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Dan Lee Quits Palms

By Chuckmonster on Friday, 23rd May 2014 4:58pm
  » filed under Las Vegas  comments: 6

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Palms CEO Dan Lee has quit his job as CEO of the Plams, and one half months since taking the job.

I described Dan Lee's hire six months ago, two weeks before VIMFP, as a size 12E foot squeezing into the Palms' size 9b shoe. The Palms wasn't a destination for Dan, it was a stopover. The only question is which direction this train is going - uptown or oblivion.

The Plams' spokesmodel Alex Acuna released a statement to the RJ's Howie Stutz that said Mr. Lee "resigned to pursue other business opportunities." Ones he didn't know about six months ago? Why now? Did something happen in the Las Vegas marketplace recently that might preclude a management change and/or perhaps something slightly along the lines of new ownership having new ideas about turning around an underperforming asset?

*dingding* Order up... Unwin Rings on Toast for Mr. Blackstone.

Gasp!

The 12E shoe has dropped, the clock is ticking on an Unwin resignation followed by appointment of Dan Lee as the new boss of Cosmopolitan and CEO of Blackstone's burgeoning casino empire. I'll peg this one as happening before June 15th, the start of salmon fishing season in Alaska!



Tagged: dan lee   palms   



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Comments & Discussion:

Wow. Just wow. Dan Lee did wonders trying to control Steve Wynn at MIR, and Lee could be the salvation of Cosmo. Hope it happens.

Hmm. Wonder what the timeframe of any sort of non-compete clause would be...?

Lee would be a great fit at Cosmo

Straight question: can you guys enlighten me regarding the genius of Dan Lee? The only thing I think I recall about him is that he was a pretty smart CFO at Mirage Resorts who left about the time of the MGM takeover and put together a minor league group of Midwestern casinos that he got run out of when he threatened to bitch-slap a Missouri casino regulator. He could never put together a deal to buy a Las Vegas casino or build the Lake Charles LA property he clung to, and kinda needed a job when the Plams hired him. I know I'm missing something, can you help me?

Doesn't get the genius rating from me.

He smartly cobbled together the Bellagio and CityCenter parcel covertly but really that was just straight out of the Disney play book.

He's the only protege of Wynn who set sail and had a modicum of success, building Pinnacle Resorts from racetrack & barge operators into a builder of destination casino resorts. The stuff he inherited (Casino Magic properties) are bunk, BUT stuff he's built - L'Auberge, Lumiere Place, Belterra etc - are gorgeous representation that he learned from the master and can build gorgeously within a riverboat budget.

Also, the Tropicana deal was brilliant. He locked in a $78m breakup fee for Pinnacle should Aztar sell to someone else. That whole back and forth with bidding was simply amazing.... Dan Lee played Columbia Sussex like a cheap fiddle, he got paid and ColSux was left holding the bag of a resort company they couldn't afford to operate.

He did the same thing in Atlantic City as he did in Vegas... assembling parcels to build Pinnacle Atlantic City. Unfortunately, the economy crashed and Atlantic City casinos have been ravaged by competing locales and NJ's bureaucracy. http://www.atlanticcitytripping.com/cityboom/blog/21/building-the-ark-pinnacle-atlantic-city/

He's tenacious, driven and can be difficult... often times becoming his own enemy - another trait he got from the master Steve Wynn, thus the Missouri debacle may have been Dan Lee's personal Waterloo. He's a great fighter with a so-so record. I can't wait for Act III on the Strip.

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