LAS VEGAS (MyNews4.com & KRNV) -- International Game Technology has announced that it will be cutting its global workforce by 7%. The Las Vegas-based company did not announce how it would affect the Reno office.
According to a press release, the move is being made to "responsibly address the challenges facing the gaming industry and their related impact on IGT." The move is expected to save an estimated $50 million annually.
"As we reach the halfway point in our fiscal year, you can see this is a challenging time for the industry and IGT," said CEO Patti Hart. "We knew that our success in 2013 would be difficult to replicate. However, we did not expect such a sharp decline in North American gross gaming revenues, or further degradation in the international currency, compliance, and importation environment."
IGT is expected to launch a new interstate progressive jackpot called Powerbucks by the end of the fiscal year. The game will initially be in Nevada, New Jersey, South Dakota, and Canada. IGT has also announced agreements with Sony, to expand franchise rights for Wheel of Fortune, and Action Gaming, securing IGT's market share in video poker.