People in the news by Ray Poirier | Ron Kramer, president of Wynn Resorts Ltd. (WYNN) and an executive that has been credited with playing a major role in the development of the company both in Las Vegas and in Macau, has resigned.
According to an announcement by the company on Monday, Kramer has been named chief executive officer of Griffon Corp. (GFF) of Jericho, New York, a major manufacturer of industrial garage doors.
Kramer will succeed Harvey Blau who will remain with the company as non-executive chairman. Kramer has been a member of the company’s board of directors since 1993.
A graduate of the Wharton School of Business at the University of Pennsylvania and holder of a master’s in business administration from New York University, Kramer was managing director of a Wall Street investment firm before joining Steve Wynn in 2002.
"We thank Ron for his enormous contributions to the growth and development of our company over the past six years and wish him much luck as he moves on to his next project," said Wynn in announcing Kramer’s departure.
"We are grateful for his guidance as the architect of our enviable financial structure from start up to the company we are today, operating in the world’s two largest gaming markets. Ron will always be part of our family," Wynn said.
Kramer’s resignation from Wynn Resorts comes at a time when most gaming stocks have been under fire as analysts suggest that a slowing economy might affect their profitability.
But analysts at Bear Stearns on Monday issued an upgrade for WYNN shares.
The clients’ note suggested that this might be a good time to acquire Wynn shares that have fallen 20% since the company reported its fourth quarter earnings on Feb.12.
"Our view," said the note, "is that current levels represent attractive entry points as solid operating momentum" has been seen in its Macau property.