LAKE TAHOE, Nev., Jan. 10, 2000 - Chuck Scharer announced today he
would resign as president and CEO of Harveys Casino Resorts, effective
January 31, 2001.
| Scharer, 45, who joined Harveys in
November 1982, said he wanted to spend more time on personal endeavors
and planned to take some time off before determining future plans.
In February 1999, Scharer and other members of management joined with
an affiliate of Colony Capital, LLC, a Los Angeles-based private investment
firm, to acquire Harveys and take the company private. Colony owns more
than 90% of Harveys.
�I have been proud to be associated with the |
Chuck Scharer
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phenomenal growth of Harveys in terms of both revenues and reputation.
Thanks to the commitment of our partners at Colony and our 5000 employees
who are totally dedicated to customer satisfaction, we are an example of
how to do things right in the gaming industry. I will miss working with
them all, but it is the right point to take some time off and decide on
a new challenge,� Mr. Scharer said.
�We understand Chuck�s decision. Under his leadership, Harveys has become
one of the premier gaming properties in the country,� said Thomas J. Barrack,
Jr., chairman and CEO of Colony. �His accomplishments at Harveys were one
of the key reasons we were attracted to the company and he has continued
to oversee Harveys� extraordinary performance and popularity. He has been
a terrific partner and we hope to have the opportunity to work with him
again somewhere down the line.�
No replacement has been named. Mr. Barrack will serve as acting CEO.
Founded in 1944 by Harvey and Llewellyn Gross, Harveys Casino Resorts
wholly owns and operates Harveys Resort Hotel/Casino, a AAA Four-Diamond
full-service resort at Lake Tahoe, Nevada; Harveys Wagon Wheel Hotel/Casino
in Central City, Colorado; and Harveys Casino Hotel in Council Bluffs,
Iowa. Harveys Casino Resorts also manages Bluffs Run Casino in Council
Bluffs, Iowa.
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