Opposite page: Mitch Garber in Las Vegas at Caesars Palace. Above: Garber on the set of Dans l’œil du dragon. Right: Cirque du Soleil artists at a performance of “O”.
House of Fun, prompted CAC to offer him the CEO position at the parent company. “The company was going through a restructuring, and since I was head of the group’s most profit- able subsidiary, I was asked to be CEO,” says Garber, who spear- headed CAC’s initial public offering on Nasdaq in 2013. In addition to CIE, CAC’s asset portfolio is made up of a number of hotels and casinos, including Planet Hollywood, Bally’s, The Linq and The Cromwell in Vegas, as well as Harrah’s in New Orleans and the Horseshoe in Baltimore, which opened its doors in 2014. “There’s still potential to set up hotels and casinos in states with large population centres and where oper- ating permits are limited,” Garber says. “Baltimore is a good example. But that’s not the case for strips where you have 20 other casinos in a row.” CIE has another ace up its sleeve to open the door to de- velopment opportunities. “Most of our revenues come from
English-speaking markets, such as North America, England, Australia and New Zealand. So there’s growth potential else- where in Europe, Asia and even South America,” adds Garber, who manages the company from his Montreal office and travels to Vegas twice a month for two-day stays. Despite all this success, there are some questions. CAC is
part of the Caesars family of companies, which includes Caesars Entertainment Co. (CEC), owner of the world-famous Caesars Palace, and there appears to be a financial cloud hov- ering over the family. How this affects CAC was unknown at press time. Garber says he is not particularly worried about the financial
and legal woes CEC is currently facing. “No, on the contrary CIE is the most successful entity in the Caesars family of com- panies; it has no debt and is largely seen as an asset that can help Caesars Operating Co. — which I have never worked for
MAY 2016 | CPA MAGAZINE | 29
Top photo : Yanick MacDonald / Attration Images / Ed Jones/AFP/Getty
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
