Acres Gaming Announces Agreement With IGT for MGM MIRAGE Properties.Business Editors LAS VEGAS--(BUSINESS WIRE)--Dec. 27, 2000 Acres Gaming Inc. (Nasdaq:AGAM AGAM Ambiente Gas Acqua Monza SpA (Italian) ) today announced that it has agreed to sell Acres Advantage(TM) hardware and license software to International Game Technology (NYSE NYSE See: New York Stock Exchange :IGT IGT impaired glucose tolerance. ) in connection with IGT's contract with MGM MIRAGE MGM Mirage (NYSE: MGM) is a Las Vegas, Nevada-based business engaged in the development, ownership and operation of hotels and casinos throughout the world. The company began operations on May 31, 2000 after the completion of a merger of MGM Grand Inc. and Mirage Resorts, Inc. to install a combined IGT and Acres slot accounting, player tracking and bonusing system in up to 11 MGM MIRAGE properties. Acres has received deposits of $3.7 million against projected revenues of $7.8 million for four installations. The first hardware and application software installation is scheduled to begin at The Mirage in January 2001. The other three hardware and application software installations are scheduled to follow at a rate of approximately one casino per month. Bonusing software products, representing $1.1 million of the projected revenues, are expected to be installed at a later date. If the complete system is installed at all 11 MGM MIRAGE casinos, Acres anticipates that its revenues will total approximately $20.1 million over the next twelve to 18 months. "We are very pleased to be working with IGT to provide our products to MGM MIRAGE, a premier provider of casino entertainment on the Las Vegas Strip The Las Vegas Strip (also known as The Strip) is a 4 mi (6.7 km) section of Las Vegas Boulevard South, most of which has been designated an All-American Road. and other gaming venues around the country," stated Bud Glisson, Acres chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Acres Gaming provides products and services to casinos worldwide, using its proprietary Acres Bonusing Technology to increase player enjoyment and casino efficiency and profitability. Detailed descriptions of the promotions made available by Acres Bonusing as well as other products offered by Acres Gaming, are available at the company's Web site, www.acresgaming.com. The company has offices in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. and Corvallis, Ore. The discussion in this press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended). Forward-looking statements involve risks and uncertainties and various factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements relate to expected revenues and installation dates. The following factors, among others, could cause actual results to differ from those indicated in the forward-looking statements: IGT is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to buy any Acres products beyond the first four installations; the company is dependent on IGT for installation of the systems; the company has no direct contractual relationship with MGM MIRAGE with respect to the sale and the agreement between IGT and MGM MIRAGE is outside of the company's control; the company's suppliers may not be able to meet required delivery schedules for components of the products; the systems may not be developed or approved by Nevada Gaming regulators as planned, and other risks detailed from time to time in the company's SEC reports including the report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended June 30, 2000. Actual results may differ materially from the forward-looking statements. |
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