Park Place Entertainment Corporation (NYSE:PPE) announced today that Thomas E. Gallagher has resigned as President, Chief Executive Officer and a member of the company`s Board of Directors, effective immediately. The Board today named Chief Operating Officer Wallace R. Barr to succeed Gallagher as President and Chief Executive Officer.
“Tom made significant contributions to Park Place during his tenure,” said Stephen F. Bollenbach, chairman of Board of Directors. “He led the company through the difficult times that followed September 11 and put in place a very capable and experienced management team. As a result of Tom`s stewardship, Park Place is financially strong and well-positioned to compete going forward. We thank Tom for his dedication,” Bollenbach added.
“We are pleased that Wally Barr has accepted the challenge of leading Park Place to new levels,” Bollenbach said. “His accomplishments in the industry are many and well known, and the company`s dominant position in the Atlantic City market is a testament to Wally`s skill, ability and leadership. Wally takes on his new responsibilities with the full support of the Board.”
Park Place Entertainment owns, manages or has an interest in 28 gaming properties operating under the Caesars, Bally`s, Flamingo, Grand Casinos, Hilton and Paris brand names with a total of approximately two million square feet of gaming space, 29,000 hotel rooms and 55,000 employees worldwide.
Additional information on Park Place Entertainment can be accessed through the company`s web site at www.parkplace.com .