(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.


Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s