Brian R. Gamache Appointed CEO of WMS Industries and Elected to Board of Directors.

Business Editors

WAUKEGAN, Ill.--(BUSINESS WIRE)--June 14, 2001

Louis J. Nicastro Resigns as CEO After 35-Year Career;

Continues as Non-Executive Chairman of Board

WMS Industries Inc. (NYSE:WMS) announced today that its Board of Directors has appointed Brian R. Gamache, 42, Chief Executive Officer. Mr. Gamache who currently serves as the Company's President and Chief Operating Officer, will continue to hold the title of President. At present WMS is not naming a new COO. In conjunction with this appointment, Mr. Gamache was also elected to serve on the Company's Board of Directors, increasing the size of the Board to ten members.

Mr. Gamache assumes the CEO position from Louis J. Nicastro, who will remain as Non-Executive Chairman of the Board of Directors but will no longer have day-to-day executive management responsibilities for the Company. Mr. Nicastro began his tenure at the Company's predecessor in 1965 and had been CEO since 1968, except for a short period between 1996 and 1998. During his tenure, Mr. Nicastro led the Company through a series of strategic acquisitions, divestitures and new business initiatives resulting in WMS Industries now having a singular focus as a premier worldwide developer and manufacturer of casino gaming devices. Notably, in recent years under Mr. Nicastro's leadership, the Company successfully completed the spin-off to WMS stockholders of its Puerto Rico-based hotel and casino management business and its Midway Games Inc. amusement and home entertainment business. Since these spin offs were completed in 1998, WMS' market capitalization has grown from approximately $70 million to over $1 billion as the Company successfully refocused its operations on the casino gaming device industry resulting in earnings growth and a solid balance sheet.

Brian Gamache was named President and Chief Operating Officer of WMS in April 2000. During the last fifteen months, Mr. Gamache has positioned WMS for future growth by securing world class brands and licenses on which to design games, pursuing international markets, attracting leading software development talent, relocating manufacturing, distribution, warehousing and corporate offices under one roof into a state-of the-art facility, emphasizing manufacturing efficiencies, and further strengthening the Company's balance sheet through earnings growth. Previously Mr. Gamache served as President and Chief Operating Officer and in various senior management capacities for WMS' former subsidiary, WHG Resorts and Casinos, from 1990 until the subsidiary was spun-off to WMS stockholders in 1997.

"The success Brian and his team of executives have achieved over the last 15 months has been remarkable," stated Louis Nicastro. "The time is right for me to turn over the day-to-day management of the Company. Having worked with Brian for over 10 years, I have the greatest confidence in his leadership abilities and his tremendous drive to succeed. By effecting this management change now, I can help assure an orderly transition."

"I am delighted to be appointed to this important position given WMS' excellent prospects for growth and solid financial position," stated Brian Gamache. "Lou's guidance and strategic direction over the years has resulted in the Company achieving leadership positions in the various industries in which WMS has operated. Most importantly, his vision helped create tremendous long-term value for WMS stockholders. We are indebted for all he has done on behalf of WMS and our entire management team is committed to carry forward his legacy."

In connection with Mr. Nicastro's resignation, the Board of Directors authorized the settlement of his employment contract and stock option agreement and the payment of a special performance bonus in recognition of his significant contributions to WMS' success. These actions are expected to result in a one-time, after-tax charge of $12.5 million or $0.39 per share which will be fully expensed in the quarter ending June 30, 2001.

This press release contains certain forward-looking statements concerning future business conditions and the outlook for the Company based on currently available information that involve risks and uncertainties. The Company's actual results could differ materially from those anticipated in the forward looking statements as a result of certain risks and uncertainties, including, without limitation, the financial strength of the gaming industry, the expansion of legalized gaming into new markets and legislative and regulatory changes in existing gaming markets, the development, introduction and success of new games and new technologies and the ability to maintain the scheduling of such introductions, the ability of the Company to qualify for and maintain gaming licenses and approvals, and other risks more fully described under "Part I - Item 1. Business - Risk Factors" in the Company's Annual Report on Form 10-K.

WMS Industries Inc. is engaged in the design, manufacture and sale and lease of gaming machines and video lottery terminals.