Progressive Gaming Bails on Foreclosure Hearing
by Hillary LaClair, Senior Editor
January 16, 2009
Casino gambling software provider, Progressive Gaming International Corp., has found itself in a pickle after missing a foreclosure sale deadline that was scheduled on Thursday. Despite the fact that Progressive’s software can be found in offline, mobile and online casinos internationally, the company has failed to pay a $17 million debt to one of its lenders
According to a number of undisclosed sources, a “major slot machine manufacturer” attempted to purchase Progressive’s software patents and radio frequency identification systems. When asked Ed Rogich, a company spokesperson for International Game Technology (the company to which Progressive Gaming owes the debt), said he was unable to comment about the casino provider’s failure to pay.
A good portion of the management team at Progressive Gaming left the company as it went under. Attempts to get a comment from the management have been met with an automated recording which stated that the headquarters were closed. Executive Vice President, Bob Parente, declined to comment on Thursday.
IGT is not the first to bring litigation against Progressive Gaming, however, as Hasbro Inc. filed an affidavit on Wednesday. Progressive allegedly owes the toy company $1.7 million, after one of its slot machines featured a Hasbro product. The court ruled in favor of a $2.7 million settlement, and Progressive has not paid more than $1 since.
Additionally, Progressive was forced to pay $20 million to a gaming provider in 2007, in a federal antitrust lawsuit. The company has since been forced to place its assets up for the highest bidder, after reporting in September that it would not make its quota.
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