IGT plans repurchase of up to $500 million in shares

International Game Technology will repurchase up to $500 million of the company's outstanding shares, the company said Wednesday.

The Reno-based company expects to purchase the shares using cash on hand and cash generated from operations. Shares of IGT lost 13 cents, or 0.81 percent, to close Wednesday at $15.97 on heavy volume of 5.88 million shares traded on the New York Stock Exchange.

On Tuesday, IGT announced a quarterly cash dividend of 6 cents per share, payable on July 8 to shareholders of record on June 20.

Gaming analysts attributed the timing of the company's stock repurchase announcement to an increasing confidence in the prospects for new or replacement slot machine business.

Separately, IGT signed an agreement Monday that will license more than 70 titles to GameAccount, a London-based skill games network that recently revealed its new online casino MoneyGaming.com.