More executives join unemployed in Vegas and AC

Mar 18, 2013 7:50 PM

With each passing week, it seems, the ranks of unemployed or underemployed gaming executives continue to grow. This pass week, one major executive on the Las Vegas Strip resigned while two  top men in Atlantic City were removed from their positions.

Wynn Resorts Ltd. (WYNN) announced that Timothy Poster has resigned as chief operating officer of Wynn’s two Las Vegas Strip properties. He had only been on the job for a month, having replaced COO Maurice Wooden, who had been promoted to president of the properties. 

Actually, Wooden had been named to replace Marilyn Spiegel, who left the position to work other projects for the company.

No reason was given for Poster’s resignation.

In the mid-2000s, Poster and his partner, Tom Breitling, sold the Golden Nugget Hotel/Casino in downtown Las Vegas to Tillman Fertitta. 

At the troubled Revel casino-hotel in Atlantic City, CEO Kevin DeSanctis was removed from his post, as was Michael Garrity, the company’s chief investment officer. Both will stay on with the parent company, Revel Group, to assist in developing the resort and licensing its brand.

The Revel, a $2.4 billion project, has failed to make an impact on the A.C. Boardwalk, rarely banking more revenue that the community’s other 11 casinos.

The company announced that it will file for a structured bankruptcy arrangement by the end of the month.

DeSanctis was quoted as saying the decision for him to resign was a “mutual” one, since the property’s failure to make inroads despite its spectacular development.

“We believe the property over a long term can be extremely successful, but it’s going to take some time. Not everyone has the luxury of that time frame,” he was quoted as saying. 

Ray Poirier is the longtime executive editor at GamingToday.

Contact Ray at [email protected].

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