Park Place CEO, Tom Gallagher, Resigns

LAS VEGAS— Thomas Gallagher, president/CEO-Park Place Entertainment Corp., resigned Nov. 19 after two years as head of the casino company, according to an Associated Press report. The companys board of directors replaced Gallagher with COO Wallace Barr, who now takes control of the companys 28 casino resorts that employ 55,000 people on four continents. Barr is a 22-year casino industry veteran, who rose through the ranks of Caesars Atlantic City and Ballys in New Jersey, and has overseen Park Places eastern and southern operations. According to the report, a Park Place spokesman said Gallagher submitted his resignation to the board of directors in Atlantic City, NJ, at a board meeting. Stephen Bollenbach, chairman of the board of directors, said Gallagher had a tough job helping the company rebound financially after terrorist attacks on the World Trade Center and the Pentagon, according to the report. “Tom made significant contributions to Park Place during his tenure,” Bollenbach said in a statement. “He led the company through the difficult times that followed Sept. 11 and put in place a very capable and experienced management team.” Gallagher directed the massive company that was pieced together by former CEO Arthur Goldberg, who died in October 2000. Before Gallagher, former general counsel for Hilton Hotels Corp., joined Park Place, the companys share price was near $13. On Nov. 19, Park Place shares closed at $7.72 on the New York Stock Exchange, according to the report. Park Place operates several casinos on the Las Vegas Strip, including Caesars Palace, the Flamingo, Ballys and Paris Las Vegas. It also owns casinos in Atlantic City, Mississippi and Louisiana. SOURCE: Associated Press