Midway officially exits arcade industry.
Although posting impressive numbers from the coin-op market in the past, Midway has decided to officially remove itself from the arcade industry and focus exclusively on next-generation consoles. In the past months, Midway has seen a heavy decline in business and chose to reduce their staff by 60 employees in March. This move was a foreshadowing event of what was to come. Now, with the official departure made by Midway, they hope to generate significant revenue in the next financial year, which begins January 1, 2002. With Midway exiting from the arcade business, it will be interesting to see if other big name gaming companies will follow.
6/22/2001 Matt Stensrud