Press Release: Harveys Casino Resorts
January 11, 2001
LAKE TAHOE, NV -- Chuck Scharer announced yesterday he would resign as president and CEO of Harveys Casino Resorts,
effective January 31, 2001.
Scharer, 45, who joined Harveys in November 1982, said he wanted to spend more time on personal endeavors and planned
to take some time off before determining future plans.
In February 1999, Scharer and other members of management joined with an affiliate of Colony Capital, LLC, a Los
Angeles-based private investment firm, to acquire Harveys and take the company private. Colony owns more than 90%
of Harveys.
``I have been proud to be associated with the phenomenal growth of Harveys -- in terms of both revenues and reputation.
Thanks to the commitment of our partners at Colony and our 5000 employees who are totally dedicated to customer
satisfaction, we are an example of how to do things right in the gaming industry. I will miss working with them
all, but it is the right point to take some time off and decide on a new challenge,'' Mr. Scharer said.
``We understand Chuck's decision. Under his leadership, Harveys has become one of the premier gaming properties
in the country,'' said Thomas J. Barrack, Jr., chairman and CEO of Colony. ``His accomplishments at Harveys were
one of the key reasons we were attracted to the company and he has continued to oversee Harveys' extraordinary
performance and popularity. He has been a terrific partner and we hope to have the opportunity to work with him
again somewhere down the line.''
No replacement has been named. Mr. Barrack will serve as acting CEO.
Founded in 1944 by Harvey and Llewellyn Gross, Harveys Casino Resorts wholly owns and operates Harveys Resort Hotel/Casino,
a AAA Four-Diamond full-service resort at Lake Tahoe, Nevada; Harveys Wagon Wheel Hotel/Casino in Central City,
Colorado; and Harveys Casino Hotel in Council Bluffs, Iowa. Harveys Casino Resorts also manages Bluffs Run Casino
in Council Bluffs, Iowa.
SOURCE: Harveys Casino Resorts