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Caesars Entertainment CEO to leave post July 1

Gary Loveman has been CEO of Caesars since 1998, when it was known as Harrah's Entertainment.

LAS VEGAS — Caesars Entertainment Corp. says it has hired former Hertz rental car CEO Mark Frissora to take over as chief executive, effective July 1.

The casino company announced Wednesday that longtime CEO Gary Loveman will remain chairman of Caesars Entertainment and Caesars Entertainment Operating Co., its division that filed for Chapter 11 bankruptcy protection.

Caesars Entertainment is the lead partner in a group that owns the Horseshoe Casino in Baltimore. The group won the city's slot machines license in 2012 after an initial bidder was rejected three years prior for failing to raise sufficient money.

Loveman says in the company's statement that the timing is right to transition to new management.

Frissora stepped down from that company in September for personal reasons. Hertz has been reviewing its financial reports for the past three years and restating results.

Loveman has been CEO of Caesars since 1998, when it was known as Harrah's Entertainment.

Baltimore Sun reporter Colin Campbell contributed to this story.

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