Slot maker chief resigns under pressure

Thursday, Dec. 26, 2002 | 9:58 a.m.

Innovative Gaming Corp. of America on Tuesday announced the resignation of its chief executive officer, president and chief financial officer Laus Abdo. Abdo also resigned from the company's board of directors.

The board has appointed Wayne W. Mills, Innovative's largest shareholder, to replace Abdo as president and chief executive officer. Mills was also elected to the company's board.

"The company has failed to meet the expectations of the board of directors," IGCA Chairman Tom Foley said. "Timelines for increased revenues, as well as completion of significant engineering projects, have remained unmet."

Mills has invested in IGCA since the company's initial private placement in 1992 and helped the company go public in May 1993.

The company has gone through six chief executives and spent more than $55 million, Mills said.

"(I) will personally oversee a shift in direction, possibly out of the gaming sector," he said. "It is clearly time to change the direction of this company."

The Las Vegas-based company's stock was delisted from the Nasdaq Stock Market last month.