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Posted At : January 28, 2009 02:42 PM | Posted By : D McKee
Related Categories:
G2E,Harrah's,IGT,Technology
In a resounding "ZING!" to adversary Harrah's Entertainment, its former CEO, Philip G. Satre, has been named to the board of International Game Technology. Harrah's has been trying to herd IGT revenue-sharing games off its casino floors, going so far as to make the preposterous claim that "Wheel of Fortune" lacked popularity. CFO Jonathan Halkyard piled on a few days ago, asserting that slot makers hadn't evolved their product significantly since, oh, about 1935.
Phil Satre, ca. 2003
On the one hand, this could be IGT's way of extending the olive branch to Harrah's. But that would be almost masochistic after Harrah's CEO Gary Loveman dissed IGT's product to IGT boss T.J. Matthews' face in a memorable exchange at G2E.
What's more plausible is that, by signing up with IGT -- upon which Harrah's has essentially declared war -- Satre is tacitly rebuking his former company and lending Matthews additional credibility (not that he needed any). Good luck to the Harrah's people when they try to spin this one.
In other words, you don't know what the heck is happening here....
It's a loss of prestige for Harrah's when your previous CEO joins the board of the slot company you've singled out as The Enemy. Omniscient I am not, but my gut tells me this isn't a peace offering.
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