Gary Loveman | |
---|---|
Born | Boston, Massachusetts, US | April 12, 1960
Alma mater | Massachusetts Institute of Technology (PhD) Wesleyan University (B.A.) |
Occupation(s) | Economist, businessman |
Gary William Loveman (born April 12, 1960) is an American economist, businessman, and former academic professor. [1] After nine years [2] on the faculty of Harvard Business School, [3] [4] [5] he left in 1998 to become COO of Harrah's Entertainment, which, following a number of acquisitions, became Caesars Entertainment. [6] He was the CEO of Caesars Entertainment Corporation for 12 years until stepping down on June 30, 2015, amidst a bankruptcy and restructuring. [7] [8] He remained chairman until late 2017. [9] He was then president of Aetna’s Consumer Health and Services division from October 2015 [10] [11] until January 2018. [10]
In 2019, he co-founded digital health engagement platform Well. Loveman is known for the development and application of analytics to influence customer behavior, [12] [13] [14] and is a minority owner of the Boston Celtics. [15]
Loveman grew up in Indianapolis, Indiana as the youngest of three siblings. [13] His father was a factory worker at Western Electric and his mother a homemaker. [4] As a child, he was interested in math and active in sports. [13] Loveman went on to attend Wesleyan University where he earned a bachelor's degree in economics in 1982. [14] [16] 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. [13] [14] In 1989, Loveman completed his PhD in economics. [14] [2]
After graduating from MIT at the age of 29, Loveman began teaching at Harvard Business School, where he was a professor for nine years, [14] [2] and continues as a senior lecturer [17] While at Harvard, Loveman taught Service Management and developed an interest in the service industry and customer service. [14] [2] In 1991 he was hired as a consultant for the casino company Harrah's Entertainment. [18] 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. [13] [14] His later Harvard Business Review magazine articles include "Diamonds in the Data Mine", [19] and "Act Like a Scientist", with fellow HBS professor, Stefan Thomke, in 2022. [17]
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. [13] Loveman again began to consult for Harrah's, and in 1998 he was offered the position of chief operating officer. [14] He initially took a two-year sabbatical from Harvard to take on the role, [2] at the end of which Loveman decided to remain with the company. [20]
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, were most profitable. Under Loveman's leadership Harrah's began to focus on building loyalty and bringing more of these gamblers to the casino. [13] [14] [21] Loveman also established a rewards program for Harrah's employees of all levels, based on customer satisfaction. [13] He served as Harrah's Entertainment's chief operating officer until 2003. [21]
In 2003, Loveman became chief executive officer of Harrah's, replacing Phil Satre. [13] [14] By 2005, Loveman had grown Harrah's into the largest casino operator in the world with the acquisition of Caesars Entertainment. [21] [22] 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. [13] [23]
In the wake of the financial crisis 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. [13] [23]
During his tenure at Caesars, he introduced an employee health program with on-site clinics, [9] Wellness Rewards. [24]
In 2010, Loveman oversaw Harrah's transition to the name Caesars Entertainment Corporation and led an effort to take the company public again. [25] The company successfully completed an initial public offering in 2012, selling approximately two percent of its shares. [26]
A proponent of legalizing online gambling, [20] [27] Loveman has written opinion pieces on the topic, published, in example, by Las Vegas Review-Journal and CNN Money . [28] [29] He helped to launch Caesars' online gambling operation in Nevada in September 2013. [30]
As CEO, Loveman expanded Harrah's from 15 casinos in 2003 to over 54 locations in 2013, [14] [20] through the acquisition of Caesars, Horseshoe Gaming Holding, Planet Hollywood, the Imperial Palace casino, and the World Series of Poker brand. [13] [21] [31] Loveman announced in February 2015 that he was going to step down from his post as CEO. [32] He remained chairman [33] [34] until 2017. [9]
He became an executive vice president of Aetna and president of its Consumer Health and Services organization, [33] Healthagen, in October 2015. [10] He also joined Aetna's executive committee. [34] Hired to expand both the consulting arm and health services, [10] he and the division were charged with leading Aetna's strategies concerning "population health and consumer engagement," in part using data analytics and marketing. [10] With the unit, Loveman developed digital tools and expanded Aetna's "consumer health and services analytics capabilities." [35] In September 2016 Aetna opened a "consumer business hub" in Wellesley, Massachusetts under Loveman's oversight. [11] Aetna announced in December 2017 that it would become a stand-alone unit inside CVS Health in 2018. [10] Loveman stepped down from Aetna in January 2018. [10] [35]
In January 2019, he co-founded Well Dot, Inc., a personal health management platform The company developed an artificial intelligence (AI) app tool designed to increase individual health engagement, which it markets to employers, community health organizations, and directly to consumers. [36] [37] Well raised its initial seed funding in November 2019, including from General Catalyst and Blue Cross and Blue Shield of North Carolina. [38] [39] Headquartered in North Carolina and Massachusetts, Loveman serves as CEO. [40]
Loveman is a member of the board of directors of the Boston Celtics, [41] [42] of which he acquired a minority stake in 2007. [15] He also served on the board of directors at FedEx, Coach, Inc. [20] [43] and of the American Gaming Association, [44] of which he previously served as chairman, from 2007 to 2009. [45]
He was chairman of the Business Roundtable's Health and Retirement Committee. [46] In 2012, he was named to the President's Export Council. [47] He was previously a member of MIT's Department of Economics' visiting committee. [48] Loveman and his wife have also helped with fundraising efforts for Joslin Diabetes Center. [49] Loveman is also on the board of trustees of Boston Children's Hospital. [50] In 2017, Boston Children's Hospital announced that $350,000 had been donated in honor of Loveman by his former colleagues to fund malaria research and a music therapy program. [9] In 2019, he joined the boards of The Aspen Group [51] and diagnostic device startup Healthy.io. [39]
Loveman's career was the subject of a Stanford Graduate School of Business case study in 2003, [14] [52] and he was recognized as the "best CEO" in the gaming and lodging industry by Institutional Investor magazine in 2004, 2005, 2006 and 2007. [53] [54] [55] In 2013, Loveman was inducted into the American Gaming Association's Gaming Hall of Fame [56] and awarded the Education Hero Award by the Las Vegas-based Public Education Foundation. [57]
Harrah's Entertainment was an American casino and hotel company founded in Reno, Nevada, and based in Paradise, Nevada, that operated over 50 properties and seven golf courses under several brands. In 2013, it was the fourth-largest gambling company in the world, with annual revenues of $8.6 billion. It was acquired in 2020 by Eldorado Resorts, which then changed its own name to Caesars Entertainment.
Harrah's Las Vegas is a hotel and casino centrally located on the Las Vegas Strip in Paradise, Nevada. It is owned by Vici Properties and operated by Caesars Entertainment. The property originally opened as a joint venture with Holiday Inn. Construction began in April 1970, and the hotel portion opened on February 1, 1972, as the Holiday Inn Center Strip. The casino portion, known as the Holiday Casino, opened on July 2, 1973. Shelby Williams was among the casino's investors. After his death in 1977, his wife Claudine Williams took over operations. Holiday Inn purchased an interest in the casino operation in 1979, and bought out Williams entirely in 1983, although she would remain as chairwoman.
The Linq is a casino hotel on the Las Vegas Strip in Paradise, Nevada. It is owned and operated by Caesars Entertainment. It opened as the Flamingo Capri on October 30, 1959, on property located directly north of the original Flamingo resort. The Flamingo Capri was a 180-room motel, owned by George E. Goldberg and Flamingo employee Bill Capri.
The Rio is a hotel and casino near the Las Vegas Strip in Paradise, Nevada, United States. It is owned and operated by Dreamscape Companies LLC. It includes a 117,330 sq ft (10,900 m2) casino and 2,520 suites. It features a Brazilian theme based on Rio Carnival.
Harrah's Casino Tunica, formerly Grand Casino Tunica, was a casino and resort located in Tunica Resorts, Mississippi. It was owned and operated by Caesars Entertainment. The casino offered a 140,000 sq ft (13,000 m2) casino and three hotels with a total of 1,356 rooms. There was also an RV park, the Bellissimo Spa & Salon, a convention center, The Willows sporting clays shotgun club, and a 2,500 seat entertainment venue called the Harrah's Event Center.
Bourbon Street Hotel and Casino was a small hotel and casino near the Las Vegas Strip in Paradise, Nevada. Opening in 1980 as the Shenandoah Hotel, the property was plagued with licensing and financial difficulties from the start. Ownership changed hands several times, with new proprietors often envisioning major renovations or redevelopment, but none of the plans came to fruition. Finally, in 2005, it was bought by Harrah's Entertainment, who closed and demolished it.
Harrah's Reno is a defunct casino hotel in downtown Reno, Nevada. It is owned by CAI Investments, which redeveloped the site into Reno City Center, a non-gaming mixed-use development.
Harrah's Ak-Chin is a hotel and casino located 39 miles (63 km) south of Phoenix, Arizona, in Maricopa. It is owned by the Ak-Chin Indian Community and operated by Caesars Entertainment. The casino features video poker, slot machines, blackjack, live roulette, live craps, keno, and bingo hall.
Jack Binion is an American businessman and was chairman of Wynn Resorts (2006-2018). He is the son of casino magnate Benny Binion. Jack worked for his father at Binion's Horseshoe, a casino and hotel in Las Vegas, Nevada.
Horseshoe Casino Tunica is a casino resort located in Tunica Resorts, Mississippi, United States. It was developed by Jack Binion, the son of Las Vegas gaming legend Benny Binion, and named after his father's famous Binion's Horseshoe downtown gambling hall. Much like its namesake, the Horseshoe Tunica is known for catering to serious gamblers, particularly table games players, and is known for its liberal, player-favorable rules and its comp policies.
The Cromwell Las Vegas is a luxury boutique casino hotel on the Las Vegas Strip in Paradise, Nevada. It is owned and operated by Caesars Entertainment. It was originally opened by Michael Gaughan as the Barbary Coast on March 2, 1979. Several nearby resorts were opposed to its construction, partially due to concerns about increased traffic congestion. The property featured Victorian décor and later became part of Gaughan's company, Coast Casinos. The Barbary Coast would go on to add two popular restaurants, and a nightclub by Victor Drai.
The Atlantic Club Casino Hotel, formerly known as Golden Nugget, Bally's Grand, The Grand, Atlantic City Hilton and ACH, is an abandoned hotel and casino located at the southern end of the boardwalk in Atlantic City, New Jersey, owned and operated by Colony Capital. It was the city's first and only "locals casino". The Atlantic Club permanently closed on January 13, 2014, at 12:01 AM, largely as a result of dwindling casino visitors to Atlantic City due to increased competition in neighboring states. A third of Atlantic City's boardwalk casinos closed the same year, the others being Revel, Trump Plaza, and Showboat. Redevelopment proposals include a water park.
Harrah's Resort Atlantic City is a casino hotel in the marina district of Atlantic City, New Jersey, owned by Vici Properties and operated by Caesars Entertainment. Harrah's is one of the largest hotels in New Jersey.
Park Place Entertainment, later named Caesars Entertainment, Inc., was a casino company based in Paradise, Nevada. For a time it was the largest casino operator in the world. It was formed in 1998 as a corporate spin-off of the gaming division of Hilton Hotels, and renamed as Caesars Entertainment in 2003. The company was acquired in 2005 by Harrah's Entertainment, which later took on the Caesars Entertainment name.
The CEO Show with Robert Reiss is a national US 19-minute interview format radio program in which Robert Reiss interviews Chief Executive Officers (CEOs) of companies. The purpose of the show is to share business practices.
Metropolitan Gaming is a British gaming company that operates eleven casinos in the United Kingdom and Egypt. It is owned by Silver Point Capital. The casinos began as part of Grand Metropolitan, and later became an independent company, London Clubs International. From 2006 to 2021, they were owned by Harrah's Entertainment and then Caesars Entertainment.
Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada, that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.
Mark Paul Frissora is an American business executive. He has been the CEO and president of The Hertz Corporation, and was the CEO and president of Caesars Entertainment until 2019.
Vici Properties Inc. is a real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 54 casinos, hotels, and racetracks, four golf courses, and 38 bowling alleys around the United States and Canada.
Gary Loveman, a former Harvard Business School professor and current CEO of Caesar's entertainment...
Loveman joined Harrah's in 1998.
Here are a few lessons the former Harvard Business School professor has tried to pass on from his roller-coaster ride atop the casino giant.
Harrah's Entertainment Inc., the world's largest casino company, has changed its name to Caesars Entertainment Corp.
Mr. Loveman, who will step down after 12 years as CEO on Tuesday but stay on as chairman...