Park Place CFO says departure is voluntary

David Strow

Thursday, Dec. 13, 2001 | 10:51 a.m.

When Park Place Entertainment Corp. of Las Vegas announced the planned departure in January of Scott LaPorta on Tuesday, the company's chief financial officer became the fifth top executive to leave Park Place since the death of then-Chief Executive Arthur Goldberg in October 2000.

The departures of executives such as co-Chief Operating Officer Mark Dodson, Bally's/Paris Las Vegas President Paul Pusateri and Caesars Palace Presidents Dean Harrold and John Shigley had fueled speculation of a purge of Park Place's ranks under new CEO Tom Gallagher -- something Gallagher has hotly denied.

In discussing his resignation Wednesday, LaPorta said he made the call to step down from his position as Park Place's chief financial officer Jan. 31, rather than accept a four-year contract extension offered by Gallagher.

"It was my decision to leave the company," LaPorta said.

"I've had the great fortune of working for companies led by Arthur Goldberg, (Park Place Chairman and Hilton Hotels Corp. CEO) Steve Bollenbach, (Hilton Chairman) Barron Hilton and (Marriott International Chairman) Bill Marriott," LaPorta said. "All of them are great leaders of the hotel and/or gaming industries, and have helped me grow in my career."

LaPorta has been Park Place's CFO since the company was spun off from Hilton at the end of 1998.

The picture of an amicable departure was reinforced by the tone of Park Place's announcement, in which Gallagher said LaPorta was leaving the company "with our highest regard and friendship."

"We wish him great success in the future, and maybe a few less frequent flier miles," Gallagher joked in the press release, a reference to the weekly commutes between San Francisco and Las Vegas that LaPorta had been making since his June marriage.

But the big reason for his departure, LaPorta said, was career advancement.

"I'm very focused on enhancing my experiences in a manner so one day I might become a CEO," LaPorta said. "I (want to) take on a role at another company that enhances my background and experiences for future leadership opportunities."

LaPorta said he's considering "a couple of offers" in the San Francisco Bay area, but had not yet decided on his next company. He wouldn't say whether he would be staying in the hospitality industry.

Park Place said it has started the search for a new CFO.