Stratosphere names a chief executive

Friday, Oct. 25, 2002 | 11:23 a.m.

Richard Brown has been promoted from chief operating officer to president and chief executive officer of the Stratosphere Casino Hotel and Tower in Las Vegas.

The Stratosphere has not officially operated with a chief executive since financier Carl Icahn acquired the property in 1998. Brown, who will continue to report to Icahn, has served as one of three key executives responsible for overall operations at the Stratosphere.

Brown joined the Icahn properties in March 2000 has executive vice president of marketing for the Stratosphere and for both Arizona Charlie's East and Arizona Charlie's West, both Icahn-owned properties catering to locals in Las Vegas. In January 2001, Brown was promoted to chief operating officer responsible for all three properties.

Brown also was recently named chief executive officer of Greate Bay Hotel and Casino Inc. and GB Holdings, the parent company of the Sands Hotel & Casino in Atlantic City.

Brown replaces Herbert Wolfe, who resigned as head of the Sands after assuming the job in March. Stratosphere spokesman Michael Gilmartin said he did not know Wolfe's whereabouts. Calls to a Sands representative in Atlantic City were not returned by press time.

Brown was traveling and could not be reached for comment about the reasoning behind his promotion.

In a statement issued this week, Brown said he aims to "create economies of scale" by integrating Icahn's diverse casino properties.

"I look forward to aggressively building the Icahn gaming brands and our market share."

Brown also said he will continue to explore new growth opportunities in the casino industry, such as new and expanding gambling jurisdictions and Internet gambling.

Brown oversaw the Stratosphere's $100 million expansion project in 2001, which included a 1,000-room hotel tower, 67,000-square-foot pool and recreation deck, a 3,606-seat outdoor events center, restaurants and a casino upgrade. Arizona Charlie's West completed a $4.5 million expansion that includes a 500-seat, 24-hour bingo parlor and 3,000 square feet of casino space. Arizona Charlie's East has completed a $5 million expansion that added a bingo parlor and a larger race and sports book.

In a move to boost profits, Wolfe discarded table games at the Sands casino to make room for about 400 new slot machines.

Icahn, known for turning around beleaguered properties, entered the Las Vegas market in 1998 when he acquired the Stratosphere out of bankruptcy.

He later acquired the bankrupt Arizona Charlie's and Sunrise Suites, which was reopened as Arizona Charlie's East.