Mitch Garber walking away from Caesars a very rich man

Josh Kosman

New York Post

1st August 2016

Mitch Garber is walking away from Caesars Entertainment as one of its only clear winners — collecting several hundred million dollars, The Post has learned. Over the weekend, a Chinese consortium agreed to buy almost all of Caesars Interactive Entertainment for $4. 4 billion, landing Garber his jackpot.

The financially distressed Caesars hired former PartyGaming Chief Executive Garber in 2009 to head its newly formed interactive division, which offers smartphone apps replicating casino games, like keno and slots, that do not involve real money. Garber negotiated to have the venture housed in a new entity in which he received roughly a 5 percent equity stake, sources said. Garber, 51, who helped grow the division, is faring much better than Caesars.

Garber, a former TV sportscaster, is from Montreal and in 2015 also became chair of Cirque du Soleil. Caesars declined comment..

 

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