Layoffs At Slot-Maker IGT

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(Photo By John Leyba/The Denver Post via Getty Images)

(Photo By John Leyba/The Denver Post via Getty Images)

(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.

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