Slot maker spells out stake in Acres Gaming

International Game Technology of Reno says it now has the option to acquire nearly 25 percent of Las Vegas-based Acres Gaming Inc., but an IGT official said there are no plans to exercise that option at this time.

In January 1997, IGT acquired 519,481 shares of Acres preferred stock, which were convertible, share-for-share, into Acres common stock. But since the share price fell below $9.63 per share, the conversion ratio has increased considerably.

IGT says it could now convert the preferred shares to acquire 2.95 million shares of common stock, or 5.68 common shares per preferred share. That would give IGT 24.9 percent control.

IGT filed the form with the Securities and Exchange Commission Tuesday after disagreeing with a report filed by Acres in October. According to Acres' proxy filing, the IGT preferred shares could be converted into 2.23 million shares, or 4.3 shares per preferred share. That would be a 20 percent stake.

"We have no plans to convert at this time," said IGT Assistant General Counsel Ken Creighton.

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