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Anchor Gaming Enters Into Agreement With California Tribe26 December 2001LAS VEGAS, Nevada – (Press Release) -- Dec. 26, 2001-- International Game Technology (NYSE: IGT) and Anchor Gaming (Nasdaq: SLOT) today reported that Anchor Gaming has entered into an agreement with the Pala Band of Mission Indians (the ``Tribe'') and Jerome H. Turk, an independent gaming entrepreneur and operator, to surrender its portion of the management agreement for the Pala Casino in San Diego, California. Upon completion of the transaction, which is expected prior to January 31, 2002, Mr. Turk will become the sole owner of the management company that has the management contract for the Pala Casino. Under the previous Pala Casino management arrangement, Mr. Turk was personally responsible for management of the Casino. Therefore, there will be no change in the operations of the facility. The Tribe will pay Anchor $77 million, consisting of $14 million payable in cash at the closing, and $63 million payable by delivery of a subordinated secured promissory note. |