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Casino mogul Steve Wynn has come to the defense of former IGT chairperson Charles Mathewson in a bid to regain a seat on the company’s board.
Gaming analyst-turned investor Jason Ader and Mathewson are currently embroiled in a proxy fight with IGT CEO Patti Hart.
The company blasted both men’s efforts in a letter to shareholders issued on Friday.
"Mathewson engaged in questionable compensation practices, expected IGT to fund his lavish lifestyle, and exerted his influence over the board long after retiring as chairman in 2003," current IGT chairman Phil Satre and CEO Patti Hart wrote to shareholders.
"Further, despite having amassed enormous personal wealth over the course of his tenure at IGT, Mr. Mathewson expected IGT's shareholders to continue funding his lavish lifestyle after his retirement from the Board. IGT shareholders reimbursed Mr. Mathewson and his personal staff for numerous perquisites, benefits and expenses."
Wynn, who said his casinos bought slot machines from IGT during Mathewson's 17 years as chairman and CEO, issued a statement in response to Satre’s and Hart’s assertions.
"I am personally saddened by what appears to be a paid professional attempt to smear him," Wynn said. "I'm left with the impression that such an effort is motivated by IGT's current management's attempt to distract shareholder attention from current performance."
"People who worked for (Mathewson) held him in the highest regard, as did every major company in the gaming industry with whom he dealt so successfully," Wynn added.
Mathewson also issued a statement late Friday, saying he was "disappointed in the misleading and untruthful personal attacks that IGT leveled against me."
- Aaron Goldstein, Gambling911.com
