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Most Recent Online Casino News

Slot Maker’s Profit up on Coinless Slot Sales

International Game Technology today reported a 92 percent increase in earnings for its fiscal first quarter as casinos traded in older machines for new ones and new locations gravitated toward IGT games.

The world’s largest slot machine maker posted earnings of $176.3 million, or 50 cents per share, in the quarter ended Dec. 31. That compares to earnings of $91.6 million, or 26 cents per share, in the year-ago quarter. Revenue rose 24 percent to $608.1 million from $489.6 million.

While few states opened their doors to new forms of gambling over the past year, IGT executives said they are optimistic that discussions about gambling expansion will continue nationwide.

With 44 of 50 state governments back in session, gambling "is a major topic" and is favored by several governors as an alternative to raising taxes or cutting services in troubled times, Chief Executive T.J. Matthews said.

Governors in several states, including Oklahoma, Pennsylvania, Kansas and California, are looking to gambling as a revenue source, Matthews said.

"You’re seeing more jurisdictions talk about gaming expansion than at any other time in the history of our company," he said.

New York, which is expected to launch slot machines at racetracks during the next several months, represents the single most important market on the horizon, he said.

Read the entire article at: Las Vegas Sun 

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