EXHIBIT 10.25

EMPLOYMENT AGREEMENT

THIS AGREEMENT("Agreement") is dated as of July 8, 2001, and is by and between Joseph Murphy
("Executive") and Anchor Gaming, a Nevada corporation (herein "South" or "the Company").

WHEREAS, Executive is currently employed by South (which term for purposes of this Agreement shall include all of South's affiliates
and subsidiaries); and

WHEREAS, International Game Technology ("North") has entered into an Agreement and Plan of Merger (the "Merger Agreement") with South,
pursuant to which South will, upon consummation of the transactions contemplated in the Merger Agreement, become a direct wholly-owned subsidiary of North (the "Merger"). The Company acknowledges
that, following the Merger, continued access to the experience, knowledge and expertise possessed by Executive will be critical to the Company's success; and

WHEREAS, the Company considers it important and in its best interest to foster the employment of key management personnel and desires
to retain the services of Executive on the terms and subject to the conditions in this Agreement; and

WHEREAS, the Executive desires to continue employment by the Company after the Merger on the terms and subject to the conditions of
this Agreement.

NOW, THEREFORE, in consideration of the premises and the respective undertakings of the Company and Executive set forth below, the
Company and Executive agree as follows:

1.Employment.The Company hereby employs Executive in the position of Chief
Operating Officer-Gaming Operations, and Executive accepts such employment and agrees to perform services for the Company for the period and upon the other terms and conditions set forth in this
Agreement.

2.Duties of Executive.



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3.Term.The Executive's employment pursuant to this Agreement shall commence
upon the Effective Time of the Merger as defined in Section 1.3 of the Merger Agreement (the "Effective Date"), and continue therefrom through and until October 16, 2004 (the "Term").
Upon the effectiveness of this
Agreement pursuant to this Section 3, this Agreement will supersede all previous employment agreements by and between South and Executive, including without limitation that certain Employment
Agreement between South and Executive dated as of October 17, 2000 (the "Prior Agreement"). Notwithstanding the foregoing, if the Merger Agreement is terminated pursuant to the terms thereof,
this Agreement shall, from the date of termination of the Merger Agreement forward, be of no further force or effect, and the Prior Agreement shall remain in force pursuant to the terms and conditions
of such Prior Agreement.

4.Compensation.



5.Confidential Information.Except as permitted or directed by the Company's
Chief Executive Officer or required by an order of a court having jurisdiction or under subpoena from an appropriate government agency, during the Term or at any time thereafter, Executive shall not
divulge, furnish or make accessible to anyone or use in any way other than in the ordinary course of the business of the

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Company (which shall, for purposes of this paragraph, include the Company's subsidiaries and affiliates, before and after the Merger) any confidential or secret knowledge or information of the
Company, which Executive has acquired or become acquainted with or will acquire or become acquainted with prior to the termination of the period of his employment by the Company (including employment
by the Company or any affiliated or predecessor companies prior to the date of this Agreement), whether developed by himself or by others, concerning any trade secrets, confidential or secret designs,
processes, formulae, plans, devices or material (whether or not patented or patentable) directly or indirectly useful in any aspect of the business of the Company, any customer or supplier lists of
the Company, any confidential or secret development or research work of the Company, or any other confidential information or secret aspects of the business of the Company. Executive acknowledges that
the above-described knowledge or information constitutes a unique and valuable asset of the Company and represents a substantial investment of time and expense by the Company, and that any disclosure
or other use of such knowledge or information other than for the sole benefit of the Company would be wrongful and would cause irreparable harm to the Company. Both during and after the Term,
Executive shall refrain from any acts or omissions that would reduce the value of such knowledge or information to the Company. The foregoing obligations of confidentiality, however, shall not apply
to any knowledge or information which is now published or which subsequently becomes generally publicly known, other than as a direct or indirect result of the breach of this Agreement by Executive.

6.Ventures.If, during the Term, Executive is engaged or associated with the
planning or implementing of any project, program or venture involving the Company and/or its subsidiaries and affiliates, and a third party or parties, all rights with respect to such project, program
or venture shall belong to the Company, its subsidiaries and/or affiliates, as applicable. Except as approved by the Chief Executive Officer of the Company, Executive shall not be entitled to any
interest in such project, program or venture or to any commission, finder's fee or other compensation in connection therewith other than the compensation to be paid by Executive as provided in this
Agreement.

7.Noncompetition Covenant



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8.Termination.This Agreement shall terminate in accordance with the following
provisions:



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9.Miscellaneous



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IN WITNESS WHEREOF, the Company and Executive have executed this Agreement as of the date set forth in the first paragraph.

| |  | COMPANY:                           
| |  | -----------------------------------
| |  | ANCHOR GAMING, a Nevada corporation
| |  | By:                                
| |  | Name:                              
| |  | Its:                               
| |  | EXECUTIVE:                         
| |  | /s/JOSEPH MURPHY                   
| |  | Joseph Murphy                      

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