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Greco named as CEO of timeshare company

Tuesday, May 20, 2003 | 9:33 a.m.

The president and chief operating officer of a Las Vegas company that runs a 489-unit timeshare development east of the Imperial Palace and Flamingo hotel-casinos has been named chief executive.

Michael Greco, who joined the financially struggling company in January 2002, replaces Floyd Kephart, who will remain with the company as chairman of the board. Greco's chief operating officer position will be filled by Kevin Blair, the company's general counsel.

Last week, Kephart told the board of directors that he was studying several options, including selling the company or filing for bankruptcy protection.

Greco will take over day-to-day operations of the company and plans a strategy to turn the company around by reducing costs, contracting out some services and reducing prices on timeshare units.

Greco said the plan also includes identifying and selling other assets so it can reduce its size and focus on the development of its 16.5 acres in Las Vegas and other assets in Steamboat Springs, Colo.

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