UPDATE 1-Progressive Games files for Chapter 7 bankruptcy

By Phil Wahba

NEW YORK, March 20 (Reuters) - Progressive Gaming International Corp, PGIC.PK a Nevada provider of technology products for the casino industry, filed for Chapter 7 bankruptcy, as the gaming industry continues to suffer from slower business during the recession.

In January, slot-machine maker International Game Technology (IGT.N) bought certain operating assets from Progressive Gaming after the company failed to repay debt several weeks after it said it would have to sell most of its assets to repay its obligations toward a major lender.

Las Vegas-based Progressive Gaming listed assets of $263,600 and debts of $5.6 million, according to court documents filed Monday in a federal bankruptcy court in Nevada.

Its products include table game automation and display systems for in-casino advertising, as well as branded slot machines.

According to its most recent quarterly earning report, Progressive had losses of $63.6 million for the three months ended Sept. 30, 2008, on revenues of $13.7 million, down from a loss of $39.7 million on revenues of $18.3 million in the year earlier period.

James Lisowski was appointee trustee Monday.

The case is In re: Progressive Gaming International Corp, U.S. Bankruptcy Court, District of Nevada, No. 09-13640. (Reporting by Phil Wahba; Editing by Gary Hill)