MGAM announcement hot off the wire:
TULSA, July 19 /PRNewswire/ -- Multimedia Games, Inc. (Nasdaq: MGAM) announced today that the National Indian Gaming Commission ("NIGC") had determined the Company's high-speed electronic bingo game -- MegaMania(TM) -- to be a Class II game as defined by the Indian Gaming Regulatory Act ("IGRA"). The announcement was made in the presence of representatives from over 20 Indian nations attending the MegaBingo(R) Users Conference for tribes participating in Multimedia Games' networked multi-hall Class II bingo games.
This determination by the NIGC allows Indian facilities, which currently rely on Class II games to generate revenue for their Tribes, to utilize MegaMania(TM). MegaMania(TM) is believed to be the first fast-action, high-stakes bingo game, providing a rival to the excitement of Las Vegas Class III games. According to IGRA rules, Class II games, like Bingo and Pull-tabs can be played in any state that permits those games to be played for any purpose by any group. Class III games consist of casino games such as video poker, slot machines, table games and keno, which can only be played in those states where a compact has been successfully negotiated with the state.
MegaMania(TM) has been successfully operating in 12 Indian bingo halls for the past several months. In connection with the NIGC ruling, Multimedia Games, Inc. announced a full-scale promotional campaign to Indian nations and their players.
According to Gordon Graves, Chairman and CEO of Multimedia Games, Inc., "We believe MegaMania(TM) is going to revolutionize bingo as we know it today. Our research indicates there are three factors fueling the attraction to MegaMania(TM). First, 85% of the dollars played are
won in prizes; second, players win small prizes along the way to a bingo; and third, there is the opportunity to win very large jackpot prizes. During the last two months, MegaMania (TM) players won jackpot prizes averaging over $17,000 every day. During that time, there were ten players who won jackpots over $25,000, three players who won jackpots over $50,000 and the largest jackpot exceeded $70,000."
Graves also commented, "The old chip-up bingo games, upon which MegaMania(TM) was modeled, were fast and exciting, but were too labor intensive for the halls and the size of the prizes were limited. With MegaMania(TM), we have incorporated modern technology with basic bingo to create what we believe to be the largest high-speed jackpot bingo game anywhere in the world."
Multimedia Games, Inc., through its wholly owned subsidiary, MegaBingo, Inc. has exclusive contracts with over 50 Indian nations to provide linked games that are integrated among multiple halls. Multimedia Games, Inc., is the nation's leading provider of interactive multimedia communications, electronic based bingo games and data processing services and products to the gaming and entertainment industries.
/CONTACT: Gordon Graves or Mike Howard of Multimedia Games, Inc., 800-726-2464; Steve Syatt or Todd Beldner of SSA Public Relations, Los Angeles, 818-501-0700/ |
