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WMS INDUSTRIES INC. /Chicago, Illinois If It Involves Gamblers, It's Money In The Bank.(THE NEW AMERICA)
Byline: Alan R. Elliott
If future archaeologists dig up only one city, let it be Las Vegas.
The old neon outpost, now a mecca of surreal amusement, rose in Nevada's desert for one purpose: gambling.
The hub of the city's industry consists of its 60,000 slot machines. WMS Industries Inc. is the second-largest maker of those machines. It coins such game titles as Money Grab, Cash Crop and Filthy Rich. And gamblers know that the boxes rake in steady cash, booming economy or no.
"Slot machines are one of the highest-return capital expenditures out there," said analyst Steven Kent of Goldman Sachs. "When (casinos) see softnessin their operating results, one of the first things they think about is buyingnew machines to juice up business."
A slow economy hasn't yet nipped earnings growth at most casino operators. But several trends are already fueling additional slot machine sales for WMS and industry leader International Game Technology, or IGT.
Puppy Chow
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