Former Harrah’s CEO elected to IGT board
Former Harrah’s Entertainment Chairman and CEO Phil Satre has been elected to the board of directors of slot machine giant International Game Technology, the company announced Wednesday.
Satre, 59, retired from Harrah’s in 2005 after spending 25 years with the casino operator. He spent 10 years as Harrah’s CEO and helped expand the company beyond Nevada. Currently, Harrah’s operates 50 casinos worldwide, including eight on the Strip.
Reno-based IGT is the gaming industry’s largest equipment manufacturer.
“To add a director of Phil’s caliber, who brings valuable related gaming industry knowledge as well as broad business and board service experience, is a great plus for our company,” IGT Chairman and CEO TJ Matthews said in a statement.
Since his retirement from Harrah’s, Satre has been involved in several gaming industry efforts, including a term as chairman of the National Center for Responsible Gaming. He remains on the Washington, D.C., non-profit organization’s board of directors.
Satre is currently the chairman of NV Energy. He is also on the boards of Nordstrom, Rite Aid Corp., and the Nevada Cancer Institute.
Satre will officially join the IGT board after obtaining regulatory approval. He will serve through the company’s March 3 annual shareholders meeting. His name will be added to the slate of directors proposed for election to serve through the 2010 annual meeting.
Also on Wednesday, Moody’s Investors Service cut IGT’s outlook due to lower product sales and a decline in slot machine playing levels. In a statement, Moody’s said it expects gaming demand to continue falling due to recessionary pressures.
“We expect IGT’s earnings to decline and debt protection measures to weaken over the next 12 months,” the ratings agency said.
Last week, IGT said its first-quarter earnings fell 42 percent because of a restructuring charge, write-downs and other items. The company also purchased some of Progressive Gaming International’s operating assets for an undisclosed amount.
Shares of IGT, traded on the New York Stock Exchange, closed at $12.08, up 19 cents or 1.60 percent.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871.
