IGT announces earnings

October 30, 2008 · Print This Article

The casino industry has been rocked the past few months, with “how low can it go?” a frequent phrase while watching stock prices plummet to new all-time lows.

Slot manufacturer worldly Game Technology, based in Reno, Nev., provides slot machines to casinos and had their earnings shout today. Everyone prepared for the worst.

Which was poor, but not as poor as expected.

Announced were layoffs, a hiring freeze, and other cost reductions that would amount to saving $100 million per year.

At the end of September, IGT earned $52 million for the

quarter, which was down from $123 million in the same period a year ago. That’s less than half, but it’s still in the black.

The opening of MGM Mirage’s CityCenter late next year is widely anticipated for IGT’s involvement in the networking of their slot floor. MGM itself has been cutting projects lately. whether something happens with CityCenter being delayed or a change in plans, IGT will be affected.

IGT’s stock opened at $12.91 and closed today at $12.01 (down 4.46 percent).

[Source] Las Vegas News Blog

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.