Early Life
Jon Yarbrough, born in 1956/1957, embarked on his entrepreneurial journey early. His initial venture involved a foosball table, which he placed in a local bar in Cookeville, Tennessee, and split the earnings with the establishment. This experience sparked his interest in the gaming industry. He earned a bachelor's degree from Tennessee Technological University.
Rise to Success
In 1991, Yarbrough founded Video Gaming Technologies (VGT). The company focused on developing and manufacturing electronic gaming machines, primarily for tribal casinos. Yarbrough's strategic focus on the Class II gaming machine market and revenue-sharing partnerships helped VGT become the largest provider in the tribal gaming market. VGT's success led to its sale to Aristocrat Leisure in October 2014 for $1.28 billion.
Key Business Strategies
Yarbrough's success can be attributed to several key strategies. His early focus on the underserved Native American casino operators and providing tailored game designs gave him a competitive advantage. His ability to produce a slim cabinet allowed casinos to fit more machines in the same space. Also, the business model provided steady recurring revenue. The decision to sell to Aristocrat Leisure provided a significant return on investment and allowed him to diversify his holdings.
Philanthropy
Jon Yarbrough and his wife Kathy Yarbrough lead the Yarbrough Family Foundation, which has assets of approximately $28 million. The Foundation primarily supports initiatives in arts and culture, education, and human services.