Business Services Industry
Las Vegas-Based Gaming Company Cancels Deal to Sell Slot Route Operation.
Knight Ridder/Tribune Business News, June, 2001
By Dave Berns, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Jun. 27--Alliance Gaming has killed its $118 million deal to sell its United Coin Machine Co. slot route operation to a pair of Iowa riverboat operators amid dramatically improved results at the Las Vegas-based company.
Alliance executives announced the deal in August to sell Nevada's largest slot route and help pay off senior bank debt totaling $230 million.
But growing revenues of $525 million and cash flow of $87 million for the fiscal year ending Saturday, along with the refinancing of the debt, led to the cancellation of the sale of the slot route, which supplies bars, taverns and convenience stores with video poker machines.
The company also...
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