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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. NAME AND ADDRESS OF REPORTING PERSON
Acres, John F.
c/o Acres Gaming
815 NW 9th Street
Corvallis, OR 97330
2. ISSUER NAME AND TICKER OR TRADING SYMBOL
Acres Gaming Incorporated
AGAM
3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
4. STATEMENT FOR MONTH/YEAR
January , 1999
5. IF AMENDMENT, DATE OF ORIGINAL (MONTH/YEAR)
6. RELATIONSHIP OF REPORTING PERSON(S) TO ISSUER (CHECK ALL APPLICABLE)
[X] Director [X] 10% Owner [X] Officer (give title below)
[ ] Other (specify below)
Chairman of the Board
7. INDIVIDUAL OR JOINT/GROUP FILING (CHECK APPLICABLE LINE)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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<S> <C> <C> <C> <C> <C> <C>
1. Title of Security | 2. |3. |4.Securities Acquired (A) or |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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Common Stock |1/26/99 |P | |5,000 |A | $2.75 |1,853,866 |I | * |
$.01 Par Value | | | | | | 279,432 |I | ** |
| | |
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1.Title of |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount|8.Price|9.Number |10.|11.Nature of |
Derivative |version |Transaction| |rivative Secu |cisable and| of Underlying |of Deri| of Deriva |Dir| Indirect |
Security |or Exer | | | rities Acqui |Expiration | Securities |vative | tive |ect| Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu | Securities |(D)| Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity | Benefi |or | |
|Deriva- | | | |Date |Expir | | cially |Ind| |
|tive | | | | A/ |Exer |ation | Title and Number| Owned at |ire| |
|Secu- | | | | | D |cisa |Date | of Shares | End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | Month |(I)| |
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Employee Stk Option | $3.50 | | | | | | *** | |Common Stock |160,000 |D | |
(Right to Buy) |
|
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</TABLE>
Explanation of Responses:
* By self as trustee for the John and JoAnn Acres 1989 Living Trust.
** Held by a custodian fbo the reporting person's minor children. The reporting
person does not exercise any discretionary control over such shares and
disclaims any beneficial ownership thereof.
*** Option vests as to 26,666 shares on each of 8/1/97, 2/1/98 and 8/1/98 and as
to 26,670 shares on 2/1/99.
SIGNATURE OF REPORTING PERSON
/s/ John F. Acres, by Robert W. Brown, Attorney in Fact
DATE
12/10/98
