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Gaming Provider Might Change IGT. 2005-08-01
International Game Technology (IGT) has now spent $90 million last Wednesday to buy a privately owned Internet gaming provider. This allowed them to present the Reno-based slot machine manufacturer its first access to gambling on the internet. This is supposed to be completed sometime in August.
This will give IGT, content and services now owned by San Francisco-based WagerWorks. This company also has offices in England. The San- Francisco Company is planning to sell content to the British gaming sites. This includes a site owned by Richard Bransonís Virgin Group Ltd., and MGM Mirages, past internet gaming site. WagerWorks is part of Sony Corp. and Hasbro to use the Wheel of Fortune and Monopoly brands online. The company started as subsidiary of slot machine builder for Silicon Gaming, which IGT bought in 2001. Their chairman is Andrew Pascal, founder of Silicon and is also the executive vice president and chief operating officer of Wynn Las Vegas.
IGT Chairman and Chief Executive Officer TJ Matthews said this will let the company distribute games across the Internet, wireless phones and personal digital supplies, as well as interactive television. IGT's stock price has plummeted over the last year. The cash transaction will reduce IGT earnings per share by 2 cents in both 2005 and 2006, the company projects. Gaming analysts said IGT could regain investments when new slot machine shipments begin in the American market. The transaction was announced before the stock market opened on Wednesday. IGT shares closed at $27.98, up 69 cents, or 2.53 percent.
(By Andrea)