Loveman talks about Macau mistake

Gary Loveman, the chief executive officer of Harrah’s Entertainment Inc., opened up the book to Bloomberg Businessweek’s Aug. 9 issue about his worse decision ever as a CEO: his 2006 refusal to bid on a US$900 million gambling concession in Macau. According to him, he was too focused on the numbers. “The quantification on Macau took me in the opposite direction,” he said. “You had to have a kind of intuitive courage and I am not well suited to those kinds of decisions.” “Big mistake. I was wrong, I was really wrong,” Mr Loveman added. But he still believes he can turn the tables around. “There are two scarce resources in Macau,” he says, “land and gaming licenses. If you wish to have a resort in Macau, you need to have access to those two things. We have one of them [Caesars Golf Macau golf course, in Cotai].”