True to its word, Shuffle Master, Inc. said Monday that it has agreed to sell some of its slot assets to IGT as part of a plan to shift its focus to mostly table game sales and development.
Under the terms of the agreement, Shuffle Master will sell to IGT its share of their strategic alliance slot operations, related inventory and will give to IGT certain intellectual property, including slot product patents and licenses.
In addition, the company will terminate its initiative to develop retrofit games on IGT’s S+ game platform. Financial terms were not disclosed.
"On our last conference call we announced our intent to focus on our utility products, including our shufflers and Intelligent Table System, and entertainment products, including our proprietary games and Table Master products," said Mark Yoseloff, chairman and CEO of Shuffle Master. "This transaction represents the first tangible step in refocusing our strategy. Also, as we have stated in the past, we expect to sell our slot assets at a profit over the next several months."
Shuffle Master, Inc. is a gaming supply company that specializes in providing to its casino customers products to improve their productivity and security, and entertainment products, including proprietary games.
The company was ranked the 5th best small company in America by Forbes magazine in its October 2003 survey; the 17th fastest growing small company by Fortune Small Business magazine in July 2003; and the 5th best small company in America by Business Week magazine in June 2003.