Multimedia Games Holding Company, Inc. (Nasdaq: MGAM) (“Multimedia Games” or the “Company”) announced today that its new gaming platform, MForce ™, has received final approval from the Nevada Gaming Commission, representing a key milestone in the Company’s entry into Nevada, the country’s largest gaming market. The approval of the MForce operating system and two video slot machine titles follows two successful technical field trials at the MGM Grand Hotel and Casino and The Orleans Hotel and Casino in Las Vegas.
With the approval from the Nevada Gaming Commission, Multimedia Games can immediately begin performance field trials with any casino operators in Nevada that run either the IGT Advantage or Bally ACSC slot management systems. The Company expects to record initial unit sales and recurring revenue placements in the second half of fiscal 2013 and plans to submit eight additional video titles in the next several weeks for approval, which the Company expects to receive in its fiscal third quarter.
Multimedia Games also plans to commence additional technical field trials of its MForce platform and game titles in the state in the coming weeks. These technical trials will be with casino operators that use the Bally SDS system and Aristocrat Oasis system.
Patrick Ramsey, President and Chief Executive Officer of Multimedia Games, commented, “The approval of our gaming platform and two slot titles is a significant milestone in our efforts to dramatically expand the Company’s total addressable market. We greatly appreciate the efforts of the Nevada Gaming Commission, the Nevada Gaming Control Board and our field trial partners. We believe our unique games and the entertainment experiences they deliver to players will appeal to operators in the state and create a long-term growth opportunity for the Company.”About Multimedia Games Holding Company, Inc. Through its wholly owned subsidiary, Multimedia Games Holding Company, Inc. (“Multimedia Games”) develops and distributes gaming technology. The company is a creator and supplier of comprehensive systems, content and electronic gaming units for Native American gaming markets, as well as for commercial casinos and charity and international bingo markets. Revenue is primarily derived from gaming units in operation domestically and internationally installed on revenue-sharing arrangements. Multimedia Games also supplies the central determinant system for the video lottery terminals (“VLTs”) installed at racetracks in the State of New York. The company is focused on pursuing market expansion and new product development for Class II, Class III and VLT markets. Additional information may be found at www.multimediagames.com. Cautionary Language This press release contains forward-looking statements based on Multimedia Games' current expectations and projections, which are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. The words "believe", "expect", "continue", "intend", "plan", "seek", "estimate", project", "may", or the negative or other variations thereof or comparable terminology as they relate to Multimedia Games and its products, plans, and markets are intended to identify such forward-looking statements. All forward-looking statements are based on current expectations and projections of future events.
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