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Anchor Gaming's Chief Executive Resigns

6 March 2000

Michael Rumbolz, president and chief executive of Las Vegas-based Anchor Gaming Inc., has resigned from the company, Anchor announced Friday afternoon.

T.J. Matthews, executive vice president of Anchor, has been appointed the company's new president and chief executive. Rumbolz also resigned from Anchor's board.

In a company press release, Rumbolz said he was leaving to explore other opportunities.

"There comes a time in every executive's career when he re-examines his opportunities," Rumbolz said. "I am looking forward to exploring a wide range of entrepreneurial and technology situations together with more traditional bricks-and-mortar business enterprises. Now is a good time for me and Anchor to make this move."

Anchor's stock has been sliding since November, when it peaked at $62.19. On Friday, the stock closed at $38.94, nearing its 52-week low of $33.

In the quarter ending Dec. 31, 1999, Anchor reported net income of $15.3 million, or $1.25 per diluted share, a decline of 7 percent from the year-ago period. Revenues over the same period more than doubled, to $130.7 million, the result of Anchor's acquisition of Powerhouse Technologies.

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