Sands Casino President Abruptly Resigns
| 07 October 2002 |
Herbert Wolfe abruptly resigned as president of the Sands Casino Hotel on Monday, six event-filled months after being hired. Neither Wolfe nor Sands majority owner Carl Icahn would say why he quit, although executives said there were disputes between the two over control. Wolfe's resignation marks the sixth change in the Sands' top boss in five years, including Ebling's two-month stint. Wolfe's resignation came exactly two years after Icahn took control of Sands following a bankruptcy-court battle with Park Place Entertainment Corp. Wolfe, who earned an annual base salary of $340,000, worked without a contract. Wolfe made big operational changes at Sands since starting on March 18. He discarded more than half of the casino's table games to make room for 400 slot machines in a radical move to boost profitability. Sands now has only 26 table games, by far the fewest in the city. Sands' overall gambling revenue plunged as a result, although the casino reported its second-best month of slot revenue ever in August. Wolfe also changed five vice presidents, abandoned Sands' strategy of having the city's loosest slot machines, and scrapped remodeling plans begun by previous management. Wolfe, previously president of Showboat Casino-Hotel for five years, had wanted to develop a cohesive marketing plan and rebuild what he considered a brand damaged by a prolonged bankruptcy and lack of reinvestment
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