Citi’s former head of the industrial group, who retired in 2008, just got a fantastic new job.Polle was elected to sit on the board of directors of the Monticello Casino and Raceway for a three-year term.
You know what that means. Polle will enjoy fun business trips to Monticello, a gambling resort just outside of New York City. And if he’s lucky, profitable gambling trips, comped nights at the casino, and a box seat at the Monticello Raceway too.
In other words, a home away from home 90 minutes outside of the city in Monticello, New York, for at least the next three years.
What a way to retire!
Here’s a little background on Polle. He earned a B.S. in Economics from the Wharton School of the University of Pennsylvania.
Soon after he graduated, he started at Citi in 1983 as a financial analyst and was later promoted to the co-head of the mergers and acquisitions group. Then he became the head of the industrial group. In 2008, he retired, and three men were promoted to replace him.
“After 25 great years I just felt I was getting a bit stale and it was time to try something else,” he told The Street at the time.
Sitting on the board of a casino and raceway is a fine way to spice things up.
The promotion of an investment banker to a casino board might also say a few things about the gambling industry.
First, that they’re trying to better appeal to i-banker types, perhaps because signs that they’re ditching Atlantic City (which is struggling financially – Gov Chris Christie has had to fight off in-state competition to try to keep the halls from “financial freefall,” according to one article. Gaming revenues have apparently dropped from $5.3 billion annually a few years ago to $4 billion.) worry casino owners.
Second, that casinos are stepping up expert consultation to fight off competition from the ever-growing online gambling industry.
And also that there’s a growing presence of gambling houses outside of Atlantic City that are trying to draw the crowds away from New Jersey.
Whatever the reason, the outcome is awesome for one guy: Gregg Polle. Good luck out there!
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