Richard Haddrill (pictured, second from left), the new boss of Bally Technologies Inc, says the company changed chief executive to take “advantage of strategic opportunities” opened by the acquisition of SHFL entertainment Inc, including potential new partnerships and acquisitions, as well as revenue and cost synergies.
Business became “much broader, more complex” after the acquisition of SHFL, “a challenge for any chief executive, especially a newer one”, Mr Haddrill stated on Tuesday at the Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference in New York.
“At the same time, the competitive dynamics had changed a lot in the last six months,” he added.
Bally Technologies is one the world’s largest gaming equipment suppliers. The company purchased last year casino equipment company SHFL, in a deal worth about US$1.38 billion.
Following the completion of the acquisition in November last year, there had already been changes in management of both companies, including the departure of SHFL chief executive Gavin Isaacs.
Bally Technologies announced on May 15 the appointment of Mr Haddrill as chief executive of the company, effective from May 23, replacing Ramesh Srinivasan. The company did not provide a reason in the statement for the sudden departure of Mr Srinivasan.
Mr Haddrill was chief executive of Bally from 2004 to 2012. He served as chairman of Bally Technologies since 2012 until returning to the position of chief executive.
Bally Technologies announced last month record revenue of US$338 million for the first quarter of 2014. This was the first full quarter after Bally Technologies acquired SHFL.
