LAS VEGAS

Caesars Entertainment Corporation is on the search for a new president and chief executive officer.

The company announced that Mark P. Frissora will step down from Caesars after three years in the role.

Frissora will remain on board until February 8, 2019 and, in the meantime, the four members of the Compensation and Management Development Committee as well as the Chairman of the Board for Caesars Entertainment will work with a nationally recognized search firm to find his replacement.

"The Board of Directors thanks Mark for his instrumental role in leading the Company through a challenging period and setting Caesars on a course for sustained, long-term growth and value creation," said Jim Hunt, chairman of the Board of Directors.

"Under Mark's leadership, the Company has significantly improved margins and profitability while simultaneously increasing customer and employee satisfaction," he added. "We are grateful for his leadership and numerous contributions and are optimistic for the future."

[Related Content: Caesars Forum Conference Center Breaks Ground in Vegas]

Under Frissora's leadership, Caesars completed the renovation of approximately 70 percent of network hotel rooms across and launched various growth initiatives, including the acquisition of Centaur Holdings, expansion into Dubai, the planned development of Caesars' first resort in Mexico and the pursuit of a license in Japan.

"I have been privileged to lead this iconic Company and am proud of all that our team has accomplished. Together, we navigated a complex restructuring process,” said Frissora.

“We have improved our margins significantly and created enterprise value which enabled the successful reorganization of our Caesars Entertainment Operating Company subsidiary," he added.

Information based off a news release from Caesars Entertainment Corporation.