Wednesday, Oct. 14, 2009 | 9:40 a.m.
The company that owns the Las Vegas Hilton disclosed Tuesday the departure of Rudy Prieto, who has been serving as chief executive and general manager of the hotel-casino.
Colony Resorts LVH Acquisitions LLC said Prieto’s employment "ended by mutual agreement" Saturday and that he will receive his regular base pay for this month along with a severance payment of $666,670, payable in 10 installments ending in August 2010.
Under a plan disclosed last month, Colony Capital LLC executive David Monahan is to become chief executive and general manager of the 2,950-room Hilton.
Monahan has served since 1995 as senior vice president of Los Angeles investment group Colony Capital, where he has overseen its hotel portfolio.
Monahan is to receive an annual salary of $500,000, along with a bonus of at least $200,000, Colony Resorts LVH said in a regulatory filing last month. He will also receive options to purchase membership units in the company.
Investors in Colony Resorts LVH include Colony Capital, affiliates of investment bank Goldman, Sachs & Co. and Nicholas Ribis.