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Progressive Gaming International about to close?
Progressive Gaming failed to make a January deadline to pay $17 million to one of its backers, with the result that a foreclosure sale of its assets was triggered. No-one at Progressive Gaming's UK office was available for comment on 16th January, and for some days previously the US Headquarters phone number delivered a recorded message giving the trading hours and advising callers that the offices were closed - no matter what time we called.
Calls were still being answered on the 24-hour customer hotline and by the UK office, but information on the company's status was not offered.
David Jacoby, Vice President of investor relations agency Jaffoni & Collins, advisors to Progressive, confirmed that the asset sale was in progress, but said "There's not much to say as of yet." Rumours that IGT, which lent Progressive $15 million in August last year, might be seeking to buy assets were reported by the Las Vegas Review-Journal.
The apparent demise of the company comes after CEO Russel McMeekin left in September last year, followed by CFO Heather Rollo who departed to work for Ameristar Casinos in early January this year.
