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International Game Technology (NYSE: IGT ) is giving you more than enough reasons to splurge on its slot machines. The developer of Monopoly Multiplier, 100,000 Pyramid, MegaJackpots and several other famous games has entered into an agreement with Cozy Games where the latter can offer IGT's premium games to its customers. This deal makes a lot of sense to both the parties.
Cozy Games, one of the leading integrated gaming solutions providers, had made its presence felt on almost every electronic platform with its bingo games, classic and video slots, table games, scratch cards, and network jackpot games. With IGT's best games on its gaming platform, Cozy can think of expanding its market share even more in the United Kingdom.
The growth plan
Although IGT primarily focuses on North American markets, it does maintain a small presence in the United Kingdom. And as Cozy will now have IGT's already sought after games on its platforms on the Fun Bingo Network, IGT has a good opportunity to expand its customer base even further.
IGT has announced a couple of deals in the last two months. In January, the company announced an agreement with Gun Lake Casino in Wayland, Mich. Gun Lake and its management partner Station Casinos were to install IGT's fully integrated casino management solution. In February, IGT made another announcement where MGM Resorts' (NYSE: MGM ) Bellagio would deploy IGT's Media Manager and Taxable Accrual server-based applications for their high-limit areas. It seems that despite the recession, IGT is making some important strides forward. As has a key rival.
IGT's rival Scientific Games (Nasdaq: SGMS ) has won a contract to become the primary vendor for instant ticket games and related services for the Colorado Lottery. This deal and wins in other states may hamper IGT's prospects in the instant ticket and online lottery markets.
IGT's revenues for the first quarter declined sequentially to $464.8 million from $494.7 million in the previous quarter and 10% year over year. However, it remains to be seen whether deals such as these can help offset the losses and turn IGT's "wheel of fortune" into a "cash coaster."