International Game Technology, the Las Vegas-based casino game maker, is looking for a buyer, according to a report today in Reuters. The company, which in early 2012 paid up to $500 million for Seattle social gaming powerhouse Double Down Interactive, currently boasts a market value of $3 billion. IGT’s value has dropped about 21 percent so far this year.
Reuters cited people familiar with the matter in its report, noting that management presentations are occurring this month for prospective buyers.
Several of Double Down’s top leadership has left the company in recent months, including president Glenn Walcott as well as co-founders Greg Enell and Cooper DuBois.
Double Down — maker of casino-style online games such as Black Jack Bonanza and Poker Party— retains a large and growing operation in Seattle’s International District.
In March, IGT said that it was taking “actions to re-align its cost structure for long-term earnings growth” — a move that included cutting seven percent of its workforce. It also lowered fiscal year 2014 guidance at the time..
“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 at the time. “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.”
Editor’s note: Double Down Interactive is a GeekWire annual sponsor.
