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Posted At : June 23, 2008 02:05 PM | Posted By : D McKee
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Tribal,Harrah's
There's been a slow dribble of vice presidents from Harrah's Entertainment ever since the Apollo Management/TPG Capital buyout took shape. Two more have abruptly jumped ship. What's interesting in the case of Western Region Vice President for Design & Construction Terry Meistering is that she's going straightaway to a competitor -- Thunder Valley Casino, long a dagger pointed at the throats of Harrah's Tahoe/Reno properties. If Meistering had a non-compete clause, Harrah's clearly waived it.
Which is strange, mighty strange. Are both she and outgoing security veep Grant Ashley victims of the leave-no-bean-uncounted mentality that has taken hold under the Apollo/Texas Pacific regime? Or was Meistering allowed to make a speedy exit and soft landing as a way of further sweeping the renegade-remodeling scandal under the rug?
The official explanation points to the former ("Meistering's responsibilities were reduced during the past year as projects in the region were slowed or shelved due to the slowing economy"). If so, whatever long-term benefits are borne of the regime change at Harrah's, the short-term diagnosis is clear: arteriosclerosis.
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