CFO, Controller, CPA
Resume:
Gregory J. Bosarge, CPA
Biloxi, MS 39531
Home 228-***-**** Cell 228-***-****
*********@*****.***
Summary Twenty years of proven “Hands On” finance experience in various business stage companies including start up, high growth and restructured organizations. Adept at introducing creative / innovative solutions to complex problems in finance and operations. Extensive knowledge includes profit and loss management, financial reporting, financial planning and analysis, inventory management, budgeting, debt financing, SEC reporting, internal controls and cash management.
Contract / Consultant
August 2010 – Present
Consult private investors on start up operations and acquisitions providing due diligence and feasibility services. Prepare business plans, compile development budgets and prepare operating forecasts for external financing and prospective investors. Consult businesses on accounting, financial reporting and tax related matters.
Corporate Management, Inc.
Corporate CPA
June 2009 – July 2010
Responsible for the accounting and financial reporting for a private fifteen entity conglomerate in industries such as agriculture, construction, property development, medical retail, advertising, air charter and internet service companies.
Accomplishments include:
• Assured all monthly, quarterly and annual financial statements were in accordance with GAAP and prepared in a timely manner for approximately fifteen operating entities.
• Assisted the COO in the daily operations working directly with company General Managers to increase revenues and reduce costs improving operating profits.
• Devised, prepared and implemented zero base operating budgets and ROI capital budgets.
• Conducted monthly operating and budget variance reviews with respective company management.
• Successfully completed a system conversion for a large agriculture company resolving a long time outstanding inventory problem consisting of over 5,000 unit items and the proper accounting treatment of such.
• Worked closely with external tax accountants for the proper and timely filing of corporate tax returns preparing schedules for timing differences and fixed asset rollovers.
• Converted a manual system of retail inventory to a computerized perpetual system of inventory reducing month end closing time from five to two days.
• Performed due diligence and valuation of potential acquisitions successfully acquiring two separate entities assuring the proper accounting and best tax method treatments.
• Prepared financing package to secure external financing needs.
Self-Employed Investor
March 2006 – June 2009
Identified and pursued various investment opportunities related to post Hurricane Katrina clean up and reconstruction efforts and casino related acquisitions.
• Invested in a demolition and waste removal company for post Hurricane Katrina clean up efforts of both debris and property related damage.
• Managing member of a cabinet and accessory design and installation retailer. Hired employees, identified necessary cabinet design and accounting systems, created business plan to include marketing and advertising, outside sales and operating budgets. Created necessary general ledger accounts and trained staff on proper accounting and financial reporting procedures.
• Pursued a casino property solely handling all facets of the investment process from deal flow to acquisition including structuring the transaction and conducting due diligence. Developed a comprehensive business and marketing plan consisting of development and pre-opening budgets, post opening operating budgets.
• Sought necessary capital through various means of equity, debt and hybrid financing.
Premier Entertainment Biloxi LLC – Hard Rock Hotel & Casino Biloxi
Vice-President / Chief Financial Officer – April 2004 to March 2006
Responsible for all financial matters, treasury functions, budgeting, analysis, purchasing, credit and collections, and investor relations of a $237 million publicly traded debt casino resort from the development stage to start-up operations reporting to both the President and Board of Directors.
Accomplishments include:
• In conjunction with SEC Counsel and Auditors, successfully compiled and submitted Filing S-4 with The Security and Exchange Commission allowing $160 million Senior Notes to be publicly traded.
• Created the general ledger chart of accounts and financial statement reporting formats.
• Created post opening zero based annual operating and capital budgets.
• Developed multiple five and ten year forecasts models and related cash flows and statements of position.
• Accurate and timely filing of all 8K, 10Q and 10K SEC filings and coordinated independent audits.
• Assured sufficient funds available for completion of development and opening operations adhering to construction budgets, minimizing pre-opening costs and maximizing yield with cash on hand.
• Negotiated the purchase for approximately $45 million of FF&E, computer and gaming equipment.
• Identified Company Insurance Brokers securing property, health, umbrella and business related coverage.
• Developed company policy and procedures and internal controls required to meet Mississippi Gaming Commission regulations and Sarbanes Oxley Act.
• Negotiated and secured a $25 million line of credit for operating and equipment purchases.
• Responsible for hiring all personnel for the hotel and casino accounting, financial analysis, cage, count rooms, purchasing and receiving and financial reporting departments.
• Acted as the point of contact for investment bankers and bondholders maintaining compliance with debt covenants and required financial ratios.
Pinnacle Entertainment - Casino Magic Biloxi
Chief Financial Officer – April 2001 to April 2004
Oversee the hotel and casino accounting, budgeting, payroll, analysis, cage, credit and collections, count rooms and compliance for a four diamond 378 room casino resort having 1,324 slots, 40 tables, four restaurants and 1,200 employees with annual revenues in excess of $100m.
Accomplishments include:
• Assured the monthly, quarterly and yearly financial statements were in conformity with GAAP and prepared in a timely manner in addition to MD&A with supporting schedules for 10Q and 10K SEC filings.
• Responsible for working with Department Directors in establishing operating and capital budgets using a zero base and ROI approach.
• Conducted monthly budget to actual financial reviews with department heads and suggested any necessary corrective action to be taken.
• Coordinated quarterly and annual audits with external independent auditors.
• Assured gaming internal controls were maintained, amended as necessary and adhered to in accordance with Mississippi Gaming Commission regulations.
• Created and implemented a system of internal controls to meet the minimum requirements of the Sarbanes Oxley Act.
• Prepared various multiple year operating forecasts based on changing business models.
• Identified areas lacking efficiency resulting in a property restructuring reducing monthly FTE's approximately 150 to 200 saving an annual payroll in excess of $4.5 million.
• Implemented programs to assist department heads in assuring labor and operating expenses correlated to volume and revenues.
• Provided the Corporate CEO and CFO weekly and monthly cash flow forecasts.
President Casino Broadwater Resort, Biloxi
Vice-President, General Manager - December 1996 to April 2001
Responsible for the day to day operations and marketing of two hotel properties consisting of 500 rooms with 1,100 slot units, 40 table games, 4 restaurants, 3 lounges, 18 hole championship golf course, 110 slip marina with over 1,300 employees and revenues in excess of $75m.
Accomplishments include:
• Complete reorganization resulting in a turnaround of a bankrupt threatened property achieving an increased EBITDA from a loss of ($2.5m) to a profit of $8.5m in a highly competitive market within twelve months.
• Enhanced all departmental procedures and policies reducing overlapping job duties and streamlined operations reducing both labor and direct expenses maximizing operating margins.
• Enhanced revenues with various player parties, special events, promotions, entertainment venues, slot and table game tournaments and strategically scheduled such to maximize monthly gaming win.
• Continuously pursued maximizing win per unit by evaluating new product available, floor layout, odds, theoretical pars, and the credibility of game performance on a monthly analysis
• Designed and implemented a direct mail program resulting in additional gaming win of $600,000 per month through increased trip frequency and increased win per trip building brand loyalty.
• Empowered company personnel in decision making significantly reducing guest complaints resulting in increased guest loyalty.
• Maximized room utilization through group sales, packages, casino complementary, and casino rates to insure maximum occupancy with guests that have a propensity to wager.
• In depth and hands on knowledge of all operating departments including Hotel, Slots, Table Games, Food and Beverage, Players Club, VIP Services, Retail, Golf, and Finance.
The President Casino Broadwater Resort - Biloxi
Chief Financial Officer - June 1992 to December 1996
Responsible for all financial related matters for a resort property consisting of two hotels with 500 rooms, 1,100 slots, 40 table games, 4 restaurants, 3 lounges, 18 hole champion golf course, 110 slip marina with revenues in excess of $75m.
Accomplishments include:
. .
• Start-up operations of 20,000 square foot casino consisting of 675 slot units, and 45 table games.
• Hired appropriate staff relating to accounting, cage, count rooms, purchasing and IT.
• Assured monthly, quarterly and annual financial statements were in conformity with GAAP and prepared in a timely manner along with the property MD&A for the 10Q and 10K SEC submissions.
• Coordinated annual audit with external independent auditors and the annual Mississippi Gaming Commission internal control compliance audit.
• Prepared policy and procedure manuals for the accounting, cage, credit, count rooms, and casino accounting for use at all President Properties and implemented start up of such.
• Responsible for directing all gaming and non gaming audit functions through the Revenue Audit Manager including hotel, cage, tables, slots, retail, food, and beverage.
• Responsible for directing all cage and count room activities through the Cage Manager, including cash accountability, design of facilities, and hiring and training of employees.
• Responsible for complete compliance with federal cash transaction reporting requirements, including development of training programs and complete audit procedures.
• Responsible for credit and collection functions for $8m in available lines of credit and check cashing.
• Assisted in securing $35 million in financing for the acquisition of The Broadwater Resort property.
• Responsible for budgeting guiding Managers in the development of departmental budgets creating and implementing a zero base budget format.
• Successfully closed original gaming facility and re-opened a 40,000 square foot facility.
Rabex Japan Limited
Corporate Controller - May 1991 to July 1992
Responsible for the financial accounting, budgeting and cash management of four hotel resort properties with three 18 hole championship golf courses. Helped guide negotiations for the acquisition of two resort properties centralizing the financial accounting functions upon closing. Worked directly with the property General Managers in establishing unified policies and procedures where possible. Acted as Investor Relations for a multitude of overseas investors providing operating and financial information as requested.
Electric City Merchandise Company
Accounting Manager - April 1990 to May 1991
Prepared, timely and accurately, the monthly, quarterly and annual financial statements consisting of thirty retail outlets and four distribution centers.
Assisted in managing the credit and collection functions of approximately $20 million in revolving debt. Developed and implemented a business liquidation plan minimizing losses beginning with store closures ultimately ending operations with the bulk sale of the remaining company assets.
National American Companies
Financial Accountant - March 1988 to April 1990
Duties included general ledger maintenance and assisted in the preparation of the monthly financial reporting packages for over 80 resort and campgrounds and property development for timeshare ownership opportunities.
Europa Cruise Lines, Limited
Revenue Audit Manager - January 1987 to March 1988
Responsible for audit of all gaming and non-gaming revenues to include slots, table games, food, beverage, retail, and ticketing sales for the first gaming cruise to no-where in the State of Mississippi.
Awards / Achievements
Received Honorable Recognition for passing on first attempt the May 1990 Certified Public Accountants exam.
CPA license inactive as of June 2010.
Education
1987 University of Southern Mississippi
Bachelor of Science of Business Administration
Emphasis: Financial Accounting
Biloxi High School, 1982
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