Progressive Gaming takes another step toward the abyss

Troubled slot machine company Progressive Gaming International could be cashing out unless it can come up with enough coin to stave off a proposed asset sale.

On Wednesday the Las Vegas-based company announced via a Securities and Exchange Commission filing its plans “to conduct a sale of substantially all of the (c)ompany’s assets.”

The filing stated Progressive was cooperating with lender Private Equity Management Group Financial Corporation to conduct a sale Jan. 15, unless management can meet $17 million in obligations some other way.

Progressive CFO Heather Rollo, whose signature dated Tuesday appeared on the filing, did not return calls for comment.

Gambling industry analyst Bill Lerner of Deutsche Bank said the filing represents another step toward the abyss for a company that never really recovered from a terrible 2007, despite shuffling management jobs and attempting to change from a slots and table games provider to a gaming technology firm.

“I think what it means is they are essentially liquidating the company,” Lerner said. “Whoever has priority in their capital structure ... can take out as much capital as possible before shutting the thing down.”