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Harrah's Casino Hotel CEO Tim Wilmott Resigns

Harrah's CEO, Tim Wilmott, resigned his post with the company on Friday, December 29th, making him the third corporate executive to leave Harrah's within just a week.

Gary Loveman, Harrah's Chairman, CEO and President, will assume Wilmott's responsibilities. Loveman declined to comment on Wilmott's resignation.

Wilmott was the third person in Harrah's chain of command and was only behind Loveman and the Vice Chairman of Harrah's Board of Director's, Charles Atwood.

Just before Wilmott resigned, two other executives, Anthony Sanfilipp and Tony Santo, both left the company. They functioned as President of Harrah's Central Division and Senior Vice President of Operations respectively.

The resignations came 3 weeks after the sale of Harrah's to two private equity groups. Harrah's was sold for $27.8 million to Texas Pacific Group and Apollo Management, who will pay $90 a share for all of the company's outstanding shares and take responsibility for the company's $10.7 million debt.

After the announcement of the buyout on December 19th, it was announced that Loveman, along with other members of management, would be staying on-board.

However, a gaming analyst speculated that several members of Harrah's management team could get hefty bonuses and severance packages as a result of the buyout, prompting the resignations.

A source in the gaming industry said that other changes within the Harrah's corporate management team will be announced shortly.


08 January 2007

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