Park Place Entertainment Corporation
recently named as its new Chief Financial Officer Harry C. Hagerty, a financial
executive and former gaming industry investment banker.
Hagerty replaces former CFO Scott
LaPorta, who left the company in January.
Hagerty, 41, joins Park Place with 17
years of experience in investment banking with major Wall Street firms,
including five years as the head of the gaming and lodging groups for Deutsche
Morgan Grenfell Inc. and BancBoston Robertson Stephens Inc.
Most recently, Hagerty served as Chief
Financial Officer and Chief Operating Officer for a Massachusetts-based software
firm and as a senior ÂÃ‚Âfinancial adviser for several technology companies
involved in digital imaging.
has an impressive track record on both sides of corporate finance,’’ said
Park Place President and Chief Executive Officer Thomas E. Gallagher. “As a
longtime gaming industry investment banker responsible for numerous major
transactions, he has a detailed understanding of our business.”
In his recent positions as CFO and COO
of some significant technology ventures, he also acquired valuable operating
experience, Gallagher said.
“We expect Harry to be a key player
in our efforts to grow profitable revenues, improve our margins and use our
capital wisely,’’ Gallagher said.
For his part, Hagerty said he would be
up to the challenge.
“Park Place has the industry’s
broadest portfolio of gaming brands. In its three years as a public company,
Park Place has built a strong financial foundation. The company is now poised to
build on that foundation and deliver the growth and profitability that
shareholders rightly expect,’’ Hagerty said. “I look forward to
working with Tom Gallagher and the entire Park
Place management team in those ÂÃ‚Âefforts.’’
Hagerty began his investment banking
career in 1982 at Salomon Brothers. In addition to his positions at Deutsche
Morgan Grenfell and BancBoston Robertson Stephens, he spent eight years at
Dillon, Read and Co. Inc.
Immediately prior to joining Park
Place, Hagerty served as COO and CFO of Akula Software, Inc., a handheld
software company with an impressive list of early customers. He also served as
president of Venator Corporate Advisors, a financial advisory firm focused on
Hagerty received an MBA degree from
Harvard University in 1986 and an AB in economics from Princeton University,
where he was graduated cum laude in 1982. His appointment, effective last
Monday, is subject to all applicable regulatory approvals.
Park Place Entertainment is the
world’s largest gaming company and owns, manages or has an interest in 28
gaming properties operating under the Bally’s, Caesars, Flamingo, Grand and
Hilton brand names with a total of approximately 2 million square feet of gaming
space, more than 28,000 hotel rooms and 55,000 employees worldwide.
Additional information about Park Place
Entertainment can be accessed through the company’s 24-hour investor relations
service. Individuals may call toll-free 877-PPE-NYSE (877-773-6973).