Tropicana CFO exits 'revolving door'

[pocketpared]

Tropicana CFO exits 'revolving door'
He announces resignation as A.C. license's expiration nears
Tuesday, November 27, 2007
BY JUDY DeHAVEN
Star-Ledger Staff

As the Tropicana fights to keep its casino license in Atlantic City and its parent negotiates with lenders on $2.3 billion in debt, the company's chief financial officer announced yesterday he was resigning to take a job in Ohio.

John Jacob, who last week testified about Tropicana's finances in its licensing hearing before the N.J. Casino Control Commission, is the second CFO Tropicana Casinos and Resorts has lost this year. Jacob held the job less than four months. On Aug. 2, he replaced Richard Fitzpatrick, who was hired in 2006 to oversee the acquisition of Tropicana's former owner, Aztar.

Tropicana's new owner, William Yung, said during a break in the licensing hearing yesterday that Jacob was tired of commuting to the company's headquarters in Kentucky and took a job with an unnamed private-equity firm closer to his home in Columbus, Ohio.

Yung said the move was expected and he already has a replacement in mind. But, he added, "The timing was not good."

In a press release, Tropicana Resorts said Jacob's resignation will take effect Friday, the same day the Atlantic City casino's license expires. The release also said Yung "assured regulators and investors that the company's vice presidents of finance and accounting have more than enough resources to manage in the interim."
http://www.nj.com/business/ledger/in...xml&coll=1

[markksman]

So is this hearing over by Friday? I would assume so, or will the Tropicana be closed?