Dominic Harrison, chief executive officer of U.K.-based gaming operator Gala Coral, announced that he is retiring. The decisions came after a debt restructuring that resulted in investor losses of £700 million.

The debt restructuring that resulted in the huge losses to three of the operators private equity backers also claimed the job of Nick Rust, head of the operators’ Coral betting shop division, who quit early last month. Former company chairman John Kelly resigned a year and a half ago, after making tens of millions of pounds through four private equity refinancing deals.

Harrison, who joined the company as a trading director six years ago, will stay on as CEO until October 1, and Executive Chairman Neil Goulden reportedly will fill in as chief executive until a permanent replacement is found.

Gala Coral operates 27 casinos, 1,600 betting shops and 145 bingo halls across the U.K.

By Staff