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Atlantic City Veteran Takes Over Struggling Sands

19 March 2002

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: " Carl Icahn has picked local veteran Herbert Wolfe to take over operations of the struggling Sands Casino Hotel.

"Wolfe, who was previously president of Showboat Casino-Hotel, began his new job as president and CEO on Monday.

"…Wolfe, 60, becomes the sixth person to lead Sands in the last four-plus years.

"At Showboat, Wolfe led a highly profitable operation that was supported by a wealthy corporate parent. Sands is a different story.

"The casino emerged from bankruptcy protection in fall 2000 under the majority ownership of Icahn, a multibillionaire who also owns three Las Vegas casinos. Despite Icahn's personal wealth and other casino interests, Sands and parent GB Holdings Inc. are a stand-alone company.

"In its first 12 months since the reorganization (the latest available figures), Sands' earnings before interest, taxes, depreciation and amortization declined 34.4 percent, to $16.4 million, compared to the year-earlier period.

"…`Financially it hasn't done real well but it has the capability of doing much better,' Wolfe said. `I think the first step is to take what we have and make it more profitable by doing some long-term strategic planning.'

"…Wolfe spent the previous 17 months enjoying time with his two young daughters and completing his undergraduate degree at Rider College, graduating magna cum laude.

"`This shows the value of a college degree,' Wolfe quipped, referring to his new job…"

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