Pulse
CAESARS ENTERTAINMENT DEEP HOSPITALITY
In the UK, you will find many more organisations have standing ESG committees but in the US, Caesars is one of only 10 per
cent of Fortune 500 companies with standing ESG committees, which I chair. Companies used to think their role of the senior team and the Board was just to return on investment to shareholders and I always strongly disagreed with that assertion.
colleagues attended. We are putting in place a programme with our security guards that empowers them to see these girls not as purveyors of sin, but as victims. A lot of companies see their employees as simply there to do a job, and they will do that job, but they aren't going to bring a real sense of esteem and commitment they would if they felt a part of something bigger.
In 1999, Caesars put in place a code of commitment for our employees to build an inclusive workforce, offer equal pay and promotion opportunities. For our customers, we pledged to be responsible and offer an enjoyable environment. To our communities, we said we'd give back. I was one of the original architects of the code of commitment and nobody was doing that in those days. Tey were thinking the job of the business is take money. Te opposite is true. If you undertake deep hospitality and have a relationship with your workforce, you will make a lot more money.
You helped establish one of the gaming industry’s first environmental, social, and governance (ESG) programmes back in 2005. Why has it taken 17 years for the rest of the industry to catch on, both in terms of creating these programmes and becoming wise to their benefits?
In the UK, you will find many more organisations have standing ESG committees but in the US, Caesars is one of only 10 per cent of Fortune 500 companies with standing ESG committees, which I chair. Companies used to think their role of the senior team and the Board was just to return on investment to shareholders and I always strongly disagreed with that assertion.
Tere is a much broader social prerogative and responsibility of companies to the communities in which they operate and taking on this responsibility impacts how they respond in a crisis such as Covid. Do you continue to take care of your employees? Do you look at your
pricing to save money or keep it stable so customers will keep coming back?
It's an ethos and this ethos is a real characterisation of who you are as an organisation and how you do business. It took a long time for businesses in the U.S. to realise it is not all about the money you make. Tis is not to say running a good business isn't a top priority, but it's not the only priority. In fact, taking responsibility in such a way grows your value to shareholders.
How has and is Caesars changing the way it is implementing ESG into its company policy, and how it is executed?
Caesars has long been and remains at the forefront of making measurable commitments, whether this is pledging a reduction in energy, zero carbon footprint offset, or achieving true representation across culture, diversity, and inclusion. We set measurable goals, manage to these goals, and share plans on how we are going to get there. We are very authentic in saying where we are making progress or need to adjust strategy. A lot of companies publish pretty pictures and flashy reports, but it's the authenticity behind the data and commitments that makes the difference.
Vague and meaningless PR spiel such as 'becoming energy efficient' and 'offsetting carbon footprint' has slowly paved way to meaningful discussions about when and by how much. How does Caesars and the wider gaming industry ensure accountability to these pledges?
A lot of rating agencies and even the SEC are now putting specific goals and targets into reports, so you must be making a fair and accurate representation. One thing Caesars does that I think would benefit any organisation is we hire outside experts in ESG, climate, and purpose driven workforce development on retainer for the Board. Rather than trying to understand what is happening in real-time, we have experts who
A lot of rating agencies and even the SEC are now putting specific goals and targets into reports, so you must be making a fair and accurate representation. One thing Caesars does that I think would benefit any organisation is we hire outside experts in ESG, climate, and purpose driven workforce development on retainer for the Board.
P112 WIRE / PULSE / INSIGHT / REPORTS
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