International Game Technology (1975)
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| Industry | Gaming Technology |
|---|---|
| Fate | Acquired by Gtech |
| Founded | 1975 |
| Founder | William Redd |
| Defunct | 2015 |
| Headquarters | Las Vegas, Nevada |
| Products | Slot machines, Online gambling |
| Website | www |
International Game Technology (IGT) was an American gaming company based in Las Vegas that manufactured and distributed slot machines and other gaming technology. It was acquired in 2015 by Gtech, which then adopted the IGT name for itself.
IGT was founded as A-1 Supply by William "Si" Redd in 1975. It changed its name to Sircoma in 1978, and then to International Game Technology in 1981. The company went public in 1981. A deciding factor in IGT's decision to go public occurred a few years earlier with the success of its video poker machine gaming product. This product served as a "foot in the door" for the company into several gaming arenas.
In 1984, IGT acquired Electronic Data Technologies making the company one of the first to use the computerized player tracking concept and later instrumental in the proliferation of "frequent-player rewards" programs, which remain popular in casinos to this day. This initial system gave casinos a new marketing tool in player management. Over time, the tracking system evolved into the company's IGT Advantage and sbX systems.
After IGT's initial public offering and listing on NASDAQ, the company debuted many new technologies over several years. A number of products resulted from this process including the S-Slot, which marked the company's entrance into the microprocessor-driven spinning-reel slot market; and the Player's Edge video poker machine. In addition, the company introduced the Nevada Megabucks slot machine, the world's first wide area progressive slot machine system. With an initial base top jackpot of $1 million, this new game allowed for million-dollar player payouts for casinos on the system. During this time, IGT also established an Australian office to focus on the country's club market.
In January 1991, a decade after its initial public offering, IGT was listed on the (NYSE). The following year IGT Europe was established to service casinos across the continent. In 1994, international expansion continued with the opening of new sales and service offices in Argentina and South Africa. The NYSE also listed IGT as a top-performing stock that year.
Late in 1996, IGT debuted the Wheel of Fortune progressive slot. This game continues to be one of the most popular gaming machines of all time. The Game King video product featuring multi-denomination technology also was introduced during this time.
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