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IGT to Acquire Sodak for $230 Million

A wholly-owned subsidiary of International Game Technology will merge with Sodak for $10 per share in cash, totaling approximately $230 million. The transaction is subject to certain conditions, including regulatory approvals, Sodak shareholder approval and IGT obtaining the financing required to fund the acquisition. In addition, it is expected that Sodak will divest itself ofits wholly-owned Miss Marquette Iowa riverboat, and its 50 percent joint venture interest to develop a gaming riverboat in Louisiana in order to satisfy a condition of closing. The holders of a majority of the common stock of Sodak have agreed to vote in favor of the merger. The transaction is expected to close in the second half of calendar 1999.

Sodak will operate as an independent subsidiary of IGT and remain headquartered in Rapid City, South Dakota. Following the merger, Roland Gentner has agreed to continue to serve as President and Chief Executive Officer of Sodak for at least one year.

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