Friday, October 24, 2003
Copyright © Las Vegas Review-Journal
IGT wins approval to purchase Acres Gaming
THE ASSOCIATED PRESS
CARSON CITY -- Slot machine maker International Game Technology's $143 million acquisition of gambling systems tech company Acres Gaming Inc. won final state approval Thursday from the Nevada Gaming Commission.
"I think this is going to be a good marriage," Commissioner Augie Gurrola said as the panel voted for the deal involving two companies that have worked together on numerous ventures over the years.
Reno-based IGT is the biggest slot maker in the world. Las Vegas-based Acres is best known for making systems that can track gamblers' slot machine play and award player bonuses that can be redeemed directly from a machine.
The deal has been challenged by an Acres stockholder who filed suit in Clark County District Court contending Acres failed to adequately value and shop the company to prospective buyers before it agreed to be acquired by IGT.
But Bud Glisson, chief executive of Acres, told the commission he thinks the lawsuit will eventually be tossed out because it's a weak case and the merger was a "very fine offer" that benefited Acres stockholders.
IGT Chief Executive Officer Tom Baker said the merger fills a gap that IGT wanted to close, "so we feel good about this."
In other action, the commission approved:
• A manufacturer-distributor license for Slot Tables Inc., headed by veteran Southern Nevada resort owner-operator Paul Lowden.
• A nonrestricted, slots-only license for the Comstock Casino in Carson City. David Tate is the general manager. He's also at the Silver Springs and Fallon Nugget casinos and the Bonanza in Fallon.
• John Lambert as general manager at Baldini's Sports Casino in Sparks; Clinton Johnson as general manager at the Crystal Bay Club Casino on Lake Tahoe's northeast shore; and Mackey Potter as general manager at the Silver Club in Sparks.
