Posted 1/6/11: eath of Kenilworth CEO changed things, says operator
The joint venture that saw New York-based Kenilworth Systems providing live dealer technology to land operator Caribbean Casino and Gaming Corporation's Sosua Bay casino has been brought to an end by the death last year of the Kenilworth CEO, according to a statement from CCGC this week.
The company announced that it has taken over all live video gaming "….because the ideals of the joint venture have changed. In fact, the outstanding balance due to CCGC from Kenilworth has forced CCGC to disband the former agreement."
CCGC chief exec Steven Swank commented, "Our normal course of action, as CCGC moves forward with its business, is to create greater profit centers in an emerging market. As of yesterday, [we have] dismissed the joint venture with Kenilworth, because of a breach of contract by Kenilworth. [Our] Live Video Internet Gaming will now receive 100 percent of all gross revenues from its ongoing internet expansion."
On July 27 last year Kenilworth Systems Corporation announced that Herbert Lindo, President and Chief Executive Officer, unexpectedly passed away on July 25, 2010.
The Kenilworth Board of Directors began a process to select a permanent new President and Chief Executive Officer, with Dan Snyder, an advisor to Kenilworth for several years, assuming the role of interim Chief Executive Officer.
The company revealed that Lindo had left the Board with a succession plan that included Snyder, Paul Terrell and Steve Wang. As at December 15 last year, Snyder remained in the CEO position.