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Column Inside Gaming: Chastened World, Shrunken Parachutes28 April 2003In the aftermath of last year's corporate scandals, Park Place Entertainment Corp. illustrates the oft-made claim that executive pay and golden parachutes are getting plucked. When Wally Barr succeeded Tom Gallagher as chief executive officer Nov. 19, he landed a three-year contract with a million dollar a year base salary plus bonuses, but a parachute equal only to the base. Gallagher, by comparison, was paid $2.3 million a year and got $7 million just to leave the company. |. . .| Bombs falling on Baghdad cast a cloud over Las Vegas. Many gaming insiders have been in denial publicly, but the top gun at the Cannery in North Las Vegas says he's been taking direct hits from the war in Iraq. The casino's proximity to Nellis Air Force Base is the main reason for the noticeable drop in business, said Bill Paulos, one of three owners of the locals property that opened in January. |. . .| The gaming industry seems to be beating the odds on the severe acute respiratory syndrome scare. Spokesmen for the big four casino operators, Harrah's Entertainment Inc., Mandalay Resort Group, MGM Mirage and Park Place Entertainment Corp., claim to have seen limited disruption from the war with Iraq or SARS, the pneumonialike illness afflicting travel from Asia. Lucky us. Las Vegas depends on international travel for a 10 percent chunk of its change. But hold the bubbly. The still-sluggish economy and proposed state tax increases could be worth betting on. |. . .| More good news for Las Vegas. Operators and industry insiders say despite some slack in demand, discounted rates and short booking windows, there has been no noticeable shift in travel to Las Vegas from any section of the country. It seems neither war, nor rain, nor sleet nor snow can deter gamblers from their intended rounds. Moreover, survey research being conducted here for television networks shows public interest in the war is waning fast and consumers are returning to spending as usual. |. . .| Talk about name dropping. Bally Gaming honchos went to the Playboy Mansion late last week for the Playmate of the Year announcement hosted by magazine founder Hugh Hefner. As part of the release of its new Playboy video slots, Bally Gaming is giving every casino operator the chance to structure a promotion for their players around: "Win a trip to a party at the Playboy Mansion!" Top guns at Alliance predict such grand prizes will arouse players' attention. Gaming column is compiled by Gaming Wire Editor Rod Smith. You can contact him by phone at (702) 477-3893, fax (702) 387-5243 or e-mail at rsmith@reviewjournal.com. Jeff Simpson contributed to this week's column. Copyright GamingWire. All rights reserved. |