Chief Financial Officer Ronald Radcliffe has also tendered his resignation, effective June 30, 2009. With the relocation of its Las Vegas headquarters, Hanlon and Radcliffe’s resignations, and the implementation of other cost-cutting measures the company expects to realize several million dollars a year as a result of significant savings in corporate payroll and other operational overhead.
The Empire Resorts Board of Directors thanked Hanlon and Radcliffe for their tenures as CEO and CFO and wished them well in their future endeavors. The company will be led by a special committee of the Board and Eric Reehl, its Chief Restructuring Officer, as it implements changes to maximize revenue and stakeholder value.
The Board plans to explore a full range of options as it considers Hanlon’s and Radcliff’s successors.