Third Point slashes stake to 1.1% in Progressive Gaming

By E. Janene Geiss

Philadelphia, Nov. 18 - Third Point LLC cuts its investment to 1.1% in Progressive Gaming International Corp. as of Nov. 12, according to an SC 13G/A filing with the Securities and Exchange Commission.

Following the sale, the investor held a passive stake of 84,000 shares.

Those holdings are down from the passive stake of 6.5%, or 4 million shares, that the company reported owning on Dec. 31, 2007.

Las Vegas-based Progressive Gaming supplies integrated casino management systems software and games for the gaming industry.

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