IGT Shares Down

20 Jul 2004

LOS ANGELES – As reported by Reuters: "Shares of slot machine maker International Game Technology (NYSE:IGT) fell 5 percent on Monday, and analysts said investors were concerned that a pair of major casino mergers would be bad for IGT and that tribal casino expansion in California might not go as planned.

"…The four biggest casino companies plan to merge into two huge rivals. MGM Mirage (NYSE:MGG) has agreed to buy Mandalay Resort Group (NYSE:MBG), and Harrah's Entertainment Inc. (NYSE:HET) plans to buy Caesars Entertainment Inc. (NYSE:CZR).

"…Bear Stearns analyst Mark Abramson said the stock price drop was also triggered by a decision by a coalition of California Indian tribes to support a proposal to expand gambling, known as Proposition 70.

"Although any expansion would lead tribes to buy more slot machines, Proposition 70 would effectively block expansion agreements between Gov. Arnold Schwarzenegger and five tribes that are expected to lead to roll-outs of new machines late this year.

"…Shares of IGT fell $1.75 or 5 percent to close at $33.48 on the New York Stock Exchange…"

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	IGT Shares Down 20 Jul 2004 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> LOS ANGELES – As reported by Reuters: "Shares of slot machine maker International Game Technology (NYSE:IGT) fell 5 percent on Monday, and analysts said investors were concerned that a pair of major casino mergers would be bad for IGT and that tribal casino expansion in California might not go as planned. "…The four biggest casino companies plan to merge into two huge rivals. MGM Mirage (NYSE:MGG) has agreed to buy Mandalay Resort Group (NYSE:MBG), and Harrah's Entertainment Inc. (NYSE:HET) plans to buy Caesars Entertainment Inc. (NYSE:CZR). "…Bear Stearns analyst Mark Abramson said the stock price drop was also triggered by a decision by a coalition of California Indian tribes to support a proposal to expand gambling, known as Proposition 70. "Although any expansion would lead tribes to buy more slot machines, Proposition 70 would effectively block expansion agreements between Gov. Arnold Schwarzenegger and five tribes that are expected to lead to roll-outs of new machines late this year. "…Shares of IGT fell $1.75 or 5 percent to close at $33.48 on the New York Stock Exchange…"