LOS ANGELES— Casino operator Park Place Entertainment Corp. on Tuesday said Scott LaPorta, chief financial officer since the companys inception in 1998, will leave Park Place on Jan. 31. The company has started a search for a successor. LaPorta is departing to pursue a new business opportunity in San Francisco, said Las Vegas-based Park Place, whose properties include Paris Las Vegas, Ballys and Caesars Palace. The company said LaPorta has commuted weekly to Las Vegas from San Francisco since his marriage in June. LaPortas departure, which analysts said appears to be voluntary, is the second by a top Park Place executive since the death about a year ago of former Chief Executive Arthur Goldberg, who was succeeded by Tom Gallagher. In July, Mark Dodson left Park Place as co-chief operating officer, leaving Wally Barr as the sole COO. At the time, Gallagher called his decision to retain Barr as sole COO a difficult one. While LaPortas decision appeared to be personal, his departure “could be viewed negatively by investors until an acceptable succession plan is articulated by the company,” Credit Suisse First Boston analyst Brian Egger wrote in a research note. Reflecting that concern, Park Place shares were down $0.34, or about 4%, to $7.90 midway through the trading day on the New York Stock Exchange Dec. 11. Their 52-week trading range is $6 to $13.50.
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