Park Place CEO Gallagher Resigns
Park Place Entertainment Corp. President and Chief Executive Thomas Gallagher resigned, the Las Vegas-based casino company said. He will be replaced by Chief Operating Officer Wallace Barr.
The Caesars Palace and Flamingo casino chains owner gave no reason for Gallagher’s resignation. Park Place shares fell 23% in the two years Gallagher ran the company, lagging behind casino companies Harrah’s Entertainment Inc. and MGM Mirage.
Park Place shares fell 3 cents to $7.72 on the New York Stock Exchange. The news was released after the close of trading.
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