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International Game Technology Appoints CFO

13 February 2012 by Devon Chappell

InternationalGameTechnologyInternational Game Technology (IGT), which has been making strategic moves of late to take advantage of prospective online casino gambling regulation in the United States, has appointed a new Chief Financial Officer, John Vandemore, to replace the company’s outgoing CFO, Pat Cavanaugh.

Formerly serving as the CFO for The Walt Disney Company, Vandemore brings billions of dollars worth of investment management experience to IGT. While much of Vandemore’s experience pertained to global theme park, resort and cruise line development projects, IGT’s Chief Executive Officer, Patti Hart, highlighted Vandemore’s strategic leadership and global financial planning skills in a press release announcing the details of the appointment.

According to Hart, “John’s financial experience..and impressive background in operational excellence will benefit all of IGT’s stakeholders.”

There is no denying Vandemore’s track record. With over seventeen years of financial experience at The Walt Disney Company, Goldman Sachs and PriceWaterhouseCoopers, Vandemore is a prime candidate for overseeing the big numbers and investments that IGT is currently handling.

Such numbers include $400 million in free cash flow over the last year and recent investments that include over $500 million for the developer of Facebook’s third most popular social gaming app – Double Down Interactive. A Royal Flush of an investment (in terms of risk), the continued success of Double Down blackjack casino largely depends on the liberalization of the U.S. facing online gambling industry, which, worldwide, is expected to grow to $30 billion in 2012.

This kind of investment will certainly keep Vandemore on his toes, not to mention IGT’s stakeholders on the edge. All things considered, online gambling regulation looks like an inevitability, while IGT’s success in the industry is an even greater given. Being the world’s largest casino gaming systems and slot machine manufacturer, IGT certainly has a place carved out for itself in the online gambling industry.

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