Wednesday, March 26, 1997 | 11:59 a.m.
The antique slot machine business is rolling along faster than the reels of a 1937 Rol-A-Top machine after a strong pull on the brass lever.
"That's because collectible slot machines are a terrific investment," said Rudy Lewis, owner of Vintage Slot Machine and Amusement Company. "With stocks, you keep a certificate in a file cabinet. But with these machines, you can play with your investment."
From his business on Industrial Road, Lewis sells collectible slot machines to collectors in places as far away as Australia and the Far East.
Among his most prized machines are: a 1935 Watling Treasury, with gold coins emblazoned on the front, and several 1930s Watling Rol-A-Top machines, each with a see-through circular coin window atop the machine.
There is also a Mills Bursting Cherry machine with its colorful cherry cluster exploding from its heart; a Jennings Sun Chief with a statue of an American Indian atop the machine, and a 1947 Black Bart, a machine shaped like a one-armed gunfighter.
"He was the original one-armed bandit," Lewis said with a laugh.
The asking price for the 1947 Black Bart: $5,900.
Lewis added that these machines appreciate in value every year.
Indeed, machines that sold for under $100 when they were new now sell for several thousand dollars.
Some, like the 1894 Liberty Bell machine, built by German immigrant Charlie Fey, are worth considerably more.
Marshall Fey, the inventor's grandson and author of the book "Slot Machines, a Pictorial History of the First 100 Years," owns two of his grandfather's Liberty Bell machines.
Each machine is worth nearly $200,000.
"They were the first machines with three reels and the first with direct pay-out. They were the predecessors of today's casino machine," said Fey, who displays his grandfather's machines along with more than 100 other collectible slots at his Reno restaurant, the Liberty Belle.
Fey said the collectable slot business "is getting bigger all the time."
The reason: "They're beautiful and they're fun to play."
Sadly, Lewis said, many of the early beautiful machines were destroyed by authorities in states where gaming was not legal throughout the early and mid 1900s.
"I'd say that at least three quarters of the early machines have been destroyed," Lewis said. "That's one reason why prices have quadrupled in recent years."
Still, enough old machines remain to feed the thriving slot collectible market.
"We're doing very well," said Terese Sugden, manager of C.J.'s Casino Emporium at the Stratosphere Tower, who added that owners Carl and Julie Fredericksen plan to open another store later this year at the Mall of America in Minneapolis, Minn.
"The future of this market looks extremely strong," Sugden said. "People love these machines. They make a wonderful addition to game rooms, and many people like the idea of having their own collectible slot machine. A lot of players have high hopes of hitting a jackpot, and when you have your own machine, it's that much easier."
Relaxation of many state laws restricting the sale of collectible slot machines in recent years has paved the way for the shipment of the antiques to most states.
Sugden noted that most states allow the sale of slot machines at least 25 years old for personal use.
Indeed, those in the collectible slot machine business say the spread of legalized gaming throughout the United States in recent years has contributed to the boom in the collectible business.
"As different states legalize gambling, you have new generations becoming interested in collecting machines for home use," Lewis said.
Still, don't expect the market for collectibles to ever rival the market for modern slot machines.
Judy Moravec of the State Gaming Control Board noted that of nearly 94,000 slot machines sold from Nevada distributors out of state last year, fewer than one percent of those machines were collectibles.
Experts in the industry say the reason for the difference is because comparing mechanical collectibles and modern electronic slots is like comparing apples and oranges.
"The machines of today are totally different," Lewis said.
archive
