The dividend payment follows IGT’s first quarter report for fiscal 2010.

According to the SEC filing for the quarter ending January 2, 2010 total revenue dropped to $515.7 million, down from $601.6 reported in the same period 2009.

The Reno based company specializing in the design, development, manufacturing, distribution and sales of computerized gaming machines and systems products across the globe reported lower operating expenses for the period of $375.4 million down from $501.5 million last year.

In October 2009, the FASB issued new revenue recognition accounting standards with respect to certain software-enabled products and multi-element arrangements, IGT elected to adopt this new guidance early for new or materially modified arrangements entered into on or after the beginning of our first quarter of fiscal 2010, which increased the quarters noncash interest expense $9.3 million for fiscal 2010.

Our charitable bingo operations and investments in Alabama represent approximately 2% or $9.4 million of quarterly consolidated revenues and 2% or $98.5 million of total assets, primarily development financing notes, as of and for December 31, 2009. Pending legal issues in Alabama have caused several charitable bingo properties to close their operations.

The casino game manufacturer appealed County Assessor Josh Wilson’s appraisal of $108 million taxable value put on the property, arguing the value should be lowered by $39 million.

“This is the first time IGT has appealed any of its properties,” Tim Angus, the company’s state and local tax director, told the county Board of Equalization. “IGT has been severely impacted by the recession and has made a number of layoffs.”

In the past 15 months, IGT has had to cut 700 jobs at its Reno headquarters and reduce its local workforce by 2,160 employees, due to economic conditions.

Steve Laas, IGT’s financial adviser, used six recent sales of similarly-sized manufacturing plants across the country to show IGT’s building should be heavily depreciated.

Based on those depressed sales prices, the assessor’s office agreed to reduce the building’s value by $7.2 million, which was accepted by the board.

The reduction results in a $92,000 property tax break for IGT in the 2010-11 tax year starting in July.

Under terms of the agreement Parlay will premier WagerWorks games through the WagerWorks remote game server, to allow a seamless integration with Parlay’s current managed serves offering.

“We are extremely excited to form a new supply relationship with Parlay Games Limited,” said Oliver Lofthouse, Director and General Manager at WagerWorks. “This collaboration means WagerWorks games can now be made available to a greater range of players in the European marketplace and we are confident our games will bring increased revenues and interest to the Parlay client sites.”

Parlay will now be able to offer its players access to WagerWorks entire library and allows for immediate access to future games as they are launched.

“WagerWorks is a highly regarded organization and is well recognized for the quality of their branded and non-branded content, and Parlay is delighted to have formalized a close-working relationship.” said Perry Malone, CTO and Co-Founder of Parlay.

“The closure is part of the company’s ongoing focus on operating efficiencies in all areas of its business,” IGT said in a regulatory filing today.

The gaming company reported a net loss of $2.5 million in the region for the 2010 fiscal first quarter and $1.2 million in 2009.

IGT expects to charge off up to $20 million related to the closure in its second and third fiscal quarters.

The closure should be completed by the early part of the third quarter.

However IGT officials are hopeful for future markets “Future gaming expansion is also anticipated in international markets, especially Southeast Asia and Italy. Although the extent and timing is uncertain, we believe new market opportunities will grow as the economy improves and new jurisdictions consider gaming tax revenues as a means to address budget shortfalls.”

The shops 25 employees were officially notified on Friday, although they were warned about the pending layoff late last year, according to the company’s spokeswomen, Julie Brown.

The layoffs are apart of the gaming companies attempt to cut overhead cost, by outsourcing the shop’s sheet metal work, wood working and lamination.

Negotiations for outsourcing are underway with three other Reno Business.

“Our goal is to continue to look for operational efficiencies and we determined that it was more efficient to outsource this function,” Brown said.

Despite the job losses, IGT remains active with its growth and has openings for 27 new employees in other departments including software engineers.

“We are hiring. We are evolving for the future,” Brown said.

IGT saw a 20% increase in profit at the end of its first fiscal 2010 quarter ending December 31, 2009, however the boost is contributed mainly to cost cutting initiatives.

The provider of slot machines and gaming solutions to the casino industry expects to cut another $100 million during the 2010 fiscal year according to a report from JP Morgan Chase and Co.

The firm has said that the 14% slide in stock prices over the past few days presents an attractive entry point for investors.

They suggested that although they have been Bullish with the gaming company’s competitors for the past 15 months, IGT will likely experience an uptick in the domestic replacement cycle.

Analyst with Morgan says the company is positioned for potential growth in new and expanding U.S. casino markets such as Illinois, Ohio, Kansas, Maryland and New York as well as international markets including Singapore, Australia and Italy.

The company could also possibly see guidance rise before the end of their fiscal year 2010.

Shares of IGT opened the market today at $19.30 down $1.21 from this weeks opening price of $20.51 on Monday January 25th.

The months high was reached during the day on Monday at $20.99 with a low of $18.60 coming in on Thursday January 28th.

Company executives said during last weeks first quarter conference call that they had “limited visibility” on the product replacement cycle.

Which Kent explained to clients in a research note, he believes to mean “that the early stages of this rebound are not as dramatic as we would expect.”

IGT is one of several gaming suppliers that rely heavily on casino operators replacing aging machines for new updated models.

However with the ailing economy slow to recover casino’s are replacing machines at a much slower pace.

“We are increasingly concerned that regional markets will remain weak, and given that 60 percent to 65 percent of IGT’s earnings come from gaming operations, this could be a drag on results,” Steven Kent wrote.

The news dragged down shares of IGT in afternoon trading 3.2% to $19.99.

The gaming company posted a profit of $73.3 million, or $0.25 a share, coming in higher than Analyst expected.

Revenue was down for the quarter by 14% to $515.7 million, this total reflects a shift in revenue recognition that added $10.4 million to the quarters revenue that would have otherwise been recognized later this year.

IGT, is in the business of both gaming operation which saw a revenue decline of 11% and product sales which declined 17%.

The company did see gross margins widen from 52% to 62% in gaming operations and 52% from 50% in product sales.

In the U.S, product shipments fell 42% to 5,500 units, but rose internationally by 6.7% to 6,400 units.

Susan Macke previously held the position of vice president of global marketing for Hewlett-Packard’s handheld business unit.

“IGT’s new attitude calls for a new way of looking at how we market our products,” Eric Tom, IGT executive vice president of sales and marketing, said. “Susan’s track record is in line with our goal of being a marketing-driven company. She’s been integral in the development of customer-focused solutions, strategic communications and profitable partnerships for some of the biggest players in the telecommunications and IT industries, making her yet another asset to IGT’s diverse library of smart and influential executives.”

Shares of IGT opened trading today at $20.23 down $0.06 from Friday’s close of $20.29.

When the final version of Senate Bill 711 was approved, a change to Section 1210 of the Pennsylvania Gaming Act was also implemented deleting the provision imposing the 50% limit.

However before the limit was implemented in 2006, IGT had finalized a deal with Harrah’s Entertainment for more than a 50% stake on the casino floor at the Chester casino and racetrack. Since the deal was reached prior to the change in the law, state officials allowed the contract to stand.

At the time, IGT officials argued that caps only hurt the state by inhibiting a casino’s ability to install the most optimum slot machine floor possible.

Chuck Brooke, Senior vice president of government relations for the gaming company said he was pleased the limitation provision was eliminated.

Alves currently serves as the president of the Business Markets Group and oversees the development of strategic alliances for Sprint Nextel.

“Paget Alves brings more than 20 years of technology company experience to IGT. His direct experience in driving industry level change through evolutionary technology and market strategy is a welcome addition to the IGT board,” Patti Hart, IGT president and CEO, said in the statement.

Last month, IGT’s direct Richard R. Burt announced that he would not be seeking re-election when his term ended. Burt has served on the board of directors since December 2001 and will hand over responsibility to Alves at the company’s annual shareholders meeting scheduled for March 2nd in Las Vegas.

As apart of a cost-saving and consolidation plan for the company, the move will result in the loss of 57 local jobs, mostly software engineers and information technology professionals.

Julie Brown, marketing director for the Nevada-based gambling equipment company told employees that some staff members may be able to relocate with the company to it’s Las Vegas office.

“We’re doing that analysis now, Our plan is to absorb as many of those folks as possible.”

In addition to closing the office, the company will also close the books on Acres Gaming, a developer of slot machine software that was founded in Corvallis in 1990 and bought out by International Game Technology in 2003.

IGT is headquartered in Reno, Nevada and has approximately 5,000 employees in various field offices.

IGT has become the world’s largest maker of gaming machines, from traditional slots to video poker and progressive payout machines as well as software for enhancing the player experience, managing casino operations and other gaming industry applications.

In 2008 the company reported $2.5 billion in sales.

IGT has meet the challenge of designing a communal video poker game by incorporating a fun auto racing competition into its popular Triple Play and Five Play formats.

A 70 inch wide screen monitor is the focal point of the Hot Pursuit Poker carousel and displays the progress of each player on a leader board.

For every 3 of-a-kind hand, one lap in the bonus round is awarded. The first player to complete three laps initiates an extra bonus round for everyone.

When the Big Spin Poker bonus round is triggered, each player station will display a Spin Poker screen, based on IGT’s compelling game which combines the elements of video poker and slots.

After the final bonus round is completed each player receives their award according to the bonus pay table.

IGT unveiled their community game, Hot Pursuit last month at the Global Gaming Expo in Las Vegas but has yet to be launched into casinos.

The annual Info World Awards honor 100 of the most innovative uses of IT initiatives to further business goals.

IGT, a global company specializing in the design, development, manufacturing, distribution and sales of computerized gaming machines and systems products is being honored for extending existing SAP systems to manufacturing.

The product is delivered via an interactive Assembly Execution System, based on xDDI functionality and technology from SAP. The Assembly Execution System developed by Acsis eliminates a paper based production system, enables real time communication with the shop floor, utilizes SAP as the information hub for the production process and standardizes all production reporting.

“We’d like to congratulate IGT for its forward-thinking and creative use of technology to meet its business and technical objectives,” said Andre Pino, chief marketing officer, Acsis, Inc. “The companies included in this listing are truly innovative and leading the charge in leveraging technology to enhance and deliver on business strategies.”

“We are honored to be included within this year’s InfoWorld 100 Awards listing,” said Richard Hardcastle of IGT. “We could not have achieved such marked success without our partnership with Acsis.”

The company has made strategic acquisitions and various licensing agreements that have enabled them to expand their customer base, increase market share and acquire a large portfolio of intellectual property and patents.

IGT’s key goal in 2010 is to reduce operational cost to improve profitability since the economic downturn and reduced demand for game play and revenue growth has been negatively effected by the economic downturn.

However, despite the weak economic conditions, IGT generated $547.9 million in operating cash flow in 2009 up $61.4 million from the prior year. The companies substantial free cash flow totaling $169.2 million in 2009 could drive future growth.

IGT is also primed for future growth with increased international presence and the expansion of gaming operations into new jurisdictions throughout the U.S.

Regardless economic conditions continue to significantly challenge IGT through decreasing gaming business that has resulted in falling domestic replacements, lower play levels and a mix-shift to lower yield stand-alone lease operation games in its installed base.

On December 16, he sold 82,322 shares for approximately $1.6 million or an average price of $18.99 a share. Mathews also exercised his stock options and sold 85,660 shares for an addition $1.6 million.

Even after the sale, Mathews continues to hold 950,000 shares directly and approximately 1.6 million shares through exercisable options, representing less than 1% of IGT’s outstanding shares.

The gaming manufacturer declined to comment on the sales, however Jonathan Moreland, director of research at InsiderInsights.com says that it is common practice for executives to reduce their stakes once they are no longer in control of the company.

Mathews resigned as president and CEO of the company in April.

Over the past six months IGT’s shares have risen 28% and reported revenue of $2.1 million for its fiscal year 2009.

Analyst William Blair rated the stock at Outperform stating that the company showed solid improvement over previous offerings, noting that the new Sex and the City slot machines were getting double the average bet at the nine locations were it has been implemented at.

On Tuesday the company announced that its Board of Directors had declared a quarterly cash dividend of six cents a share. The payout will be made on January 15, 2010 to shareholders on record as of December 29, 2009.

IGT also released the results of a previously announced put option, this week.

They were allowing holders of its 2.60% Convertible Debentures due 2036 to require the company to purchase all or a portion of such holders’ Debentures, plus any accrued interest up to but not including December 15, 2009 or a total of $1,013 per $1,000 principal amount of Debentures.

The expiration date of the offer was 5 pm EST on December 14, 2009 to be paid out on December 15, 2009.

$701,231,000 in aggregate principal amount of Debentures were validly tendered under the Put Option and accepted for payment by IGT.

The aggregated consideration amount of $710,347,003 was delivered to tendering holders by the paying agent.

The remaining $5,797,000 aggregated principal amounts of Debentures are subject to a call by the company any time after December 20, 2009 and will not be subject to another put until December 15, 2011.

The gaming provider hopes that the new system and new domestic markets in states that have recently voted to approve gambling will help grow the business.

However manufacturing for these new markets are not expected in the coming year because of delays with state government regulations and casino constructions.

“It is all speculation at this point in time,” IGT marketing director Julie Brown said. “We are in a wait-and-see mode. We are hoping that calendar year 2011 will be a better year for gaming as a whole.”

The recent state of the economy has affected the company causing the reduction of more than 800 jobs globally and changes to top management. They have also cut $100 million in expenses and plan to cut an additional $100 million in 2010.

After months of testing at the Monte Carlo Resort and Casino and other properties the technology appears to be working seamlessly.

“We are down to the very final stages of testing,” Javier Saenz, vice president of network systems said “The games are up and running.”

The new system allows patrons to play their choice of multiple games from one machine, order drinks and track earnings on 3D digital screens.

HBO has officially licensed the brand to the gaming industries leader in computerized games.

James Costos, Vice President of HBO Licensing & Retail commented in a recent press release “We are excited about our partnership with IGT on the Sex and the City(TM) slot machine. We worked closely with them to ensure the game is true to the Sex and the City brand and are thrilled with the final product. We’re sure fans of the show will be too.”

The game is the first MegaJackpots ® product to offer IGT’s exclusive MultiPLAY functionality. The innovative game interface allows players the option of playing the game up to four times, simultaneously, with different outcomes on the same machine.

“We knew this game was a winner from the start,” IGT Vice President of MegaJackpots® Tom Mikulich said. “Our game development team made sure the slot was absolutely true to the Sex and the City brand – right down to the shoes and cosmos. And simply put, this game is fun. Players are going to love it, and our customers will, too.”

The new game can be found in nine Nevada casinos: the Bellagio, Caesars Palace, Hard Rock, MGM Grand, Palms, Planet Hollywood, the South Point and The Venetian and the Atlantis in Reno.

The computerized gaming provider announced that they have promoted two executives internally to help fill restructured positions in the wake of Johnson’s resignation.

Robert Melendres has been appointed as Chief Legal Officer and Corporate Secretary. Melendres previously held the position of Chief of Staff and his role as Secretary is subject to regulatory approval.

“Robert is a valuable asset to our company,” IGT President and CEO Patti S. Hart said. “He brings his unique legal experience and expertise that will propel IGT toward success. His skill and talents will help to take our business to the next level.”

Craig Billings has also been assigned a new role with the company as Chief of Staff and head of corporate development. Billings previously held the position of Vice President of Corporate Finance and Investor Relations.

“Craig has a long history in gaming,” Hart said. “His industry knowledge and experience will give IGT an edge in our corporate development efforts, and I am pleased to have Craig assuming this broader assignment as chief of staff.”