New CEO for leading casino technology provider
29th September, 2008
It was recently announced that Progressive Gaming, one of the leading providers of jackpot management and casino technology for online gaming operators, has replaced its current CEO with a member of the Board of Directors for the company.
Now the company will be under the direction of Terrance W. Oliver after the former CEO Russel H. McMeekin, who decided to leave the company to pursue other opportunities. Upon the release of this news, the company’s stocks began to fall – which is typical of businesses that have such a drastic change take place.
“In response to the market conditions, we are aggressively addressing various cost-cutting measures to improve overall financial performance,” Oliver said. “We expect to begin implementing these measures before the end of the 2008 third-quarter period. Our goal is to reduce expenses by an amount sufficient to permit us to generate cash-flows in the near-term.”
Many experts in the industry believe that the company will not see the benefits of having this change until a year later. Bill Lerner, a Deutsche Bank gaming analyst, made it clear that casino companies are not adding on any new equipment, which means there won’t be any purchases for a while.
“I think Progressive Gaming has some important technology for slot floors globally,” Lerner said. “But the timing is unfortunate. Fast forward to a year-and-a-half from now and Progressive will benefit just like the other gaming technology companies from an accelerated replacement cycle.”
Progressive Gaming, along with many of the big names in the industry, have been hurt by the current economic situation and have been forced to make changes – mostly those that help the company to cut costs.
By Michael
