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Jan. 11, 2009
Copyright © Las Vegas Review-Journal

INSIDE GAMING: Executive exodus continues at Progressive

HOWARD STUTZ
INSIDE GAMING

The departure of Progressive Gaming Chief Financial Officer Heather Rollo may be the final nail in the coffin of the casino technology provider.

Rollo left Progressive Gaming on Tuesday to become the chief accounting officer at Ameristar Casinos. With Progressive, Rollo was also executive vice president and treasurer. At Ameristar, she'll report to Chief Financial Officer Tom Steinbauer.

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    • It's a lesser role but without the headaches.

    On Thursday, Progressive Gaming has to produce $17 million to cover its obligations, otherwise its lender will conduct an asset sale. The company reported its dire straits in a Christmas Eve filing with the Securities and Exchange Commission.

    Rollo followed Chief Executive Officer Russel McMeekin out the door. He left in September.

    Despite the sales of its slot machine and table game businesses and the transition into a pure gaming technology company, Progressive Gaming never recovered from its 2007 financial meltdown. Its stock price fell almost 75 percent and wiped out some $200 million in market capitalization.

    That year, Progressive also paid $20 million to settle a federal antitrust lawsuit.

    In September, Progressive said it would miss its 2008 projections. In October, the company was delisted by the Nasdaq National Market.

    Last April, Rollo said the company could become a leader with its software systems and intellectual property. Now Progressive Gaming, once known as Mikohn Gaming, seems destined to be a casualty of the recession.

    ***

    Slot machines operated through International Game Technology's MegaJackpot system spread holiday cheer to the tune of almost $12.7 million between Dec. 15 and Jan. 5. The machines registered 14 jackpots in eight states. Thirteen of the jackpots were won on Wheel of Fortune machines.

    "A run of hits like this is very exciting," IGT spokesman Ed Rogich said.

    The largest jackpot was more than $3.8 million, awarded Jan 3 at the Black Oak Casino in Tuolumne, Calif. There were three hits on New Year's Eve, including $264,876 at the Golden Nugget.

    ***

    Investor Sam Zell is looking at the hotel business despite a bankruptcy filing in December by the Tribune Co., which Zell purchased for $8.2 billion a year ago.

    Zell's Equity Group Investments signed a confidentiality agreement with Starwood Hotels and Resorts, which owns about 15 percent of the company that operates Planet Hollywood Resort.

    "The mere fact that this agreement was signed and made public indicates that Sam Zell's company is interested in being more than an 8 percent owner of Starwood," Oppenheimer gaming analyst David Katz said in a research note.

    Howard Stutz's Inside Gaming column appears Sundays. E-mail him at hstutz@reviewjournal.com or call 702-477-3871. He also blogs at lvrj.com/blogs/stutz.

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    PGI Lady wrote on January 15, 2009 06:49 AM: Its always darkest before the dawn!


    Free Nevada wrote on January 11, 2009 11:18 PM: I think Starwood must be on its death bed to get involved with Zell; either that or its executives all have golden parachutes and no longer enjoy the challenge of working for a living. Whatever the deal is, there is now no chance I would ever own a property on the Strip (ph was the last cool place I was looking at). Even if they paid me $50K, handed me the "deed" (such that it is) free and clear and covered all closing costs and HOA payments for a year, I would not want to deal with the trouble a Sam Zell could cause, nor the looming 7.2-10.5 massive Earthquake on soft ground, or the water and sewer issues along the Strip, the constant construction or most importantly, the casino managers living spectacularly while plunging their companies deep (billions upon billions) into debt who think of us nearly debt-free folks who still eat McDonalds for lunch as a bunch of pigeons they want to install as batteries in The Matrix.


    Free Nevada wrote on January 11, 2009 11:07 PM: Pink, don't feed the trolls.

    >The largest jackpot was more than $3.8 million, awarded Jan 3 at the Black Oak Casino in Tuolumne, Calif.

    That must have been some party. If you haven't spent a few years fooling around in the small towns up North, you are really missing out on some world class fun. Can't imagine $3.8 million dropping in Tuolumne..wow.


    Pink Hand Slap You Up Side the Head wrote on January 11, 2009 04:56 PM: Don't Kill The Messenger:

    Did you forget to take your meds little fella?

    I should slap you upside the head with my pink glove.


    Notorius Pink Hander wrote on January 11, 2009 10:55 AM: "Who in the hell reads newspapers anymore. Yeah, if you are over 50, bored or looking for a coupon. Or even magazines like Time. Most are filled with anti conservative views or "Pink-hand" stories. The Obama acorn loving voters read the star or "US" or are too busy watching some moronic judge show or waiting for american idol to start. "

    What does any of this have to do with Progressive Gaming, you moronic loser? Get off my planet.


    Joe Bama wrote on January 11, 2009 10:05 AM: Actually 2010 is just around the corner,things will change a little bit then.


    Blue_Bayou wrote on January 11, 2009 07:55 AM: Geez. Still living with a bitter taste of the Nations majority choice for it's President?

    It's gonna be a lonnnnng 4+ years.

    FYI: If you cut, it's along the length of the wrist. Not across.


    Don't kill the Messenger: wrote on January 11, 2009 04:25 AM: Who in the hell reads newspapers anymore. Yeah, if you are over 50, bored or looking for a coupon. Or even magazines like Time. Most are filled with anti conservative views or "Pink-hand" stories. The Obama acorn loving voters read the star or "US" or are too busy watching some moronic judge show or waiting for american idol to start.