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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)

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(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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