(By Balaseshan) Multimedia Games Holding Co. Inc. (NASDAQ: MGAM), a maker of gaming machines and systems, said it has received final approval from Nevada Gaming Commission for new MForce gaming platform.
The company said the approval represents a key milestone in its entry into Nevada, the country's largest gaming market, and a significant milestone in its efforts to dramatically expand its total addressable market.
The approval of the MForce operating system and two video slot machine titles follows two successful technical field trials at the MGM Grand Hotel and Casino and The Orleans Hotel and Casino in Las Vegas, the company noted.
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With the approval from the Nevada Gaming Commission, Multimedia Games can immediately commence performance field trials with any casino operators in Nevada that run either the IGT Advantage or Bally ACSC slot management systems.
The company anticipates recording initial unit sales and recurring revenue placements in the second half of fiscal 2013 and intends to submit eight additional video titles in the next several weeks for approval, which it expects to receive in its fiscal third quarter.
Multimedia Games also intends to begin additional technical field trials of its MForce platform and game titles in the state in the coming weeks.
On January 30, Multimedia Games reported an increase in quarterly earnings driven by higher gaming operations revenue and gaming equipment and system sales. The company also raised its fiscal 2013 guidance.
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MGAM is trading up 2.10% at $18.01 on Tuesday. The stock has been trading between $9.75 and $18.97 for the past 52 weeks.