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  • Multimedia Games Holding Company, Inc. (MGAM) Granted Licenses by Nevada Gaming Commission for Slot Machines in Largest Gaming Market 0 comments
    Sep 26, 2011 10:42 AM | about stocks: MGAM

    Multimedia Games Inc., a subsidiary of Multimedia Games Holding Company Inc., announced that the Nevada Gaming Commission has approved manufacturer’s and distributor’s licenses for the company, moving them one step closer to selling and/or leasing slot machines in the State of Nevada. Multimedia is on track to have its first sales and placement of slot machines in Nevada around October 2012. The last hurdle is that the Nevada State Gaming Control Board’s Technology Division needs to review and approve the MForce (NYSE:TM) platform used by Multimedia Games.

    Nevada has about 187,000 slot machines in facilities around the state making it the largest gaming market in North America. There is one operating slot machine in Las Vegas for every 8 residents.

    “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,” said Patrick Ramsey, president and CEO, Multimedia Games in a press release on Friday from their Austin headquarters. “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.”

    Since 1991, Multimedia Games has developed electronic gambling devices for American Indian gaming markets, commercial casinos, charity and international bingo markets. Multimedia also supplies the technology for the video lottery terminals installed at New York State Raceways. Last month the company posted a $2.7 million profit on $33.3 million in revenue for the third quarter ending June 30. In May the company reported a $1.2 million second-quarter profit versus a $5.6 million loss during the same period last year.

    For more information on Multimedia Games, please visit multimediagames.com

    Please see disclaimer on the QualityStocks website: disclaimer.qualitystocks.net

    Stocks: MGAM
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