Las Vegas‘ gradual devolution took another step last night when a man was mortally wounded in a Fantasy Tower suite at the Palms. Actually, we’re fortunate there weren’t more fatalities, as 40 to 50 partygoers were on the scene. Despite the presence of so many potential witnesses, Las Vegas Metro doesn’t have a suspect and is still investigating. Remember, you’re not dressed for a party in Vegas unless you’re packing heat.
In news that broke late yesterday, Bally Technologies has ousted CEO Ramesh Srinivasan, effective May 23, in favor of once and future CEO Richard Haddrill. No reason was given for the change, which comes at a time when Bally was doing particularly well, making the move all the more surprising. Haddrill will retain his seat on the board while Srinivasan will relinquish his. Srinivasan was seen as a protege of Haddrill and the two had a business relationship that went back many years.
(The press release contained a paragraph of face-saving, pasted-in copy from Srinivasan that stood out by being in a different font and point size than the rest of the release.)
“I wouldn’t say it was anything Ramesh did, but it was more of a move that addresses the current competitive nature in the slot machine industry,” Janney Capital Markets analyst Brian McGill told the Las Vegas Review-Journal. “Dick made a lot of money for investors when he was CEO. He knows the business.” Haddrill himself framed it as a long-term strategic decision: “I think there is an opportunity to form some strategic partnerships and grow the business.”
