IGT chairman departs for Wynn position
Phil Satre becomes Wynn chairman as the casino operator looks to “turn the page on the last six months”
IGT chairman Phil Satre has left the gaming giant to take up the same position at Wynn Resorts, IGT announced today.
Satre will take up his new role later this year when current chair D Boone Wayson steps down.
A veteran of the industry, Satre is currently president of the National Center for Responsible Gaming, having served in various leadership roles in the gaming industry for more than 25 years, including as chairman and CEO of Harrah’s Entertainment, Inc.
IGT said Lorenzo Pellicioli, current vice chairman of the board, will undertake all leadership duties until its next meeting, at which time the board will elect a new chairman.
Pellicioli said: “On behalf of the Board, I want to thank Phil for his dedicated service and many important contributions.
“He successfully guided the Company through a transformational merger that created the largest gaming company in the world. We wish him continued success as he takes on a new role at Wynn Resorts.”
In a separate statement, Wynn Resorts CEO Matt Maddox welcomed the recruitment of Satre, saying: “The addition of someone of Phil’s calibre and experience is a significant step forward for Wynn Resorts as we turn the page on the last six months.”
Wynn has been rocked by allegations of sexual misconduct levelled at eponymous founder, Steve Wynn, in recent months.
The departure also comes amidst a period of stagnating results for IGT with total revenues dropping by 1% year-on-year to $1.2bn during the second quarter of 2018.
Single digit growth during the quarter saw operating incomes grow by 9% to $209m, while EBITDA increased by 4% to $442m.
IGT has also confirmed that its sports betting platform is now being utilised by two of Boyd Gaming’s Casino properties in Mississippi, namely the P Casino Resort and Spa in Biloxi, and Sam’s Town Hotel & Gambling Hall in Tunica.