Slot maker licenses MGM MIRAGE patent

Friday, Dec. 22, 2000 | 11 a.m.

International Game Technology of Reno announced today that it has received an exclusive license for a coinless slot machine system patent held by MGM MIRAGE.

Financial details of the deal were not disclosed. IGT said Anchor Gaming Inc., an IGT joint venture partner in the company's cashless gaming efforts, will serve as the lead marketing company for the package.

"We hope that our agreement with MGM MIRAGE will benefit the entire industry by making these important patent rights more easily accessible," said IGT President and Chief Executive Tom Baker.

IGT's coinless system, "EZ Pay," uses tickets that can used to pay customers and used instead of cash in slot machines. MGM MIRAGE's patent, however, covered systems that operate using paper currency, preprinted coupons or "cash-out slips." Since MGM Grand applied for the patent in 1993, its patent would take precedence over EZ Pay.

IGT began talks to acquire the patent from MGM MIRAGE after the gaming operator received a patent for the technology in April. Las Vegas Investment Advisors reported in June that IGT had offered $30 million for the patent, while other sources stated that MGM MIRAGE was negotiating a revenue-sharing deal.