The current Affinity Gaming CEO has been linked with the role since Carl Icahn began investing in the casino operator earlier this year.
Billionaire investor Icahn is now Caesars’ largest individual shareholder and previously worked with Rodio at Tropicana Entertainment.
That operator was transformed from bankruptcy by Icahn but it was Rodio at the wheel as the company’s CEO.
Frissora’s departure as Caesars President and CEO was announced in November but his initially scheduled exit was delayed until April.
Rodio only joined Affinity Gaming in October but will transition into his new role within 30 days.
Rodio said: "I have long admired Caesars and am optimistic about the Company's future prospects.
“Our industry is going through a time of transition and opportunity and I look forward to leading Caesars' exceptional team through the company's next phase of growth, innovation and value creation."
In the same announcement, the Caesars board confirmed the creation of a transaction committee, which will look to enhance shareholder value.
This corroborates what has previously been reported, as Icahn looks to steer the company towards a merger or acquisition.
