GameTech International Inc., in default with its lenders, has listed its 115,140-square-foot headquarters building in south Reno for sale.
The company, which develops electronic bingo equipment and video lottery terminals, said in a filing with the Securities and Exchange Commission that it received a notice of default on a $1.8 million revolving loan from Bank of the West and U.S. Bank.
The company had warned that it expected to miss an Aug. 31 payment on the loan.
GameTech said about $1.3 million was outstanding on the credit line this month, and it said it is optimistic that a resolution can be reached with the two banks.
In the meantime, the company has listed its headquarters, manufacturing and distribution facility at 8850 Double Diamond Parkway for sale. The building was listed for sale with the CB Richard Ellis office in Reno.
GameTech bought the building two years ago for $7.2 million. The amount the company wants for the building today hasn't been disclosed.
The company posted an operating loss of $2.7 million in the quarter ended May 2, and it laid off a quarter of its workforce about 40 workers in late July.
GameTech has said the recession has battered its core bingo business.
In a separate SEC filing last week, GameTech said it expects a non-cash charge to write down the value of both its bingo and video lottery businesses when it reports its earnings for the quarter ended Aug. 1.
The company's shares were trading on NASDAQ for about 40 cents each last week. The shares have been as high as $2.19 in the last year.
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