If there's one thing that's been a constant in the
casino gambling world, it's that International Gaming
Technology has been a solid performer for not only the
casinos and the gamblers who love to play their unique
slot machines, but just as important, for the company's
shareholders. Even with the onset of a sluggish economy
and a forewarning of hard times to come, not to mention
a downturn in the slot machine market itself, IGT has
been a pillar in the eyes of the casino gambling market.
So, when IGT's Chief Operation Officer, Steve Morro,
announced his resignation last week, some gaming
analysts are beginning to wonder just how "well" IGT is
actually doing. The Las Vegas Gaming Wire was the latest
to reiterate such speculation, which IGT is apparently
taking more serious. I mean, considering stock prices
are down nearly 60% from their fifty-two week high of
$49.41 (you do the math), IGT certainly has good reason
to reexamine company structure.
A spokesperson for IGT strongly denied any rumors
that companywide layoffs were on the horizon. IGT's
Chief, TJ Matthews said the company is in a
"restructuring mode" that will ultimately help to reduce
expenses. Indeed, the notion of reducing expenses is
commonly undertaken with employee layoffs, but
apparently, things haven't gotten that bad off. Matthews
himself will be covering the duties of Morro (not to
mention Chairman and President), which some analysts
worry could spread the company out too thin.
However, Matthews is considered one of the best in
his field, and certainly knows a thing or two about the
casino gambling industry. In the short run, things will
likely remain the same or even get worse. But with some
mindful budgeting and prospects of a rebounding economy,
Matthews hopes to keep IGT at the top of the pack. One
thing is certain: IGT's subsidiary online gambling
software developer, Wager Works, isn't struggling one
bit. Licensing one of the top UK facing online casinos
in business - Virgin Casino - as well as an increasing
roster of high profile companies, Wager Works will be
making a great contribution to keeping IGT afloat.
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