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PEOPLE

Elsinore Chief Will Resign

August 25, 1985|TOM FURLONG

Robert R. Maxey has resigned suddenly as chief executive of money-losing Elsinore Corp., the Las Vegas-based casino company that operates gambling hotels in Nevada and Atlantic City, N.J.

A terse announcement Friday said the board "has accepted" Maxey's resignation effective Oct. 31. He also resigned as a director. Maxey, 48, was not available for comment.

An Elsinore spokeswoman said Maxey's departure was voluntary. "He quit," she said. "I think the board is as upset as the rest of us." His replacement should be found "in the near future," she added.

About 21% of Elsinore's stock is owned by Hyatt Corp., which in turn is owned the wealthy Pritzker family in Chicago. The company's properties include the Four Queens hotel in downtown Las Vegas, the Hyatt Lake Tahoe and the Atlantis Casino Hotel, which used to be Playboy hotel and casino, in Atlantic City.

Maxey has been chief executive of Elsinore for three years, during which time the company has been plagued by losses. Although the Nevada operations are now in the black, the spokeswoman said, the firm lost $6.58 million the first six months of 1985 because the Atlantic City hotel isn't making money.

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