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December 2, 2009

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Silicon Gaming moving to Las Vegas

Monday, March 15, 1999 | 11:21 a.m.

The struggling slot maker also said it is cutting another 66 employees from its staff, trimming the total to just below 100 people. In December, Silicon said it was cutting its then-200 person work force 20 percent.

Silicon stock was up 12.5 cents, or 25 percent, to 62.5 cents a share in midday trading today.

Last month, Silicon reported a $37.7 million loss for 1998, compared with a $23 million net loss in 1997. Silicon's liquid assets had dwindled to about $8.4 million by Dec. 31, while its total debt exceeded $58 million.

The four-year-old firm has stumbled en route to its goal of producing a new, high-tech generation of interactive slot machines.

Silicon's new president, Andrew Pascal, said today the move to the company's 27,000-square-foot facility in Las Vegas will be completed within a month. Most of the layoffs involved personnel in California, he said.

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