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International Game Technology Slump

International Game Technology or IGT has announced that they are showing a decrease in the amount of money that was made for their second quarter. According to the slot machine maker, their profit has dropped 44% and it is due to the economy and not as many people ordering slot machines.

IGT is easily the world’s biggest maker of slot machines, and when other smaller slot machine manufacturers and developers were having problems, IGT was still showing a profit each quarter – leaving many to think that they were invincible. However, those days seem to be over, as the economy has finally hit home for them as well. They say that they don’t expect to do as well in the upcoming year as they had originally forecast for themselves.

With slot machine revenues being down in both Las Vegas and Atlantic City, casinos have not been jumping at the chance to order more slot machines. Instead, they are keeping the slot machines that they have, or they are waiting longer to get machines that they would have replaced sooner. The slot machine manufacturer has already cut jobs and its dividends to try and keep ahead of the competition.

Bally Technologies, Inc. and WMS Industries, Inc. are both feeling the same pinch though. They are sure that the market will start to turn when the economy changes over – but until then they are all experiencing tough times. Some smaller slot machine companies have already closed their doors, and for now the big three are holding on.

IGT says that they have more openings than usual, which is great for their bottom line, and they know that this will continue which is what is holding them together. They say that normally they would have the influx of slot machine orders from the new casinos as well as new slot machine orders from their established customers, so it has really affected their bottom line.

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