Gary William Loveman (born April 12, 1960) is an American economist, businessman, and former academic professor.
After nine years
[ on the faculty of ]Harvard Business School
Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...
, he left in 1998 to become COO of Harrah's Entertainment
Harrah's Entertainment (later named Caesars Entertainment Corporation, previously The Promus Companies) was an American casino and hotel company founded in Reno, Nevada, and based in Paradise, Nevada, that operated over 50 properties and seven go ...
, which, following a number of acquisitions, became Caesars Entertainment
Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corpora ...
. He was the CEO of Caesars Entertainment Corporation for 12 years until stepping down on June 30, 2015, amidst a bankruptcy and restructuring. He remained chairman until late 2017. He was then president of Aetna
Aetna Inc. () is an American managed health care company that sells traditional and consumer directed health care insurance and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans, ...
’s Consumer Health and Services division from October 2015 until January 2018.
In 2019, he co-founded digital health
Digital health is a discipline that includes digital care programs, technologies with health, healthcare, living, and society to enhance the efficiency of healthcare delivery and to make medicine more personalized and precise. It uses informatio ...
engagement platform Well. Loveman is known for the development and application of analytics to influence customer behavior,[ and is a minority owner of the ]Boston Celtics
The Boston Celtics ( ) are an American professional basketball team based in Boston. The Celtics compete in the National Basketball Association (NBA) as a member of the league's Eastern Conference Atlantic Division. Founded in 1946 as one of t ...
.[
]
Early life and education
Loveman grew up in Indianapolis
Indianapolis (), colloquially known as Indy, is the state capital and most populous city of the U.S. state of Indiana and the seat of Marion County. According to the U.S. Census Bureau, the consolidated population of Indianapolis and Marion ...
, Indiana as the youngest of three siblings.[ His father was a factory worker at ]Western Electric
The Western Electric Company was an American electrical engineering and manufacturing company officially founded in 1869. A wholly owned subsidiary of American Telephone & Telegraph for most of its lifespan, it served as the primary equipment ma ...
and his mother a homemaker. As a child, he was interested in math and active in sports.[ Loveman went on to attend ]Wesleyan University
Wesleyan University ( ) is a Private university, private liberal arts college, liberal arts university in Middletown, Connecticut. Founded in 1831 as a Men's colleges in the United States, men's college under the auspices of the Methodist Epis ...
where he earned a bachelor's degree in economics in 1982.[ After graduating from Wesleyan, Loveman worked for the ]Federal Reserve Bank of Boston
The Federal Reserve Bank of Boston, commonly known as the Boston Fed, is responsible for the First District of the Federal Reserve, which covers New England: Maine, Massachusetts, New Hampshire, Rhode Island, Vermont and all of Connecticut except ...
for two years as an economic researcher before pursuing a doctorate degree
A doctorate (from Latin ''docere'', "to teach"), doctor's degree (from Latin ''doctor'', "teacher"), or doctoral degree is an academic degree awarded by universities and some other educational institutions, derived from the ancient formalism ''l ...
at Massachusetts Institute of Technology
The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the ...
.[ In 1989, Loveman completed his PhD in economics.]
Career
Harvard Business School
After graduating from MIT at the age of 29, Loveman began teaching at Harvard Business School
Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...
, where he was a professor for nine years,[ and continues as a senior lecturer]["Act Like A Scientist"]
by Stefan Thomke and Gary W. Loveman; Harvard Business Review; May–June 2022. While at Harvard, Loveman taught Service Management and developed an interest in the service industry and customer service.[ In 1991 he was hired as a consultant for the casino company ]Harrah's Entertainment
Harrah's Entertainment (later named Caesars Entertainment Corporation, previously The Promus Companies) was an American casino and hotel company founded in Reno, Nevada, and based in Paradise, Nevada, that operated over 50 properties and seven go ...
. He also launched a side career as a speaker and consultant after a 1994 paper he co-authored, titled "Putting the Service-Profit Chain to Work", attracted the attention of companies including Disney
The Walt Disney Company, commonly known as Disney (), is an American multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California. Disney was originally founded on October ...
, McDonald's
McDonald's Corporation is an American Multinational corporation, multinational fast food chain store, chain, founded in 1940 as a restaurant operated by Richard and Maurice McDonald, in San Bernardino, California, United States. They rechri ...
, and American Airlines
American Airlines is a major airlines of the United States, major US-based airline headquartered in Fort Worth, Texas, within the Dallas–Fort Worth metroplex. It is the Largest airlines in the world, largest airline in the world when measured ...
. The paper focused on the relationship between company profits and customer loyalty, and the importance of rewarding employees who interact with customers.[ His later ''Harvard Business Review'' magazine articles include "Diamonds in the Data Mine", and "Act Like a Scientist", with fellow HBS professor, Stefan Thomke, in 2022.][
]
Harrah's COO
In 1997, Loveman sent a letter to Phil Satre, the then-chief executive officer of Harrah's Entertainment, in which he offered advice for growing the company.[ Loveman again began to consult for Harrah's, and in 1998 he was offered the position of chief operating officer.][ He initially took a two-year sabbatical from Harvard to take on the role,][ at the end of which Loveman decided to remain with the company.][
As COO, Loveman was responsible for the establishment of the company's Total Rewards loyalty management system, which gathers data on casino customers. The program allowed the company to analyze the travel and spending habits of their customers. Through this, Harrah's determined that repeat slot players, not ]high roller
A high roller, also referred to as a whale or cheetah, is a gambler who consistently wagers large amounts of money. High rollers often receive lavish " comps" from casinos to lure them onto the gambling floors, such as free private jet transfers ...
s, were most profitable. Under Loveman's leadership Harrah's began to focus on building loyalty and bringing more of these gamblers to the casino.[ Loveman also established a rewards program for Harrah's employees of all levels, based on customer satisfaction.][ He served as Harrah's Entertainment's chief operating officer until 2003.][
]
Harrah's and Caesars CEO
In 2003, Loveman became chief executive officer of Harrah's, replacing Phil Satre.[ By 2005, Loveman had grown Harrah's into the largest casino operator in the world with the acquisition of ]Caesars Entertainment
Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corpora ...
. In 2008, he led the company as it transitioned from a public to private company, after being acquired by private equity firms Apollo Global Management
Apollo Global Management, Inc. is an American global private-equity firm. It provides investment management and invests in credit, private equity, and real assets. As of March 31, 2022, the company had $512 billion of assets under management, ...
and TPG Capital
TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American investment company based in Fort Worth, Texas. The private equity firm is focused on leveraged buyouts and growth capital. TPG manages investment funds in growth c ...
for approximately $30 billion.
In the wake of the financial crisis of the late 2000s the company experienced a decrease in revenue and increased debt associated with the 2008 buyout by Apollo and TPG. Loveman cut costs and renegotiated the company's maturing debt to avoid defaulting. His leadership of the company through the debt restructuring
Debt restructuring is a process that allows a private or public company or a sovereign entity facing cash flow problems and financial distress to reduce and renegotiate its delinquent debts to improve or restore liquidity so that it can continue ...
in 2009 was praised by the American Gaming Association president and CEO Frank J. Fahrenkopf Jr.[
During his tenure at Caesars, he introduced an employee health program with on-site clinics,][ Wellness Rewards.]
In 2010, Loveman oversaw Harrah's transition to the name Caesars Entertainment Corporation
Harrah's Entertainment (later named Caesars Entertainment Corporation, previously The Promus Companies) was an American casino and hotel company founded in Reno, Nevada, and based in Paradise, Nevada, that operated over 50 properties and seven go ...
and led an effort to take the company public again. The company successfully completed an initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...
in 2012, selling approximately two percent of its shares.
A proponent of legalizing online gambling, Loveman has written opinion pieces on the topic, published, in example, by ''Las Vegas Review-Journal
The ''Las Vegas Review-Journal'' is a daily subscription newspaper published in Las Vegas, Nevada, since 1909. It is the largest circulating daily newspaper in Nevada and one of two daily newspapers in the Las Vegas area.
The ''Review-Journal'' ...
'' and ''CNN Money
CNN Business (formerly CNN Money) is a financial news and information website, operated by CNN. The website was originally formed as a joint venture between CNN.com and Time Warner's ''Fortune'' and ''Money'' magazines. Since the spin-off of Time ...
''. He helped to launch Caesars' online gambling operation in Nevada in September 2013.
As CEO, Loveman expanded Harrah's from 15 casinos in 2003 to over 54 locations in 2013,[ through the acquisition of Caesars, Horseshoe Gaming Holding, ]Planet Hollywood
Planet Hollywood International Inc. (stylized as planet Hollywood, planet Hollywood observatory and ph) is a themed restaurant chain inspired by the popular portrayal of Hollywood. The company is owned by Earl Enterprises corporation. Earl En ...
, the Imperial Palace casino, and the World Series of Poker
The World Series of Poker (WSOP) is a series of poker tournaments held annually in Paradise, Nevada and, since 2004, sponsored by Caesars Entertainment. It dates its origins to 1970, when Benny Binion invited seven of the best-known poker pla ...
brand. Loveman announced in February 2015 that he was going to step down from his post as CEO. He remained chairman until 2017.
Aetna
He became an executive vice president of Aetna
Aetna Inc. () is an American managed health care company that sells traditional and consumer directed health care insurance and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans, ...
and president of its Consumer Health and Services organization,[ Healthagen, in October 2015.][ He also joined Aetna's executive committee.][ Hired to expand both the consulting arm and health services,][ he and the division were charged with leading Aetna's strategies concerning "population health and consumer engagement," in part using data analytics and marketing.][ With the unit, Loveman developed digital tools and expanded Aetna's "consumer health and services analytics capabilities."][ In September 2016 Aetna opened a "consumer business hub" in ]Wellesley, Massachusetts
Wellesley () is a New England town, town in Norfolk County, Massachusetts, Norfolk County, Massachusetts, United States. Wellesley is part of Greater Boston. The population was 29,550 at the time of the 2020 census. Wellesley College, Babson Col ...
under Loveman's oversight.[ Aetna announced in December 2017 that it would become a stand-alone unit inside ]CVS Health
CVS Health Corporation (previously CVS Corporation and CVS Caremark Corporation) is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provi ...
in 2018.[ Loveman stepped down from Aetna in January 2018.]
Well Dot Inc.
In January 2019, he co-founded Well Dot, Inc., a personal health management platform The company developed an artificial intelligence
Artificial intelligence (AI) is intelligence—perceiving, synthesizing, and inferring information—demonstrated by machines, as opposed to intelligence displayed by animals and humans. Example tasks in which this is done include speech re ...
(AI) app tool designed to increase individual health engagement, which it markets to employers, community health organizations, and directly to consumers. Well raised its initial seed funding in November 2019, including from General Catalyst and Blue Cross and Blue Shield of North Carolina.["Former Aetna exec launches consumer health IT platform"]
by Andrea Park; Becker's Hospital Review; November 20, 2019. Headquartered in North Carolina
North Carolina () is a state in the Southeastern region of the United States. The state is the 28th largest and 9th-most populous of the United States. It is bordered by Virginia to the north, the Atlantic Ocean to the east, Georgia and So ...
and , Loveman serves as CEO.
Committees and boards
Loveman is a member of the board of directors of the Boston Celtics, of which he acquired a minority stake in 2007. He also served on the board of directors at FedEx
FedEx Corporation, formerly Federal Express Corporation and later FDX Corporation, is an American multinational conglomerate holding company focused on transportation, e-commerce and business services based in Memphis, Tennessee. The name "Fe ...
, Coach, Inc.
Tapestry, Inc. is an American multinational luxury fashion holding company. It is based in New York City and is the parent company of three major brands: Coach New York, Kate Spade New York and Stuart Weitzman. Originally named Coach, Inc., the ...
and of the American Gaming Association
The American Gaming Association (AGA) is a United States gambling industry association. It was founded in 1994 with the goal of promoting, educating and lobbying on behalf of the gambling industry through education and advocacy. The AGA's offices ...
, of which he previously served as chairman, from 2007 to 2009.
He was chairman of the Business Roundtable
The Business Roundtable (BRT) is a nonprofit lobbyist association based in Washington, D.C. whose members are chief executive officers of major United States companies. Unlike the U.S. Chamber of Commerce, whose members are entire businesses, BRT ...
's Health and Retirement Committee. In 2012, he was named to the President's Export Council The President's Export Council is an American government organization that serves as the principal national advisory committee on international trade. The Council advises the President of government policies and programs that affect U.S. trade perfo ...
. He was previously a member of MIT's Department of Economics' visiting committee. Loveman and his wife have also helped with fundraising efforts for Joslin Diabetes Center
Joslin Diabetes Center is the world's largest diabetes research center, diabetes clinic, and provider of diabetes education. It is located in the Longwood Medical and Academic Area in Boston, Massachusetts, United States. Among the Harvard Medica ...
. Loveman is also on the board of trustees of Boston Children's Hospital
Boston Children's Hospital formerly known as Children's Hospital Boston until 2012 is a nationally ranked, freestanding acute care children's hospital located in Boston, Massachusetts, adjacent both to its teaching affiliate, Harvard Medical Scho ...
. In 2017, Boston Children's Hospital announced that $350,000 had been donated in honor of Loveman by his former colleagues to fund malaria research and a music therapy program. In 2019, he joined the boards of The Aspen Group"Dynamic Businessman, Leading Economist Gary Loveman Joins Aspen Dental Management, Inc.’s Board of Directors"
Bloomberg; April 10, 2019. and diagnostic device startup Healthy.io.[
]
Awards and recognition
Loveman's career was the subject of a Stanford Graduate School of Business
The Stanford Graduate School of Business (also known as Stanford GSB) is the graduate business school of Stanford University, a private research university in Stanford, California. For several years it has been the most selective business schoo ...
case study in 2003, and he was recognized as the "best CEO" in the gaming and lodging industry by ''Institutional Investor
An institutional investor is an entity which pools money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include commercial banks, central banks, credit unions, government-linked co ...
'' magazine in 2004, 2005, 2006 and 2007. In 2013, Loveman was inducted into the American Gaming Association
The American Gaming Association (AGA) is a United States gambling industry association. It was founded in 1994 with the goal of promoting, educating and lobbying on behalf of the gambling industry through education and advocacy. The AGA's offices ...
's Gaming Hall of Fame and awarded the Education Hero Award by the Las Vegas-based Public Education Foundation.
References
{{DEFAULTSORT:Loveman, Gary
1960 births
Living people
American chief executives
Businesspeople in the casino industry
American chief operating officers
Harvard Business School faculty
MIT School of Humanities, Arts, and Social Sciences alumni
Wesleyan University alumni