GGRAsia – Isaacs promises strategic plan for Scientific Games, WMS

Isaacs promises strategic plan for Scientific Games, WMS

Jun 11, 2014 Newsdesk Industry Talk, Latest News, Top of the deck

The new chief executive of Scientific Games Corp, Gavin Isaacs (pictured), says he wants to get a better understanding on both Scientific Games and WMS Industries Inc before creating a set of common goals for both businesses.

On Tuesday, U.S.-based gaming and lottery supplier Scientific Games appointed Mr Isaacs to succeed David Kennedy as company chief executive. Mr Kennedy will continue to serve as executive vice chairman.

Scientific Games entered the casino side of the gaming industry last year with the US$1.5-billion purchase of WMS, a leading slot machine manufacturer.

“I don’t think there is anything radical required but I think there will be some changes that I will make,” Mr Isaacs told a conference call on Tuesday following his appointment, adding that he needs to learn more about the lottery business.

“I need to come up with a strategic plan, build everyone goals around that and hold people accountable,” he said.

Mr Isaacs, 49, has more than 15 years experience in top-level executive positions with three different gaming equipment providers.

Most recently, Mr Isaacs served as CEO of SHFL entertainment Inc from April 2011 through November 2013. Last year, he helped complete the US$1.3 billion buy-out of SHFL entertainment by Bally Technologies Inc. Prior to that, he worked for Aristocrat Technologies Ltd and Bally Technologies.

Ronald O. Perelman, chairman of Scientific Games, said Mr Isaacs has the necessary skills to lead the company.

“We believe his focus on customer relationships, strategic thinking and expertise in growing innovation-focused businesses make him the ideal choice to lead our efforts to achieve greater profitability and increased cash flow,” Mr Perelman said in a statement.

The appointment of Mr Isaacs comes a day after reports that International Game Technology (IGT) is considering a sale amid challenging times and continued consolidation within the gaming supplier industry.

“I think that the desire for consolidation perhaps is a little bit overblown,” Mr Isaacs said on the conference call.

“There is a lot of speculation in some of the stocks of companies that potentially could be targets. I think there are still great opportunities in our sector but there are also a lot of distractions,” he said.