Reed leaves Harrah’s with $15.5M. in parting gifts

May 29, 2001 10:22 AM
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Through the middle to late ’90s, much of the credit for making Harrah’s Entertainment (HET) the industry force it is was attributed to its English-accented CFO, Colin Reed.

In late April, Reed announced he was quitting Harrah’s to become president and CEO of privately held Gaylord Entertainment Co. of Nashville, Tenn.

But in leaving, in addition to his severance package, Reed cashed in stock that generated proceeds of more than $15.5 million. On April 27, he sold 280,000 shares for $9 million, and on April 30 he received in excess of $6.5 million when he disposed of 190,000 shares, according to filings with the Securities and Exchange Commission. And earlier, in February, he sold 86,000 shares that generated more than $2.6 million.

TV lottery

Scientific Games Corp. (SGM), the former Autotote Corp., has received a contract valued at approximately $12.5 million over five years from the Dominican Republic to provide a nationally televised online lottery system and service for SUPER BINGO.

The company said it would integrate the iTV Games Power Trak game generator software with Autotote Systems’ existing online lottery system.

SGM’s partner, iTV Games Inc., is a British Columbia company that develops informational technology for the world lottery industry.

THE INSIDER: Cyril Burger has been promoted to race and sports book director at the Las Vegas Hilton. He has been a supervisor at the book since 1994 and has worked at the casino since 1991. He replaces Art Manteris, who left to join Station Casinos.

Ameristar Casinos (ASCA) has asked permission of Missouri regulators to tear down the wall separating its twin vessels in Kansas City. The barrier elimination will result in a contiguous 140,000-square-foot casino.

Midway Games (MWY) has completed a private placement of $40 million of Series B Convertible Preferred Stock and warrants.

Archon Corp., formerly Santa Fe Gaming, has purchased two office complexes in Massachusetts and Maryland. Total purchase price was $148.2 million.

Global Payments (GPN) has signed five casinos, three in California and one each in Mississippi and Iowa, to its VIP Preferred e-check cashing services.

Innovative Gaming Corporation of America (IGCA) announced it has secured a working credit facility of $2.5 million.

Sun International Hotels (SIH) says it will manage a new resort in the Maldive Islands in the Indian Ocean.

Harrah’s Entertainment has extended to June 4 its offer to exchange all its outstanding 8 percent Senior Notes due 2011.