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| Restructuring Park Place |
7/14/2001 Casino company to refocus efforts Nearing the end of its management overhaul, Park Place Entertainment Corp. plans to focus on new developments, property improvements, and buying back stock. Chief Executive Officer Tom Gallagher said of the company?s future strategy: "The fundamental game plan is pretty straightforward," he said. "It's a three-part strategy. One part is to strengthen our balance sheet by paying down some debt. One is to reinvest ... in our existing properties, and the third is ... buying back stock, as long as we feel that (our) shares are undervalued." The statement followed the resignation of west coast chief operating officer, Mark Dodson. Wallace Barr, his co-chief operating officer for the east coast, Wallace Barr, will now manage the position coast to coast. Emphasizing the point, Gallagher said, "Really, what we've done so far has been two things?. He continued, "One is to focus very strongly on capturing the benefit of the acquisitions that make up this company. ... We've also been focused very clearly on restoring the luster of the Caesars brand." For many years, Caesar?s Palace was a symbol of Las Vegas. However, the recent openings of other high-end casinos like Bellagio and Mandalay Bay have dented the icon?s image. Gallagher, who became CEO in October after the sudden death of former CEO Arthur Goldberg, appears to be determined to improve the luster to the entire company, Caesars included. |
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