Slot Machine Sales Dire
LAS VEGAS (TheStreet) -- As casinos struggle amid the recession, unsurprisingly, they are cutting back on purchasing new slot machines.
Things are so slow in fact, that four major slot-makers combined sold fewer machines in the third quarter than at any period in the last decade, Nick Khin an executive at Aristocrat Technologies, said during the Global Gaming Expo. And Khin said he doesn't see this trend improving in the near future. It's not cheap to replace slots, some of which cost more than $10,000, Keith Smith, CEO of Boyd Gaming, also said during the conference. Slot machines generally remain on casino floors for 25 years on average. Shares of slot makers ended the day in the red on Wednesday. International Game Technologies(IGT Quote) tumbled 2.2% to $20.03, WMS(WMS Quote) was down 3.4% to $43.07 and Bally Technologies(BYI Quote) fell 2% to $43.72. -- Reported by Jeanine Poggi in New York Follow TheStreet.com on Twitter and become a fan on Facebook.- Loading Comments...
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