Alotta Slots Bought
The world´s leading slot machine maker has hit the jackpot with one of the largest single orders in its 23-year history.
Harrah´s Entertainment has agreed to buy 11,000 new coinless slots from Reno-based International Game Technology. Contract terms were not disclosed, but IGT officials say slots cost about $10,000 each.
Gambling analyst David Anders of Merrill Lynch says the deal would help IGT continue its dominance of the slot industry. IGT controls about 70 percent of the U.S. market.
In July, IGT announced a 14th straight quarter of earnings that topped the previous year. IGT spokesman Ed Rogich says the Harrah´s deal is comparable to his company´s 2001 sale of 15,000 coinless slots to Park Place Entertainment.
Cashless machines issue bar-coded tickets for payoffs that can either be redeemed for money or played in another machine.