Case Bets: Pinnacle’s new CEO; Mr. Bit

S&G congratulates Anthony Sanfilippo, new president and COO of Pinnacle Entertainment. A former regional overseer for Harrah’s Entertainment (prexy of its Central and Western divisions), he’s familiar with the ground on which Pinnacle’s battles will be fought, including Lousiana, Missouri and Indiana. He’s also a former COO of Harrah’s New Orleans and — having been within the Harrah’s brain trust for so many years — presumably “knows the enemy” and the tactics that will need to be deployed against Pinnacle’s primary competitor. In fact, his there tenure includes service in the ranks of Jazz Casino Corp., absorbed into Harrah’s many, many years ago. As a vote of confidence in his new employer,Sanfilippo has purchased approximately $1.1 million of PNK stock. He exit from Multimedia Games is well-timed, coming just as that firm is publicly contemplating putting itself on the market.

A longtime operations man, his appointment ratifies Pinnacle’s new strategy of retrenchment. Sanfilippo’s resumé suggests he’s a thoroughbred, which is good in that he carries an overbearing and dubiously qualified jockey in the form of COB Richard Goeglein, whose “interim” status  now made permanent. In company with temporary CEO John Giovenco (who’d been out of gaming over 15 years), Goeglein made a slew of decisions that will tie Sanfilippo’s hands for years to come, culminating with the surrender of the President license in St. Louis mere days before Sanfilippo’s appointment was announced. So we’re glad to see Sanfilippo back in a leadership role, where he belongs, but sincerely regret that he’s going to have a relatively narrow compass in which to put his stamp on Pinnacle and that he has to lug some excess Goeglein baggage in order to do it.

On a sadder note, the end draws near for Mr. Bit. A once roly-poly cat full of curmudgeonly personality is now but a thin shadow of his former self, unable to eat without bleeding from the mouth, as cancer saps his strength. He spends his declining days sunning himself in the master bedroom. A few days of apparent recovery — including a couple of expeditions to the summit of the refrigerator — gave us false hope. Mr. Bit’s due for a “quality of life assessment” from the vet tomorrow. Until then, there’s not much we can do but love him to the best we’re able. He’s going to leave a big, cranky void in our lives.