IGT to invest us$ 1 billion in R&D
"There is nobody that is even close to that level of spending," TJ Matthews, IGT Chairman and Chief Executive, said of industry competitors. The investment, he said, will ensure IGT is in "every market, potentially as the market leader."
"We will be the innovator of the industry, able to dictate its direction in terms of how technology is deployed, how operations are improved. That’s what those dollars mean," Matthews added. "It means really a permanent competitive advantage for IGT and is shareholders."
Company executives said 2007 was a record year for the Reno-based firm, despite a decline in the number of units shipped around the world.
Patrick Cavanaugh, Vice President of corporate finance, said shipments have declined each year since 2004, when the company had a banner year for so-called "replacement" machines that use paper vouchers instead of cash for payouts.
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