Printer Friendly

Players International Appoints New Chief Executive Officer.


Players International, Inc. (Nasdaq: PLAY) and its Acting Chairman of the Board, President and Chief Executive Officer Howard A. Goldberg, announced today that Mr. Goldberg has resigned all of his positions with Players, effective as of July 12, 1999, pursuant to an agreement between Mr. Goldberg and the Company.

Players also announced that John Groom, currently its Executive Vice President and Chief Operating Officer, has been appointed President and Chief Executive Officer to fill the vacancies created by Mr. Goldberg's resignation. Mr. Groom joined Players in 1996 and has over 20 years of casino management experience. Mr. Groom will continue as Chief Operating Officer and a member of the Board of Directors.

Players currently is party to an Agreement of Merger with Jackpot Enterprises, Inc. Under the Agreement of Merger, Jackpot is to acquire all of the outstanding shares of Players for cash and stock. The Agreement of Merger also requires all senior executives of Players, including Mr. Goldberg, to resign at closing.

"With the proxies set for mailing in early July and the stockholder meetings to approve the merger set for August, "Mr. Goldberg said, "there was not much reason for me to continue until the transaction closed. Since the heavy lifting on the merger appears to be over, my role with the Company has been completed and John Groom is exceptionally well qualified to complete this transaction." Mr. Goldberg has been Players' CEO since May, 1993. "It's been a wonderful six years," he stated. "We've done some great things for the Company and the stockholders, and I am confident that Don Kornstein (Jackpot's cChief Executive Officer) and his group will continue to enhance that success."

The merger is, among other things, subject to the approval of state regulatory authorities, and as previously disclosed, those regulatory authorities have been conducting investigations as to the continued suitability of Players for licensure following public disclosure of a Federal investigation of certain former Louisiana government officials. Neither Players nor its current or former senior executives, including Mr. Goldberg, are subjects or targets of the Federal investigation and none of them believes that their conduct should affect the continued suitability of Players for licensure. However, Players and Mr. Goldberg believe that his resignation at this time may expedite the required regulatory approvals, since Mr. Goldberg was the last remaining senior executive of Players who was an executive during the time relevant to the Louisiana investigation.

Players' Board of Directors issued the following statement: "During Mr. Goldberg's tenure, Players expanded into several emerging jurisdictions, sold non-producing assets, and established a solid balance sheet. The agreement with Jackpot is an appropriate final achievement of Howard's years with the Company. We wish him the very best."

On June 21, 1999, Players and Jackpot received notice that early termination of the waiting period had been granted under the Hart-Scott-Rodino Antitrust Improvements Act.

Players International Inc., is a multi-jurisdictional casino and entertainment gaming company. The Company owns and operates riverboat casino facilities on the Ohio River in Metropolis, Illinois, in Lake Charles, Louisiana and in Maryland Heights, Missouri, a suburb of St. Louis.

This press release contains forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are subject to the following risks and uncertainties which could cause actual events to differ from anticipated events: changes in patronage levels; changes in gaming activity or wagering per passenger; and adverse regulatory or competitive developments. Additional information concerning risk factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission.
COPYRIGHT 1999 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Jul 2, 1999
Previous Article:TBC To Record Litigation Charge for Second Quarter.
Next Article:DBT To File Registration Statement.

Related Articles
Directors of Federal Reserve Banks and Branches.
Could You Sit Next to the President?
Directors of Federal Reserve Banks and Branches.
Debby Blazquez is the new vice president of finance and administration of the Council on Foundations in Washington, D.C. She previously served as...

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters