<PAGE>

                                  

                     SPIN FOR CASH JOINT VENTURE
                                  
                    AND MASTER LICENSE AGREEMENT
                                  
                                  
     Financial Statements for the year ended September 30, 1998,
                       and for the period from
       December 3, 1996 (inception) through September 30, 1997
                                  
                                  
                                  
                            Exhibit 99.10



<PAGE>

INDEPENDENT AUDITORS' REPORT
 
 
To the Co-venturers of the Spin for Cash
Joint Venture and Master License Agreement:

We have audited the accompanying balance sheets of the Spin for Cash Joint 
Venture and Master License Agreement (the  "Venture") as of September 30, 
1998 and 1997, and the related statements of income, Venturers' capital, and 
cash flows for the year ended September 30, 1998, and the period from 
December 3, 1996 (Inception) through September 30, 1997. These financial 
statements are the responsibility of the Venture's management. Our 
responsibility is to express an opinion on these financial statements based 
on our audits.

We conducted our audits in accordance with generally accepted auditing 
standards. Those standards require that we plan and perform the audit to 
obtain reasonable assurance about whether the financial statements are free 
of material misstatement. An audit includes examining, on a test basis, 
evidence supporting the amounts and disclosures in the financial statements. 
An audit also includes assessing the accounting principles used and 
significant estimates made by management, as well as evaluating the overall 
financial statement presentation. We believe that our audits provide a 
reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material 
aspects, the financial position of the Venture as of September 30, 1998 and 
1997, and the results of its operations and its cash flows for the year ended 
September 30, 1998, and the period from December 3, 1996 (Inception) through 
September 30, 1997, in conformity with generally accepted accounting 
principles.

DELOITTE & TOUCHE LLP

November 3, 1998

<PAGE>

SPIN FOR CASH JOINT VENTURE AND
MASTER LICENSE AGREEMENT

STATEMENTS OF INCOME FOR THE YEAR ENDED SEPTEMBER 30, 1998 AND FOR
THE PERIOD FROM DECEMBER 3, 1996 (INCEPTION) THROUGH SEPTEMBER
30,1997

<TABLE>
<CAPTION>

(Dollars in thousands)                        1998          1997
<S>                                         <C>           <C>
Revenues
  Gaming operations                         $246,851      $60,672

Cost and Expenses
  Gaming operations                          101,655       26,979
  Depreciation                                13,237        2,586
  Research and development                     2,088        1,587
  Selling, general and administrative            189           50
  Bad debt expense                               125            -
  Total expenses                             117,294       31,202

Income from Operations                       129,557       29,470

Other Income (Expense)
  Interest income (expense)                    1,422         (322)

Income from Operations Before Taxes         $130,979      $29,148
</TABLE>

                                  
                                  
                                  
                                  
                                  
                                  
                                  
                                  
                                  
                                  
                                  
                                  
   The accompanying notes are an integral part of these financial
                             statements.

<PAGE>

SPIN FOR CASH JOINT VENTURE AND
MASTER LICENSE AGREEMENT

BALANCE SHEETS
SEPTEMBER 30, 1998 AND 1997

<TABLE>
<CAPTION>

(Dollars in thousands)                        1998          1997
<S>                                         <C>            <C>
Assets
  Current assets
   Cash and cash equivalents                $ 45,835       $39,175
   Accounts receivable, net                   20,179        11,787
     Investments to fund liabilities to 
       jackpot winners                         5,900           956
   Prepaid expenses and other                  1,839           114

     Total Current Assets                     73,753        52,032

  Furniture, fixtures and equipment, 
    at cost
     Equipment                                49,564        23,382
     Furniture and fixtures                        -            72

       Total                                  49,564        23,454
     Less accumulated depreciation           (14,792)       (2,586)
  Furniture, fixtures and equipment, net      34,772        20,868
  Investments to fund liabilities to 
    jackpot winners                           63,217        10,400

     Total Assets                           $171,742       $83,300

Liabilities and Venturers' Capital
  Current liabilities
     Accounts payable to International 
       Game Technology                      $  3,182       $22,927
   Accounts payable                            1,348             -
     Jackpot liabilities                       7,826         1,891
     Commissions and other payable             2,932         1,842
     Royalties payable                         3,455         1,340
   Capital lease payable to International 
     Game Technology                           2,120           454

     Total Current Liabilities                20,863        28,454

  Long-term jackpot liabilities               86,952        19,755

     Total Liabilities                       107,815        48,209

Venturers' Capital                            63,927        35,091

     Total Liabilities and Venturers' 
       Capital                              $171,742       $83,300
                                  
</TABLE>
                                  
   The accompanying notes are an integral part of these financial
                             statements.

<PAGE>

SPIN FOR CASH JOINT VENTURE AND
MASTER LICENSE AGREEMENT

STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED SEPTEMBER 30, 1998 AND
FOR THE PERIOD FROM DECEMBER 3, 1996 (INCEPTION) THROUGH SEPTEMBER
30,1997

<TABLE>
<CAPTION>

(Dollars in thousands)                         1998          1997
<S>                                         <C>            <C>
Cash Flows from Operating Activities
  Net income                                $ 130,979      $ 29,148
  Adjustments to reconcile net income to 
    net cash provided by operating 
    activities:
   Depreciation                                13,237         2,586
   Bad debt expense                               125             -
   Loss on sale of assets                       1,887             -
   Increase in assets:
     Accounts Receivable                       (8,517)      (11,788)
     Deferred and prepaid expenses             (1,725)         (114)
   Increase (decrease) in accounts payable
     and accrued expenses                     (13,526)       25,280
     Total adjustments                         (8,519)       15,964
     Net cash provided by operating 
       activities                             122,460        45,112
Cash Flows from Investing Activities
  Investment in furniture, fixtures 
    and equipment                             (31,802)      (22,171)
  Investment in systems annuity assets        (57,761)      (11,356)
  Proceeds from the sale of furniture, 
    fixtures and equipment                      2,774             -
     Net cash used in investing activities    (86,789)      (33,527)
Cash Flows from Financing Activities
  Payment on systems annuity liability         (5,892)       (1,002)
  Collection from systems to fund annuity 
    liability                                  79,024        22,649
  Capital contributions (distributions)      (102,143)        5,943
     Cash provided by (used in) financing 
       activities                             (29,011)       27,590
Net increase in cash and cash equivalents       6,660        39,175
Cash and cash equivalents:
  Beginning of Period                          39,175             -
  End of Period                             $  45,835      $ 39,175
Supplemental disclosures of cash flows 
  information:
  Cash paid during the year for interest    $   1,348      $      -
Supplemental disclosures of non-cash 
  investing and financing activities:
  Capital lease additions                   $   2,128      $  1,380
                                  
</TABLE>

   The accompanying notes are an integral part of these financial
                             statements.

<PAGE>

SPIN FOR CASH JOINT VENTURE AND
MASTER LICENSE AGREEMENT

STATEMENTS OF VENTURERS' CAPITAL FOR THE YEAR ENDED SEPTEMBER 30,
1998 AND FOR THE PERIOD FROM DECEMBER 3, 1996 (INCEPTION) THROUGH
SEPTEMBER 30,1997

<TABLE>
<CAPTION>

(Dollars in thousands)            Anchor        IGT      Total
<S>                            <C>          <C>       <C>
Balance at December 3, 1996 
(Inception)                    $      -     $      -  $       -

Capital contributions             3,100        2,843      5,943

Net income                       14,574       14,574     29,148

Balance at September 30, 1997    17,674       17,417     35,091

Capital distributions           (51,200)     (50,943)  (102,143)

Net Income                       65,489       65,490    130,979

Balance at September 30, 1998  $ 31,963     $ 31,964  $  63,927

</TABLE>











   The accompanying notes are an integral part of these financial
                             statements.

<PAGE>

NOTES TO THE FINANCIAL STATEMENTS


1.   Organization 
The Spin for Cash Joint Venture and Master License Agreement (the "Venture") 
is owned equally by International Game Technology ("IGT") and Anchor Gaming 
("Anchor"). The Joint Venture Agreement was signed on December 3, 1996. The 
Master License Agreement, dated December 3, 1996 is utilized in jurisdictions 
where the Spin for Cash Joint Venture has not been approved to operate. The 
first machines operated by the Venture were placed into operation on December 
12, 1996.

The Venture's primary purpose is to utilize IGT's experience and technology 
along with Anchor's proprietary game library in order to develop a variety of 
spinning reel slot, video top box and other innovative games for the 
MegaJackpots and lease game markets. As of September 30, 1998, the Venture 
was operating in Indiana, Louisiana, Missouri, Mississippi, Native American 
markets, Nevada, New Jersey and South Dakota.

2.   Summary of Significant Accounting Policies 
Basis of Presentation - A complete stand alone set of books is maintained 
for the Venture in accordance with applicable generally accepted accounting 
principles.

Revenues - Substantially all of the revenues of the venture are from the 
operation of linked progressive slot machines. Revenues are recognized based 
upon invoicing to the participating casinos.

In New Jersey, each progressive system is operated by an independent trust 
managed by representatives from participating  casinos. The Venture receives 
revenues based upon a set annual fee per machine per system. Payments to the 
jackpot winners are made by the trust.

In Louisiana, Missouri, Mississippi, Native American markets, Nevada
and South Dakota, the Venture provides the machines and operates the
central monitoring system and the casinos pay a percentage of the
play to the Venture.

In Indiana, where mutli-link progressives are currently prohibited, the 
Venture provides games for a set daily lease fee.

Operating Expenses - IGT and Anchor provide nearly all of the services 
associated with the operation of the Venture. The cost of these operations is 
billed to the Venture using methodologies that best approximate the actual 
cost of these services to the respective partner. Interest on payables 
balances greater than 30 days and on inventories held for the Venture is 
accrued at an annual rate of approximately 5% and is billed monthly. 
Management believes that the methods used to allocate these costs are 
reasonable.

Third Party Expenses - All invoices received from third parties for the 
delivery of goods or services are paid by the partners. IGT and Anchor 
invoice the Venture for these costs and the amounts are properly recorded on 
the books of the Venture.

<PAGE>

Research and Development - IGT and Anchor perform all of the engineering 
development work for the Venture and invoice the Venture for these services 
at cost. Research and development charges are expensed as incurred.

Cash and Cash Equivalents - Amounts include cash required for funding current 
systems jackpot payments as well as purchasing investments to meet 
obligations for making payments to jackpot winners. Cash in excess of daily 
requirements is generally invested in various short term marketable 
securities with maturities of 90 days or less. Such investments are stated at 
cost.

Depreciation - Substantially all of the Venture's depreciable assets are 
directly used in gaming operations and are provided by IGT. IGT invoices the 
Venture for these assets at their approximate cost. Depreciation is recorded 
on the straight-line method over the following estimated useful lives:

     Gaming operations equipment            1 to 3 years
     Furniture, fixtures and equipment           5 years

Estimates - The preparation of financial statements in conformity with 
generally accepted accounting principles requires management to make 
estimates and assumptions that affect the reported amounts of assets and 
liabilities and disclosure of contingent assets and liabilities at the date 
of the financial statements and the reported amounts of revenues and expenses 
during the reporting period. Actual results could differ from those estimates.

Reclassifications - Certain amounts in the 1997 consolidated financial 
statements have been reclassified to be consistent with the presentation used 
in 1998.

3.   Investments to Fund Liabilities to Jackpot Winners 
These investments represent discounted U.S. Treasury securities purchased to 
meet obligations for making payments to linked progressive systems jackpot 
winners. At September 30, 1998, the Company has both the intent and ability 
to hold these investments to maturity and, therefore, has classified them as 
held-to-maturity. Accordingly, these investments are stated at cost, adjusted 
for amortization of premiums and accretion of discounts over the term of the 
security using the interest method. There were no gross unrealized losses or 
gains at September 30, 1998 and 1997. Securities in this portfolio have 
maturity dates through 2017.

Federal legislation was passed October 21, 1998 which would permit jackpot 
winners to elect to receive the discounted value of progressive jackpots won 
in lieu of annual installments. For jackpots won after this date, the Company 
will make this offer to winners in jurisdictions which have also permitted 
such payments. For jackpots won prior to the effective date of the 
legislation, the winner may make this election after July 1, 1999. Upon the 
winner's election after July 1, 1999, investments currently held by the 
Company to fund these liabilities will be sold to settle the liability.  
Management believes that this change in circumstance will not be inconsistent 
with the classification of these investments as held to maturity and does not 
expect a material impact to fiscal 1999 operating results as a result of this 
change.

4.   Capital Leases 
All assets recorded under capital leases relate to the operation of Louisiana 
and Missouri linked progressive systems. The  machines are leased from IGT at 
a rate of 1/36th of the value of the assets each month. As of September 30, 
1998 and 1997, the assets had a net value of $2,120,412 and $453,871, 
respectively.

<PAGE>

5.   Liabilities to Jackpot Winners 
From the Indiana, Louisiana, Missouri, Mississippi, Native American, Nevada 
and South Dakota systems, the Venture receives a percentage of the amount 
played or machine rental and service fees from the linked progressive systems 
to fund the related jackpot payments. The jackpots are paid in twenty equal 
annual installments without interest.

The following schedule sets forth the future fiscal year payments for the 
jackpot winners under these systems at September 30, 1998:

<TABLE>
<CAPTION>

          Years Ending September 30,           Payments
          <S>                                  <C>          
          (Dollars in thousands)
          1999                                 $  5,914
          2000                                    5,914
          2001                                    5,914
          2002                                    5,919
          2003                                    5,919
          Thereafter                             87,865
            Total                              $117,445
</TABLE>

Jackpot liabilities in the amount of the present value of the jackpots are 
recorded concurrently with the recognition of the related revenue. Jackpot 
liabilities include discounted payments due to winners for jackpots won and 
amounts accrued for jackpots not yet won that are contractual obligations of 
the Venture. Jackpot liabilities consist of the following:

<TABLE>
<CAPTION>
                                                 September 30,
                                               1998         1997
(Dollars in thousands)
<S>                                          <C>         <C>
Gross payments due to jackpot winners        $117,445    $ 19,423
Unamortized discount on payments to 
  jackpot winners                             (57,397)     (8,001)
Accrual for jackpots not yet won               34,730      10,224
    Total jackpot liabilities                  94,778      21,646
 Less current liabilities                      (7,826)     (1,891)
 Long-term jackpot liabilities               $ 86,952    $ 19,755

</TABLE>

The Venture amortizes the discount on the liabilities, recognizing it as 
interest expense and records commensurate interest income on the purchased 
investments to fund the payments to the jackpot winners. During fiscal 1998 
and 1997, the Venture recorded interest expense on jackpot liabilities and 
interest income on jackpot investments of $2,322,928 and $176,634, 
respectively. The Venture is required to maintain cash and investments 
relating to systems liabilities in separate accounts.

6.   Income Taxes 
The Venture has not made any provision for federal income taxes due to its 
election to be taxed as a pass through entity under Internal Revenue Code 
Section 704A. Under this election, income of the Venture is taxable to the 
individual Venturers.

<PAGE>

7.   Related Party Transactions
Substantially all of the goods and services provided to the Venture
are provided by and/or paid for by IGT and Anchor. These
transactions are recorded on the books of the Venture as a trade
payable. As of September 30, 1998 and 1997, the payable to IGT had a
balance of $3,181,612 and $22,926,711, respectively. These amounts
included interest of $30,706 for 1998 and $645,398 for 1997. As of
September 30, 1998 there was $1,348,597 payable to Anchor, none of
which was for interest. There were no amounts payable to Anchor as
of September 30, 1997.