Company co-founder resigns

Monday, Nov. 25, 2002 | 11:12 a.m.

Las Vegas designer and developer Mark Advent has resigned as chairman and co-chief executive of Advent Entertainment & Communications, a hospitality, gaming and entertainment investment company he co-founded in 1999.

Advent, who has formed a new company, Las Vegas-based Advent Development, said he is resigning to pursue other opportunities that aren't necessarily in the company's future.

They include the upcoming renovation of an undisclosed Strip casino in Las Vegas, the redevelopment of a 75,000-square-foot performing arts center in downtown Los Angeles and the launch of a yoga, tea shop and wellness center in Summerlin.

Recent projects at Advent Communications include the debut of a Latin-theme restaurant and entertainment venue in New York's Times Square and an exclusive development, management and financing agreement with an Indian tribe that expects to build a casino in Sonoma County, Calif. That project is tied up in litigation between Advent Communications and the tribe, Advent said.

Conseco Inc., a publicly-traded insurance and financial conglomerate, has acquired a majority interest in the company for an undisclosed cash amount.

Advent will remain a consultant and shareholder of Conseco's newly named company, Paladin Entertainment, but will pursue other casino and entertainment development projects worldwide. William Underhill, a former investment banker and Harvard Business School graduate, will manage day-to-day operations as Paladin's chief executive. Underhill headed up the commercial restaurant division of the former Alex Brown & Sons banking firm.

Prior to forming the company, Advent was a designer involved in the development of MGM MIRAGE's New York-New York hotel-casino in Las Vegas.