Harrah’s Hires Former Disney Exec
Peter Murphy, a confidante of Michael Eisner while he ran Walt Disney Co. (DIS), has been hired as strategy and development chief for Harrah's Entertainment Inc.
Gary Loveman, chairman and chief executive of the debt-laden casino operator, sees Murphy helping as the company continues "to identify areas for future growth and to explore opportunities created by current economic conditions."
The gambling industry has been suffering under falling traffic as consumers cut back on discretionary spending. Particularly weak has been the Las Vegas Strip, which has seen an end to the go-go days and where Harrah's has a notable presence.
Murphy was Disney's strategy chief for seven years until Robert Iger became Eisner's successor. Murphy spent another two years at the media giant and created a venture-capital firm focused on media and technology.
Harrah's was taken private last year by private-equity firms TPG Inc. and Apollo Management LP. Murphy has served as a senior adviser for Apollo.
