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IGT to supply software, games for Michigan casino

1 Feb 2011

By Chris Sieroty
WAYLAND, Michigan -- 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.

Terms of the deal were not disclosed. The $157 million Gun Lake Casino in Wayland, Mich., is scheduled to open on 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," said David Frankhouser, assistant general manager of Gun Lake Casino.

Based in Reno, IGT recently reported 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 ended March 31. David Katz, an analyst with Jefferies & Co. Inc., described the Gun Lake deal "as neutral to the story."

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