By Steve Green from In Business Las Vegas
As developers of the bankrupt Fontainebleau Las Vegas resort attempt to sell the unfinished project, the company continues to trim its staff and most recently revealed the departure of its top local executive.
Audrey Oswell, president and chief operating officer of Fontainebleau Las Vegas and a longtime gaming executive, is among seven executives who have seen their employment contracts terminated since May 15, Fontainebleau said in court papers Thursday.
Oswell left Oct. 2, according to Fontainebleau’s motion to reject her employment contract along with the contracts of Joel Bloom, Andrew Finn, Arik Knowles, Peter Magdos, W. Bryan O’Shields and Alexander Terry.
“Due to (Fontainebleau’s) financial situation, each of the employees … was terminated … and is no longer employed by (Fontainebleau). Each such employee had entered into an employment contract … . In the business judgment of the debtors, the employment contracts do not provide a benefit to the debtors or their estates, and the employment contracts may therefore be rejected,” Fontainebleau said in its motion.
Oswell couldn’t immediately be reached for comment Thursday.
Before joining Fontainebleau last year, Oswell was chief operating officer of the Cosmopolitan Resort & Casino, which is still under construction on the Las Vegas Strip.
Previously, she was chief executive officer of Resorts Atlantic City and president and chief operating officer of Caesars Atlantic City.
Fontainebleau, which has been working to sell the 70-percent-finished resort to Penn National Gaming or another party, also filed a motion Thursday for approval to cancel contracts for numerous meetings and conventions scheduled at the resort for between May 2010 and October 2011. With the project in limbo, Fontainebleau said it’s unlikely it can accommodate those meetings.
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