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\tBy Richard N. Velotta (contact)Monday, November 25, 2013 – 2 p.m.<\/p>\n
\tShfl Entertainment\u2019s 350 employees in Nevada and 900 worldwide began working for Bally Technologies today as Bally put the finishing touches on a $1.3 billion acquisition announced in July.<\/p>\n
\tBally President and CEO Ramesh Srinivasan said while there are some job redundancies that could lead to layoffs, most Shfl employees will be retained and won\u2019t have to reapply for their jobs.<\/p>\n
\tSrinivasan said the acquisition was complimentary, with Shfl having most of its expertise in areas in which Bally was lacking. Shfl\u2019s strength has been in table games and automatic card-shuffling machines.<\/p>\n
\tNevada gaming regulators signed off on the deal last week, and Bally officials said in their presentation that the acquisition would result in $30 million in annual savings. Gaming regulators in other state subsequently approved the deal.<\/p>\n
\t\u201cThere are a lot of non-employee-related savings that come when two companies like these come together,\u201d Srinivasan said. \u201cAs for the area of employee consolidation, we\u2019re treating all the employees of both companies the same way.\u201d<\/p>\n
\tSrinivasan said most savings would come through merging supply chains and in the reduction of costs in maintaining publicly traded companies. In some locations worldwide, employees from the two companies will move into one building.<\/p>\n
\tBut Srinivasan said Shfl\u2019s new facility off the 215 Beltway near Rainbow Boulevard would be retained, and some employees there may be moved to Bally facilities and some Bally employees may go to the Shfl building.<\/p>\n
\tThe acquisition included Bally taking on Shfl debt, bringing the company\u2019s total debt load to about $1.1 billion.<\/p>\n
\tSrinivasan said the early goal of the company would be to reduce that level and continue to expand its product line. He said growing to surpass IGT as the world\u2019s leading gaming equipment producer is not a priority.<\/p>\n
\t\u201cIt\u2019s not a matter of being big,\u201d Srinivasan said. \u201cIt\u2019s a matter of being good. It\u2019s a matter of being the best at what we do. It\u2019s a matter of taking care of good employees and taking good care of customers. It\u2019s not a matter of being bigger than IGT.\u201d<\/p>\n
\tSrinivasan said Bally would consider additional acquisitions if they would be beneficial to company goals. Product brand names will remain the same, and the company will evaluate how the Shfl name is used over time, he said.<\/p>\n
\t\u201cIt\u2019s better to buy than build in some circumstances,\u201d he said. \u201cBut, when good opportunities show up like Shfl, we\u2019ll always keep an open mind.\u201d<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Richard N. Velotta (contact)Monday, November 25, 2013 – 2 p.m. Shfl Entertainment\u2019s 350 employees in Nevada and 900 worldwide began working for Bally Technologies today as Bally put the finishing touches on a $1.3 billion acquisition announced in July….<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-6584","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/6584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=6584"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/6584\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=6584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=6584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=6584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}