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IGT sold to European company

Reported by: Sergio Avila
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Updated: 7/17/2014 1:03 am

LAS VEGAS (KSNV & MyNews 3) -- The state's largest slot machine manufacturer, with nearly 1,000 employees in the valley, announced it has been sold.

IGT has been bought by a European company that specializes in making lottery equipment.

Right now it will remain open with business as usual because although the merger was just announced, it will take almost a year to complete.

Employees like Miranda McPhail are excited to hear slot giant IGT has been sold.

The company had been struggling to keep up in a very competitive market.

Earlier this year they announced some major layoffs across the board.

After six years with IGT, Moussa Elchater says he saw the writing on the wall and this is his last week with the company.

"For a while I did enjoy my time, we struggled a lot. Reorganization happened constantly during six years; it never stopped almost," Elchater said.

At one point IGT was one of the only major slot machine manufacturers in Nevada. Now there are 362 companies licensed across the state to build and distribute machines; about 50 of those companies are major players.

Elchater thought IGT could rebuild their dominance and didn't like the idea of selling.

"Suddenly the only solution is to sell the company or offer the company for sale. I think it would have been better to try different management, people from the gaming industry," Elchater said.

Gtech is the world's largest lottery equipment providers, and is merging with the world's largest slot machine manufacturer.

The deal was done for $4.7 billion.

In a statement, IGT's CEO says this move is a good one for the gaming industry, their customers, employees and shareholders.



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