Progressive Loses Another Executive

Over at Progressive Gaming, things are getting progressively worse to coin a pun. The slot machine and table game company has been suffering financially, and now with one more executive leaving, they are really facing more problems brought on by the mass exodus that seems to be going on over there.

CFO Heather Rollo has announced that she is leaving the slot machine company and taking a job with Ameristar Casinos. At Progressive Rolo was CFO, EVP, and Treasurer. At Ameristar she will report to CFO Tom Steinbauer which is exactly how she wants it. It might be a demotion in title, but it will also be a demotion in stress.

The slot machine company has until Thursday to come up with $17 million. This will over their obligations, and if they don’t come up with the money they will be looking at an asset sale. The slot machine company reported its financial difficulties when filing Christmas Eve with the Securities and Exchange Commission.

CEO Russel McMeekin left in September, and was not the first to go. The slot machine company has never recovered from a 2007 meltdown, when their stock fell 75% and they lost $200 million in market capitalization. This was also the same year that they had to pay $20 million for the settlement of a federal antitrust lawsuit.

The company knew as early as September that they would not be making their projections for the year and was delisted by NASDAQ in October. With a better economy the slot machine company could have possibly turned it around, but with things the way that they are, they just could not prevail.

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