Gary Loveman, CEO of Caesars Entertainment, seems like an unlikely mastermind for a Vegas casino. After earning a Ph.D. in economics from the Massachusetts Institute of Technology, Loveman got a job teaching at Harvard Business School.
His research into consumer behavior led to the theory that the lifetime value of a single customer is affected by their satisfaction — the more satisfied a customer is, the more valuable they are to a company. When Loveman started to apply his research to casinos, he discovered that customers didn't show much loyalty to any single casino over time. He suggested that the best way to retain customers was to use data the company was already collecting to develop a more robust loyalty program.