Multimedia Games considers selling company
Austin-based casino games dealer Multimedia Games Inc. (Nasdaq: MGAM) is considering selling the company, officials said in an interim CEO announcement today.
The company said it hired Deutsche Bank Securities as its exclusive financial advisor in a strategic alternatives planning effort "including, but not limited to, the sale of the company."
At the same time, Multimeda lost its CEO to a Las Vegas entertainment company and officials named its chief operating officer interim CEO.
Departing Multimedia Games President and CEO Anthony Sanfilippo had worked for the Central Texas company since 2008. Las Vegas-based casino operator Pinnacle Entertainment (NYSE: PNK) today said Sanfilippo is taking its top post. He will remain a Multimedia Games’ board of directors member.
Multimedia Games COO Patrick Ramsey, 36, today added CEO duties to his current responsibilities. He joined the company in September 2008. Previously, he worked six years in various executive and operational positions with Harrah's Entertainment Inc.
He earned his bachelor's in economics from Harvard University and his master's from the Kellogg School of Management at Northwestern University.
The local company also appointed Stephen Greathouse vice chairman of the board and chairman of the strategic alternatives special committee investigating the sale.
Multimedia Games develops and supplies electronic gambling devices for Native American gaming markets, commercial casinos and charity and international bingo markets. In December, the company garnered its 19th state distribution license in Mississippi, and officials are working on 11 more.
Filed under: legal by Finance Boss