Vol. 3, No. 5, May 2006
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Oswell Bids Farewell
Resorts Atlantic City made the surprise announcement last month that Audrey Oswell is resigning as the property's president and chief executive officer effective May 1.
No reason was given for her resignation by Resorts International Holdings, Inc., the casino's operating company. During a conference call with analysts the day following the announcement, Oswell only said, "After six years, while it's been great here, it's time for me to make a change. We part friends. It's just time for me to try something different."
Oswell also disputed press speculation that she is leaving to accept a job at Foxwoods casino in Connecticut, which recently announced the retirement of longtime president Bill Sherlock. "I haven't gotten a call from them yet," she laughed.
The six years since she was named chief of Atlantic City's first casino have been some of the most important in the evolution of Resorts Atlantic City. Oswell presided over the rebirth of what had been a stagnant property, with the opening of the art-deco Rendezvous Tower and re-design of the entire casino.
Oswell also headed the effort to change the image of Resorts, from a haven of the World War II generation that served as the home base for performers like Steve Lawrence and Eydie Gourmet to a property that has drawn a younger demographic with performers like Snoop Dog and venues like Nikki Beach (unfortunately not returning this summer because of the new environmental rules for the beach).
"Audrey has managed Resorts Atlantic City through a period of growth that has enhanced the experience for the gaming customer," said Roger Wagener, executive vice president and chief operating officer of Resorts International Holdings. "We wish her well."
The company reportedly is wishing her well with half a million in severance money. A federal Securities and Exchange Commission filing showed that Resorts' ownership group is paying Oswell $350,000 for surrendering her rights to acquire stock in Resorts International Holdings, and another $201,064 in bonus, benefits and severance pay, for a farewell package totaling more than $550,000.
As of press time, there had been no announcement or comment regarding Oswell's status as president of the Casino Association of New Jersey, or whether she intends to stay in that post for a time after she leaves Resorts.
