IGT pulls plug on Atlantic City Megabucks

Friday, Feb. 4, 2000 | 10:42 a.m.

THE ASSOCIATED PRESS

ATLANTIC CITY -- International Game Technology has decided to pull its "Megabucks" progressive slot machine out of the Atlantic City market, a newspaper reported today.

The Press of Atlantic City reported IGT will pull the machines once the final big jackpot is hit. Currently, the jackpot stands at $5.7 million -- and has never exceeded $8.5 million.

"What we've seen is that the standard big-jackpot, three-reel machines can't compete with some of the newer Wheel of Fortune or Jeopardy! or Elvis games that have bonuses and other features -- and also have large jackpots," Steve Morro, director of progressive games in IGT's Atlantic City office, told the Press.

Atlantic City's Megabucks system offers a minimum jackpot of $5 million. In 1995, there were 250 of the machines in Atlantic City, but this has since declined to 68 machines. Revenue from Megabucks in the city has declined from $175 million in 1997 to $92 million in 1999.

The decision won't affect Megabucks in seven other jurisdictions, including Nevada. Last week, IGT handed out a record $34.96 million jackpot to a Strip cocktail waitress who hit the Megabucks jackpot at the Desert Inn.

By comparison, Atlantic City's Megabucks record was $8.5 million, awarded to a New York resident in 1994.