The election of Phil Satre to the board of directors of slot machine giant International Game Technology Wednesday raised a few eyebrows on Wall Street.
Satre, 59, is the highly respected former chairman and CEO of Harrah’s Entertainment who retired from the company in 2005 after spending 25 years with the casino operator.
Investors shouldn’t look between the lines. Satre, a Northern Nevada native, is not angling for a management position with the Reno-based slot machine giant.
“We are pleased to see IGT bring in some fresh ideas (and) perspectives to its board,” Macquarie Capital gaming analyst Joel Simkins said in a research note Thursday. “However, we do not believe investors should read anything further into the news.”
Simkins has been one of IGT’s harshest critics on Wall Street. Earlier this month, he downgraded his rating on the company.
“We do not see any further changes in senior leadership near term, but expect Satre to lend some valuable management advice as well as key relationships amongst the major gaming operators,” Simkins said.