course in 2013 after the Chinese government failed to offer more Macau gaming licenses. By 2013, Caesar's had 54 locations. A proponent of online gambling, Loveman has been a vocal proponent of the federal legalization of online gambling in the United States, and has published opinion pieces on the topic in media outlets such as the Las Vegas Review Journal and CNN Money. He helped launch Caesars' online gambling operation in Nevada in September 2013, which was marketed under Caesars’ World Series of Poker brand.
Reorganization and move to Aetna (2015-2016)
The Wall Street Journal noted that by 2015, Caesar's revenues had suffered from a failure to expand in several burgeoning Asian markets, as well as a large debt load. In early January of 2015, the company's casino operating unit voluntarily filed for reorganization through a Chapter 11 bankruptcy, with the intent of reducing the unit's "debt to $8.6 billion from $18.4 billion." Loveman announced he would step down from his post as CEO in February 2015, while remaining chairman of Caesars Entertainment and Caesars Entertainment Operating Co. to help with the transition. Mark Frissora was announced as the new head of the compay, effective on July 1, 2015. Before his official resignation as CEO, Loveman stated to the press that "I am proud of the company's many accomplishments and grateful for the loyalty and friendship of my thousands of colleagues. I am especially proud of the culture we have created and the innovative programs and initiatives we have developed and implemented for our team members." By August 2015, KNPR reported that Caesar's net revenue had "increased 17.4 percent in the second quarter."
In late September of 2015, Aetna Inc. announced that Loveman had been appointed executive vice president and president of Healthagen, a health services subsidiary responsible for overseeing "population health, clinical care management and consumer insight capabilities." It was confirmed that he would remain Caesars' chairman while overseeing the bankruptcy process. He had left Caesars to work with Aetna entirely by March 2016, holding the positions of "executive vice president of Aetna and president of consumer health and services" and leading "efforts to study patient habits to learn what motivates them to stay healthy." As of 2016, he had authored five articles in the Harvard Business Review, several dozen Harvard Business School case studies, and had also published various sorts of other articles and book chapters.
Boards and philanthropy
Loveman is currently the chairman of the board of Caesars Entertainment. He previously served on the board of directors at Coach, Inc., FedEx, and the American Gaming Association, where he served as the chairman of the board from 2007 to 2009. As chairman, he was a strong advocate for "the liberalization of online gaming." Loveman is a partial owner of the Boston Celtics basketball team. He is also the chairman of the Business Roundtable's Health and Retirement Committee, and in 2012 he 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 the Joslin Diabetes Center.
Loveman and his wife resided in the suburbs of Boston, Massachussets throughout Loveman's career with Caesar's, with Loveman flying home on weekends from Las Vegas and commuting to the company's other properties. Continuing to live in Boston as of September 2015, together he and his wife have three adult children.
Awards and recognition
In 2003, Loveman's career was the subject of a Stanford Graduate School of Business case study. He was voted the "best CEO" in the gaming and lodging industry by Institutional Investor magazine in 2004, 2005, 2006 and 2007. In 2007 he was inducted into the Hospitality Hall of Fame at the University of Houston, and in 2013, Loveman was inducted into the American Gaming Association's Gaming Hall of Fame. Also in 2013 he was awarded the Education Hero Award by the Las Vegas-based Public Education Foundation, and the National Council on Aging (NCOA) awarded Loveman their Distinguished Achievement Award.
|Year||Title of paper||Loveman's role|
|1990||"The Re-emergence of Small Enterprise"||Co-author|
|1991||"Starting Over in Eastern Europe: Entrepreneurship and Economic Renewal"||Co-author with Simon Jounson|
|1994||"Putting the Service-Profit Chain to Work"||Co-author|
|2005||"Diamonds in the Data Mine"||Author|
- List of economists
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