The Ringmaster
Moving between hotel and gaming CEO, dragon and chairman may seem like running a circus but Mitch Garber juggles them all
by Pierre Théroux Photo by Frank Desgagnés U
NTIL RECENTLY, MITCH GARBER was rela- tively unknown in his home prov- ince. But in the past year, his ap- pointment as chairman of Cirque du Soleil, his spot as a dragon on the
French-language version of Dragons’ Den — Dans l’œil du dragon — and his much-talked-about guest appearance on ICI Radio-Canada’s popular Sunday night TV program Tout le monde en parle have thrust the Montreal anglophone lawyer/business- man into the spotlight. Here is a self-made man who charted a course all the way to Las Vegas and dreams of reconciling the two solitudes. In late February, between two tapings of Dans
l’œil du dragon at Radio-Canada’s Montreal head- quarters, Garber hopped on a plane to Las Vegas to attend the release of the 2015 financial results of Caesars Acquisition Co. (CAC), the US hotel, casino and online gaming giant he heads as CEO.
Judging by the numbers, it was a worthwhile trip for Garber: CAC’s revenue rose 25.6% to US$2.35 billion from US$1.8 billion in 2014. The company, which has 8,000 employees, reported earnings before interest, income taxes, depreciation and amortization (EBITDA) of US$632.3 mil- lion, an impressive increase of 51.9% compared with US$416.2 million in 2014. The results are even more gratifying since the company operates in a highly competitive and changing industry. The most successful companies are those with
the “best shops, the best shows, the best chefs and the best nightclubs,” says Garber, adding that revenue sources in Vegas have made a switch in the past decade. In the past, gambling generated 60% of revenue and profit, while 40% came from entertainment, shopping and restaurants. Today, gambling accounts for only 35% of sales and related activities make up 65%.
26 | CPA MAGAZINE | MAY 2016
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68
