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International Game Technology Reports 2011 First Quarter Results

LAS VEGAS Jan. 20, 2011 December 31, 2010 $73 million $0.25 $75 million $0.26 $0.04 China

Patti Hart

Consolidated Operations

$465 million $515 million $276 million $121 million $296 million $144 million

Gaming Operations

$261 million $277 million   $50.38 $0.48 $1.13

$165 million Alabama

Alabama Mexico

Product Sales

$204 million $238 million North America

$112 million

Operating Expenses and Other Income/Expense

$155 million $152 million

$18 million $29 million

Cash Flows, Balance Sheet and Capital Deployment

December 31, 2010 $102 million $74 million $169 million $73 million

$654 million December 31, 2010 $620 million September 30, 2010   $254 million $1.67 billion $1.21 billion $1.24 billion December 31, 2010 $80 million

December 31, 2010

Additional Information

$7 million $0.03

References to per share amounts in this release are based on diluted shares of our common stock, unless otherwise specified.

Earnings Conference Call

Dec. 30, 2010 Thursday, Jan. 20, 2011 2:00 p.m. PST

Domestic callers dial 888-843-9209, passcode IGT

International callers dial 312-470-7145, passcode IGT

http://www.IGT.com/InvestorRelations Thursday, Jan. 27, 2011 http://www.IGT.com/InvestorRelations

4:00 p.m. PST Thursday, Jan. 20, 2011 Thursday, Jan. 27, 2011

Domestic callers dial 866-505-9256

International callers dial 203-369-1880

Q1 FY 2011 Excel file

Q1 FY 2011 PDF of this press release

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

December 1, 2010 December 29, 2010 www.sec.gov www.IGT.com/InvestorRelations December 31, 2010 January 20, 2011

About IGT

www.IGT.com

Unaudited Condensed Consolidated Statements of Income

Quarters Ended

December 31,

2010

2009

(In millions, except per share amounts)

Revenues

Gaming operations

$  260.6

$  276.7

Product sales

204.2

238.4

Total revenues

464.8

515.1

Costs and operating expenses

Cost of gaming operations

95.9

104.0

Cost of product sales

92.7

115.3

Selling, general and administrative

84.9

87.3

Research and development

51.7

45.4

Depreciation and amortization

18.2

19.4

Total costs and operating expenses

343.4

371.4

Operating income

121.4

143.7

Other income (expense)

Interest income

13.4

16.0

Interest expense

(35.4)

(43.2)

Other  

4.0

(1.3)

Total other income (expense)

(18.0)

(28.5)

Income from continuing operations before tax

103.4

115.2

Income tax provision

30.0

39.8

Income from continuing operations

73.4

75.4

Income (loss) from discontinued operations, net of tax

0.3

(2.1)

Net income

$    73.7

$    73.3

Basic earnings per share

Continuing operations

$    0.25

$    0.26

Discontinued operations

(0.01)

Net income

$    0.25

$    0.25

Diluted earnings per share

Continuing operations

$    0.25

$    0.26

Discontinued operations

(0.01)

Net income

$    0.25

$    0.25

Weighted average shares outstanding

Basic

297.6

295.1

Diluted

298.8

297.4

Unaudited Condensed Consolidated Balance Sheets

December 31,

September 30,

2010

2010

(In millions)

Assets

Current assets

Cash and equivalents

$           168.7

$           158.4

Restricted cash and investments

84.9

90.5

Jackpot annuity investments

64.9

65.1

Receivables, net

472.5

474.4

Inventories

113.0

97.6

Other assets and deferred costs

271.1

316.4

 Total current assets

1,175.1

1,202.4

Property, plant and equipment, net

584.3

586.7

Jackpot annuity investments

356.5

360.8

Contracts and notes receivable, net

147.5

171.9

Goodwill and other intangibles, net

1,340.5

1,353.7

Other assets and deferred costs

308.7

331.5

Total Assets

$        3,912.6

$        4,007.0

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$             84.8

$             84.6

Jackpot liabilities, current portion

170.0

179.1

Accrued income taxes

1.9

1.8

Dividends payable

17.9

17.9

Other accrued liabilities  

246.7

298.9

 Total current liabilities

521.3

582.3

Long-term debt

1,568.1

1,674.3

Jackpot liabilities

383.7

391.8

Other liabilities

137.9

124.3

Total Liabilities

2,611.0

2,772.7

Total Equity

1,301.6

1,234.3

Total Liabilities and Stockholders’ Equity

$        3,912.6

$        4,007.0

Unaudited Condensed Consolidated Statements of Cash Flows

Three Months Ended

December 31,

2010

2009

(In millions)

Operating

Net income

$          73.7

$          73.3

Depreciation and amortization

55.1

62.7

Other non-cash items

17.2

27.3

Changes in operating assets and liabilities:

Receivables

18.6

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