On Wednesday, Caesars Entertainment Corporation announced that Gary Loveman (pictured) will be stepping down as Chief Executive Officer of the casino giant. Loveman will continue in his role as Chairman of Caesars Entertainment and Caesars Entertainment Operating Co., with Mark Frissora taking over the role of CEO.

The announcement comes only a few weeks after Caesars Entertainment Operation Co. filed for bankruptcy in an effort to restructure the company’s massive $24 billion debt.

“After 12 years as CEO, Caesars has accomplished more than what we could have imagined when I arrived in 1998,” said Loveman. “Now, with the company in the midst of a formal restructuring of one of its subsidiaries and a merger between entities, the time is ripe for a transition. It has been an honor to be the Chairman and CEO of Caesars Entertainment.”

Loveman, an MIT graduate and Harvard University Economics professor, joined Harrah’s Entertainment in 1998, serving as the company’s Chief Operations Officer before being promoted to the role of CEO. Under Loveman’s leadership, Harrah’s would go on to purchase Horseshoe Gaming, the World Series of Poker, and Caesars Entertainment. In 2010, Harrah’s entertainment decided to change its name to the more recognizable Caesars branding.

In his 17 years at the company, Loveman implemented several successful initiatives, one of which was the Total Rewards loyalty program. The first of its kind in the casino industry, the program now boasts over 45 million members and provides a model for “loyalty programs across consumer industries.”

With poker booming in 2005, Loveman moved the WSOPto its current home at the Rio All-Suite Hotel and Casino. At its peak, the prestigious series saw entries to the WSOP explode, peaking in 2006 with 8,773 players in the Main Event. After Absolute Poker, Full Tilt, and PokerStars vacated the US market on Black Friday, attendance began to slide. Last year’s Main Event was the first in six years to show an increase in participation.

Loveman also oversaw the company’s foray into regulated online gambling in the US, where it has launched internet poker rooms in New Jersey and Nevada.

“He transformed Caesars from a regional gaming company to a leading international gaming, entertainment, and hospitality company with the most geographically diverse network of properties and a significant presence in Las Vegas,” the company said in a statement.

The company’s financial woes began soon after Caesars was acquired by private equity firms Apollo Global Management and Texas Pacific Group in 2008. The purchase left Caesars saddled with $20 billion in debt, while at the same time the gambling market began to contract in Atlantic City. The company’s failure to tap into the booming Macau market at the time further contributed to Caesars’ financial problems.

“Gary’s leadership, intellect, vision, and passion for the company, its employees, and guests built the company we acquired in 2008 and have helped him lead the company through a dynamic period for the gaming industry,” said Apollo founders Marc Rowan and David Bonderman.

Caesars has tapped former Hertz CEO Frissora, an executive who expanded the company’s airport rental car business into a global organization, for the role of Caesars CEO. Frissora previously headed automotive part manufacturer Tenneco, during which time the company’s stock price tripled. Some, however, are wary of Frissora due to an episode at Hertz where accounting errors were found in the books. Activist investor Fir Tree Partners later called for his replacement.

Even so, Caesars executives feel they have the right man for the job. Frissora will join the company’s Board and take over the CEO position on July 1. “Mark has a long history of driving growth, optimizing operations, and creating shareholder value,” said Bonderman. “We are confident that his efforts combined with the restructuring of CEOC will help create long-term shareholder value at Caesars.”

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