Shares of Slot Machine Makers Jump Today
24 Jun 2004
LOS ANGELES – As reported by Reuters: "Shares of slot machine makers International Game Technology (NYSE:IGT) and WMS Industries Inc.(NYSE:WMS) jumped about 6 percent on Thursday after Pennsylvania legislators neared a deal to expand gambling that could bring the state $1 billion annually in taxes.
"State senate and house leaders agreed on Wednesday to back a bill which would allow up to 37,000 slot machines in the first year, with room for substantial expansion a year later, said Jim Cawley, spokesman for one of the bill's main authors, Republican Senator Robert Tomlinson.
"…Shares of IGT rose $1.99 or 5.6 percent to $37.25 and WMS rose $1.70 or 6.4 percent to $28.36 on the New York Stock Exchange…"