739: The Rules of Play | Craig Abrahams, CFO, Playtika

Published: Oct. 3, 2021, 10 p.m.

It was after he had worked 3 years as an investment analyst with Bear Stearns and spent more than 2 years inside the corporate strategy bullpen of The Walt Disney Company that Craig Abrahams decided to head to business school.

However, Abrahams says that unlike many of his future classmates, he had made up his mind that hedge funds, investment banks, and strategy consulting firms would not be on his preferred menu of postgraduation career opportunities.

\u201cI wanted an opportunity to work really hard and stand out but also to go somewhere a little bit different, where I wasn\u2019t competing with 10 versions of myself,\u201d explains Abrahams, whose earlier experiences at Bear Stearns and Disney had left the MBA student searching for a less traditional route to career success.

Observes Abrahams: \u201cI was looking for a place where I personally could have an impact.\u201d

That place became Las Vegas, where upon graduation Abrahams joined Caesars Entertainment as a director of broadcasting and new media.

\u201cThis was about putting myself in a position where I would be in the right place if an opportunity came along,\u201d comments Abrahams, who within 6 months of joining the gaming giant was tapped to help launch Caesars Interactive Entertainment.

\u201cI remember when Gary Loveman, the CEO of Caesars at the time, said to me, \u2018There\u2019s an opportunity to work on a business plan to create a new entity,\u2019 so that opportunity fell into my lap,\u201d remarks Abrahams, who had served in a number of corporate development roles before advancing into the new entity\u2019s CFO office.

It was as CFO of Caesars Interactive that Abrahams first became acquainted with a small Israeli company that had a megahit mobile game known as Slotomania.

Caesars was smitten and in 2011 acquired the Israeli firm, Playtika. Over the next 5 years, Caesars Interactive invested more than $300 million into the business, which allowed Playtika to complete a series of acquisitions that led to the sale of the company for $4.4 billion in 2016. \u201cThis was just the first step in the evolution of Playtika,\u201d explains Abrahams, who joined the newly private firm as CFO in 2019 and subsequently spearheaded a debt raise of $2.5 billion. The company was able to pay investors a dividend before management became focused on taking the company public, a goal that would be realized early in 2021.\xa0\u2013Jack Sweeney