Slot maker files for bankruptcy

Tuesday, Nov. 16, 2004 | 10:47 a.m.

A small Las Vegas slot machine manufacturer has filed for Chapter 7 bankruptcy protection, a move that usually leads to the liquidation of a company.

Innovative Gaming Inc., a unit of Innovative Gaming Corp. of America, made the filing in U.S. Bankruptcy Court in Las Vegas late last month. Yvette Weinstein, who was appointed trustee in the case, will have her first meeting with creditors Dec. 6.

According to the filing, 10 creditors have been identified in the case, most of them government agencies and taxing authorities. The filing also said the company had estimated assets of up to $50,000 and debts of up to $1 million.

Innovative Gaming developed single- and multi-player gaming devices using proprietary technology. Among the titles the company has produced are Bonus Streak, Mythical Reels, BJ Blitz, 21 Stud and Lightning Strike Roulette.

The company has had a lengthy history of financial stress, having gone through seven chief executives since the company was founded and being delisted from the Nasdaq Stock Market in November 2002.

In March 2003, the company eliminated 25 jobs and negotiated discounts on debts to improve its balance sheet.

The company's published telephone numbers have been disconnected and an attorney handling the bankruptcy could not be reached for comment.