Multimedia Games moving beyond American Indian market
Based in Austin, Texas, the company designs, manufactures and distributes gaming systems to American Indian and commercial casino operators, along with charity and commercial bingo game operators. The business covers Class III gaming such as traditional slot machines and Class II gaming which involves bingo.
Multimedia Games sells the gaming units but also leases equipment for a share of the revenue. The lease arrangements account for almost 60% of revenue. The company also provides the system for video terminals installed at racetracks in New York.
In November, Multimedia forged a new pact with the Chickasaw Nation in Oklahoma to help expand the Winstar Casino. In return, Multimedia gets 150 unit placements for 68 months.
In December, Multimedia sold its leased gaming machines to customers in Mexico, ending operations in Mexico. The Mexico operations represented less than 1% of revenue and didn't provide strong profit margins.
In fiscal 2012 ended in September, pretax margin was 15.6%, the best since 2005. Earnings grew 500%, 108%, 71% and again 71% in the past four quarters. Revenue rose 31%, 21%, 16% and 27%.
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