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November 30, 2009

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Las Vegas Hilton’s chief executive leaves post

By Steve Green (contact)

Wednesday, Oct. 14, 2009 | 9:40 a.m.

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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.

Discussion: 9 comments so far…

  1. By dave202
    10/14/09 at 10:02 a.m.
    Suggest removal

    Why is this big news? As you report, this was revealed last month....

  2. By Bob635
    10/14/09 at 10:15 a.m.
    Suggest removal

    Is this the guy who decided to close Star Trek?

    That space is just empty doing nothing and making no money. It was a stupid decision.

    No doubt he approved it.

    So with this leaving, MAYBE the new guy will reopen star trek.

  3. By DTJ
    10/14/09 at 10:49 a.m.
    Suggest removal

    He was a Klingon.

  4. By American_Gaming_Guru
    10/14/09 at 11:45 a.m.
    Suggest removal

    I agree with dave202....why is this a story?

  5. By logic_should_rule
    10/14/09 at 2:10 p.m.
    Suggest removal

    Please re-read the 1st paragraph of the story again.

    Where does it say that the "departure" of Rudy Prieto was revealed last month? Also disclosed in this story is the terms of the severance package.

  6. By David001
    10/14/09 at 2:18 p.m.
    Suggest removal

    Good for Monahan if this is what he wants. However this will not change the course of the property.

  7. By Planetearthcalling
    10/14/09 at 4:54 p.m.
    Suggest removal

    Some additional disclosures would have been nice. Such as how long on the job before Rudy Prieto got the bums rush. His base pay amount at the time of termination and lastly why are they being so stingy on the severance.

  8. By environprotector
    10/15/09 at 4:09 a.m.
    Suggest removal

    Oh yeah the stock option is a real gold mine ! ha ha ha ha ha ha......

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