(LAS VEGAS, KXNT)–International Game Technology, the slot machine maker partly headquartered in Las Vegas, has announced layoffs.
The company will reduce its workforce by about 7 percent, an estimated 350 or more positions. The company cites a decline in gaming revenue in regional U.S. markets and a tougher international market.
IGT says its cost cutting will save about 30 million dollars in the coming fiscal year, and about 50 million a year afterward. Reuters reported the company’s stock share price dropped 11% following the announcement after the markets closed.
The company is lowering its 2014 profit forecast.