Sodak Gaming

Sodak Gaming, Inc. was a gaming company based in Rapid City, South Dakota that distributed slot machines to Indian casinos and financed casino projects. It was acquired by International Game Technology (IGT) in 1999 for $230 million.[1]

Sodak was formed in 1989 to supply equipment to gambling halls in Deadwood, South Dakota,[2] and soon became the exclusive distributor of IGT machines to tribal casinos.[3] The Promus Companies acquired a 20 percent stake in Sodak in November 1992.[3] Sodak made its initial public offering in June 1993.[4]

Sodak purchased and refitted a riverboat and leased it to Gaming Supply Co., who opened it in December 1994 as the Miss Marquette casino, in Marquette, Iowa.[5] After Gaming Supply defaulted on lease payments, Sodak bought out the company for less than $5.5 million,[6] taking over operation of the casino. As regulations forbade IGT from owning a casino, the Miss Marquette was placed on the market before the merger, and sold to Lady Luck Gaming for $42 million.[7][8]

References

  1. ↑ "Slot maker finalizes Sodak Gaming purchase". Las Vegas Sun. September 2, 1999. Retrieved 2012-08-03.
  2. ↑ Kafka, Joe (March 11, 1999). "Rapid City gambling company to be sold". Associated Press Newswire.  – via Factiva (subscription required)
  3. 1 2 "Promus acquires interest". Las Vegas Review-Journal. November 11, 1992.  – via Factiva (subscription required)
  4. ↑ Rosato, Donna (July 1, 1993). "Dow falls 2.77 as economic news worsens". USA Today.  – via Factiva (subscription required)
  5. ↑ "Miss Marquette boat overdue on Sodak pmnts". Select Federal Filings Newswires. November 16, 1995.  – via Factiva (subscription required)
  6. ↑ "Sodak Gaming/Buy: Valued at less than $5.5M in cash, note". Dow Jones News Service. May 21, 1996.  – via Factiva (subscription required)
  7. ↑ Berg, Renee (August 6, 1999). "Casino sells for $42 million". The Telegraph-Herald (Dubuque, IA). Retrieved 2012-06-24.
  8. ↑ "Las Vegas company buys Miss Marquette". The Telegraph-Herald (Dubuque, IA). November 6, 1999. Retrieved 2012-06-23.
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