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Casinos & Gaming

IGT signs deal with Michigan casino

February 1, 2011 - 10:07 am
 

International Game Technology has signed an agreement with Gun Lake Casino and its management partner Station Casinos Inc. to install its casino management software and a majority share of the games on the casino floor.

Financial terms weren’t disclosed.

The $157 million Gun Lake Casino in Wayland, Mich., is scheduled to open Feb. 11.

“IGT has a proven track record of performance and results at Station Casinos and we knew Gun Lake would benefit from that experience,” Gun Lake Casino assistant general manager David Frankhouser said.

Reno-based IGT recently reported that revenue in its first fiscal quarter ended Dec. 31 fell to $465 million from $515 million a year earlier. Gaming operation revenues fell 5.8 percent to $261 million, while product sales fell 14 percent to $204 million.

Analysts expect IGT to report earnings of 20 cents a share on revenues of $480.6 million for the second quarter ending March 31. Jefferies & Co. analyst David Katz described the Gun Lake deal “as neutral to the story.”

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