Sodak Gaming

Last updated
Sodak Gaming
Industry Gaming
Founded1989
Headquarters Rapid City, South Dakota

Sodak Gaming, Inc. was a gaming company based in Rapid City, South Dakota that distributed slot machines to Indian casinos and financed casino projects. It was acquired by International Game Technology (IGT) in 1999 for $230 million.

History

Sodak was formed in 1989 to supply equipment to gambling halls in Deadwood, South Dakota, [1] and soon became the exclusive distributor of IGT machines to tribal casinos. [2] The Promus Companies acquired a 20 percent stake in Sodak in November 1992. [2] Sodak made its initial public offering in June 1993. [3]

Sodak purchased and refitted a riverboat and leased it to Gaming Supply Co., who opened it in December 1994 as the Miss Marquette casino, in Marquette, Iowa. [4] After Gaming Supply defaulted on lease payments, Sodak bought out the company for less than $5.5 million, [5] taking over operation of the casino in July 1996. [6]

The company moved into the South American market in an effort to diversify its revenue base. [7] In May 1995, it began establishing gaming halls and slot route operations in Peru, reaching a total of 1,300 machines by the end of 1996. [7] [8] It opened a casino at the Crowne Plaza Hotel in Quito, Ecuador in March 1996, followed by a gaming hall in Rio de Janeiro, Brazil in June 1996. [7] In June 1998, Sodak announced its decision to divest its South American operations, citing a lack of profitability and an unstable regulatory environment. [9] [10] The ventures in Ecuador, Peru, and Brazil were sold off by the end of the year. [11]

Sodak agreed in March 1999 to be acquired by IGT for $230 million. [12] As IGT executives did not want to operate casinos, the deal called for Sodak to sell the Miss Marquette casino and its interest in a Louisiana casino project. [13] The Miss Marquette was sold to Lady Luck Gaming for $42 million. [14] [15] Sodak's partner in the Louisiana project, Hollywood Casino Corp., purchased Sodak's stake for $2.5 million. [16] [17] The acquisition of Sodak by IGT was completed in September 1999. [18]

Following the acquisition, Sodak continued to operate out of Rapid City as a division of IGT, focused on distributing products to Indian casinos. [19] IGT began a reorganization of its North American businesses in 2005, which included dispersing Sodak's operations around the country, and phasing out the Sodak name. [19]

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References

  1. ↑ Kafka, Joe (March 11, 1999). "Rapid City gambling company to be sold". Associated Press Newswire. – via Factiva (subscription required)
  2. 1 2 "Promus acquires interest". Las Vegas Review-Journal. November 11, 1992. – via Factiva (subscription required)
  3. ↑ Rosato, Donna (July 1, 1993). "Dow falls 2.77 as economic news worsens". USA Today. – via Factiva (subscription required)
  4. ↑ "Miss Marquette boat overdue on Sodak pmnts". Select Federal Filings Newswires. November 16, 1995. – via Factiva (subscription required)
  5. ↑ "Sodak Gaming/Buy: Valued at less than $5.5M in cash, note". Dow Jones News Service. May 21, 1996. – via Factiva (subscription required)
  6. ↑ "Miss Marquette awash in red ink". The Gazette. Cedar Rapids, IA. AP. April 4, 1997 – via NewsBank.
  7. 1 2 3 Form 10-K: Annual Report (Report). Sodak Gaming. March 28, 1997. p. 20 – via EDGAR.
  8. ↑ Form 10-K: Annual Report (Report). Sodak Gaming. March 28, 1997. p. 3 – via EDGAR.
  9. ↑ "Sodak Gaming announces corporate restructuring" (Press release). Sodak Gaming. June 18, 1998. ProQuest   448798942. – via ProQuest (subscription required)
  10. ↑ "Home Depot builds outside N. America". Sun Sentinel. Fort Lauderdale, FL. July 6, 1998 – via NewsBank.
  11. ↑ Form 10-K: Annual Report (Report). Sodak Gaming. March 30, 1999. p. 20 – via EDGAR.
  12. ↑ Berns, Dave (March 12, 1999). "IGT to acquire Sodak Gaming for $230 million". Las Vegas Review-Journal– via NewsBank.
  13. ↑ Thompson, Gary (March 11, 1999). "IGT buying slot distributor in week's second gaming merger". Las Vegas Sun. Retrieved 2018-01-12.
  14. ↑ Berg, Renee (August 6, 1999). "Casino sells for $42 million". The Telegraph-Herald. Dubuque, IA. Retrieved 2012-06-24.
  15. ↑ "Las Vegas company buys Miss Marquette". The Telegraph-Herald. Dubuque, IA. November 6, 1999. Retrieved 2012-06-23.
  16. ↑ "Hollywood Casino announces purchase agreement". Dallas Business Journal. April 6, 1999. Retrieved 2018-01-21.
  17. ↑ Form 10-Q: Quarterly Report (Report). Sodak Gaming. May 4, 1999. p. 8 – via EDGAR.
  18. ↑ "Slot maker finalizes Sodak Gaming purchase". Las Vegas Sun. September 2, 1999. Retrieved 2012-08-03.
  19. 1 2 Daly, Dan (March 9, 2005). "Sodak's role unclear in restructure". The Rapid City Journal. Rapid City, SD – via NewsBank.
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