| Type | Public (NYSE: IGT) S&P 500 Component |
|---|---|
| Industry | Gaming Technology |
| Founded | 1975 |
| Founder(s) | William S. Redd |
| Headquarters | Las Vegas, Nevada, United States |
| Key people | Patti Hart (CEO) |
| Products | Slot machines, Online gambling, Mobile gambling, Gaming software/hardware development |
| Revenue | $1.9 bn (2010) |
| Employees | 5,000+ (2010) |
| Website | www.igt.com |
International Game Technology is a Nevada based company specializing in the design, development, manufacturing, sales and distribution of gaming machines and network system products internationally, as well as online and mobile gaming solutions for regulated markets. The company's main offices are in Las Vegas and Reno with other offices around the United States. Outside of the USA the company has been involved in online gaming since 2005. IGT has interactive offices in San Francisco, London and Manchester, UK.
Internationally, IGT has offices in Argentina, Australia, Brazil, Canada, China, Mexico, the Netherlands, New Zealand, Russia, South Africa, Spain and the United Kingdom.[1]
IGT manufactures roughly half of the slot machines in the United States.[2] Its annual revenue is almost $2 billion, and it is listed on the S&P 500.[2]
Contents |
IGT began as a private company in the early 1950s. The company went public in 1981.[3] A deciding factor in IGT's decision to go public has occurred a few years prior with the success of its video poker machine gaming product.[4] This product served as a “foot in the door” for the company into several gaming arenas.
In 1984, IGT acquired Electronic Data Technologies making the company one of the first to use the computerized player tracking concept and later instrumental in the proliferation of "frequent-player rewards" programs, which remain popular in casinos to this day. This initial system gave casinos a new marketing tool in player management. Over time, the tracking system evolved into the company’s IGT Advantage[5] and sbX[6] systems.
After IGT’s initial public offering and listing on NASDAQ, the company debuted many new technologies over several years. A number of products resulted from this process including the S-Slot, which marked the company’s entrance into the microprocessor-driven spinning-reel slot market; and the Player's Edge video poker machine. In addition, the company introduced the Nevada Megabucks slot machine, the world's first wide area progressive slot machine system. With an initial base top jackpot of $1 million, this new game allowed for million-dollar player payouts for casinos on the system. During this time, IGT also established an Australian office to focus on the country’s club market.
In January 1991,[7] a decade after its initial public offering, IGT was listed on the New York Stock Exchange (NYSE). The following year IGT Europe was established to service casinos across the continent. In 1994, international expansion continued with the opening of new sales and service offices in Argentina and South Africa. The NYSE[8] also listed IGT as a top-performing stock that year.
Late in 1996, IGT debuted the Wheel of Fortune progressive slot.[9] This game continues to be one of the most popular gaming machines of all time. The Game King video product[10] featuring multi-denomination technology also was introduced during this time.
Two key acquisitions were made in 1998. They included Barcrest Gaming, located in the United Kingdom, and Sodak Gaming, Inc, which became IGT’s gaming distributor for the Native American market.
In 1998, IGT introduced Triple Play Draw Poker through its partnership with Action Gaming;[11] and the Elvis themed slot machine. The new S2000 spinning reel slot machine system was brought to market in 1999.[12]
In 2001, IGT became a member of Standard & Poor's 500 list. The company also continued to acquire gaming companies including Silicon Gaming and Anchor Gaming. The acquisition of Anchor Gaming resulted in doubling gaming operations revenue.[13]
During 2003, IGT acquired Acres Gaming. The company’s bonusing and systems technology were a significant addition to IGT's games and systems products.[14] In 2004, the company introduced its central determination system (CDS) as well as its Class II bingo games and systems to the Native American market. IGT Canada was established to serve the emerging Canadian lottery and gaming markets.[15]
In 2005, IGT celebrated its 25th anniversary as a publicly traded company and also acquired WagerWorks for its online gaming technology.[16] It was also the year the company unveiled its first multi-level progressive MegaJackpots product, Fort Knox.[17] In an effort to take advantage of emerging markets, new IGT offices were opened in Macau, Mexico and Russia.
Group play and community bonus games were introduced to the marketplace in 2006 with the debut of Wheel of Fortune Special Edition.[18] The company also celebrated the 10th anniversary of the most popular gaming machines ever made, Wheel of Fortune slots, .[19] and the 20th anniversary of the Megabucks wide area progressive game.
During the Global Gaming Expo in Las Vegas in 2006, IGT unveiled the M-P Series. The new multi-player concept focused on roulette and baccarat and was the first of the company’s electronic multi-player table game products.[20]
In 2007, IGT worked to grow their Mexican gaming operation and product sales in the Japanese and Asian markets. In addition, a new IGT office was opened in China. Two intellectual property arrangements were also announced, these included an arrangement with Austrian-based Novomatic focusing on IGT's M-P Series multi-player product[21] and with PureDepth, Inc. for its 3D-like, Multi-Layer Display (MLD) technology.[22]
IGT opened the Global Technology & Interoperability Center in Reno, Nevada early in 2008. This first-of-its-kind research and testing center encompasses a 6,500-square-foot (600 m2) facility, which is available for use by gaming manufacturers, customers and third-party gaming products manufacturers. The collaborative center focuses on product testing in a true-to-life casino atmosphere prior to market release.[23] In an effort to diversify business and market opportunities in the United Kingdom, the company acquired Cyberview Technology, Inc.[24]
The company opened IGT Technology Development (Beijing) Co., Ltd. in Beijing, China in March 2009. The office was established to research and develop gaming, application and systems in addition to providing support, technical services and training.[25]
In 2009, Patti S. Hart was named IGT’s new president and CEO.[26] That year also saw the release of sbX Tier One package by IGT Network Systems.[27] The sbX system offers a bank-by-bank solution, which gives casino operators the ability to implement server-based technology without the need to commit the entire casino floor.
Sex and the City Slots were introduced in fall 2009 in the United States.[28] This game features entertaining game play, bonus rounds on a multi-level progressive jackpots platform.
The year ended with IGT’s sbX Experience Management System being installed at ARIA Resort & Casino at CityCenter in Las Vegas.[29] ARIA’s casino floor opened with a first-of-its-kind combination of IGT systems on the server-based network, including IGT Advantage and sbX.
IGT started 2010 with a repeat win at the International Gaming Awards as Best Slot Manufacturer of the Year[30] and continued to win awards throughout the year. These included 16 awards in Casino Player magazine's Best of Gaming for 2010, top honors in Global Gaming Business' 8th Annual Gaming and Technology Awards, wins in the inaugural Casino Enterprise Management Hospitality Operations Technology Awards, and 35 awards in Strictly Slots Best of Slots Awards.[31]
In the spring of 2010, IGT’s sbX Experience Management System was installed in the first European locations as sbX went live at Casino d'Evian in France.[32] This was followed by a number of additional European installations including Casino di Venezia in Italy [33] and Grand Casino Helsinki in Finland .[34]
In November 2010, the Company celebrated the production of its 2 millionth slot machine.[35]
Late 2010 also saw the creation of an Interactive division within IGT dedicated to further building its online and mobile gaming presence.[36] IGT's WagerWorks and Million-2-1 groups merged into a single global division headquartered in San Francisco, California. This new division provides gaming products to online and mobile markets in regulated, legal markets globally.
The year ended with a substantial go-live for both IGT's network systems products and games. The brand new casino resort The Cosmopolitan of Las Vegas opened floor-wide in sbX; the majority floor share of games; plus, an entire suite of IGT Advantage system products.[37]
In 2005, IGT purchased the UK focused online gaming suppler Wagerworks for $90 million.[38] Wagerworks supplies casino and slot games to various in online gaming sites, including Paddy Power, William Hill and Betfair. The company provides over 100 real money wagering options for customers in leaglized jurisdictions. Currently online gaming is prohibited in the USA, due to the Unlawful Internet Gambling Enforcement Act of 2006. With an increasing focus on New Media and online distribution channels IGT announced the appointment of Gideon Bierer in January 2010 to head up the division, based in San Francisco.[39] The interactive division also has offices in Paddington, London.
When the new Interactive division debuted in late 2010, IGT's separate mobile- and internet-based gaming groups, known as Million-2-1 and WagerWorks, merged together and formed one team with 18 years combined experience.[40] IGT Interactive provides regulatory-compliant casino games content and platform solutions including the wide area progressive MegaJackpots series. IGT Interactive’s mobile portfolio includes mobile slot, table, lottery and SMS games, mobile marketing, and platform products across all major mobile technologies including Apple and Android.
In March 2011, the IGT Interactive division moved to 405 Howard Street, Suite 600, in San Francisco, California and announced plans to add 75 positions to their staff. The new Interactive division headquarters, located at the corner of First and Howard in the heart of SOMA, is home to 100 employees today with the ability to accommodate more than 250. The new 45,884-square-foot (4,262.8 m2) office triples IGT’s total office space in San Francisco, allowing IGT to consolidate employees from two different locations in San Francisco, while also allowing for additional growth.[41]
Some IGT online slots titles include: