Multimedia Games, Inc., a subsidiary of Multimedia Games Holding Company, Inc. (Nasdaq: MGAM) (collectively, “Multimedia Games” or the “Company”), announced today that the Nevada Gaming Commission has granted the Company manufacturer’s and distributor’s licenses and licensed members of the senior management team and the Board of Directors. This action by the Nevada Gaming Commission is the first stage in the process to allow Multimedia Games to sell and/or lease slot machines in the State of Nevada, the largest gaming market in North America. There are approximately 187,000 slot machines installed in facilities throughout Nevada.
Multimedia Games expects to achieve initial sales and/or placements of slot machines in Nevada in its fiscal 2013 (which begins October 2012) following the review and approval of its new gaming platform, MForce™, by the Nevada State Gaming Control Board’s Technology Division, the electronic gaming device regulatory lab for the State of Nevada.
Patrick Ramsey, President and Chief Executive Officer of Multimedia Games, commented, “We appreciate the efforts of both the Nevada Gaming Commission and the Nevada State Gaming Control Board for their consideration and approval of our license application. Since the beginning of fiscal 2010, we have secured over 67 new licenses, and we are particularly pleased to now be licensed in Nevada, the largest gaming market in North America. At the same time, our new proprietary games continue to generate increasing levels of customer interest and player appreciation, as reflected by increased sales and unit placements in fiscal 2011. Through the first nine months of fiscal 2011, our unit sales and domestic installed base have increased year over year by approximately 11% and 3%, respectively. We look forward to offering games on our new operating platform to customers in Nevada following the required evaluation and approval process. We believe our games will provide slot players with new, unique entertainment experiences while delivering an attractive return on investment to casino operators.”
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