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<P align="right"><FONT size="2">As filed with the Securities and Exchange Commission on November&nbsp;7, 2003
</FONT>

<div><FONT size="2">Registration No.&nbsp;333-____
</FONT></div>
<P><HR align="center" size="4" noshade>

<P align="center"><FONT size="2">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549
</FONT>

<P align="center"><FONT size="2"><B>FORM S-8</B><BR>
REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933
</FONT>

<P align="center"><FONT size="2"><B>WMS INDUSTRIES INC.</B><BR>
(Exact name of Registrant as specified in its charter)
</FONT>

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<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
<TR valign="bottom">
        <TD width="51%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="44%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="2"><B>Delaware</B><BR>
(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
<B>36-2814522</B><BR>
(I.R.S. Employer Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>800 South Northpoint Boulevard, Waukegan, IL 60085</B><BR>
(Address, including zip code, of Registrant&#146;s principal executive offices)
</FONT>




<P align="center"><HR align="center" size="1" width="18%" noshade>




<P align="center"><FONT size="2"><B>RESTRICTED STOCK AGREEMENT</B><BR>
(Full title of the Plan)
</FONT>




<P align="center"><HR align="center" size="1" width="18%" noshade>



<P align="CENTER"><FONT size="2">Kathleen J. McJohn, Esq.<BR>
Vice President, General Counsel,<BR>
and Secretary<BR>
WMS Industries Inc.<BR>
800 South Northpoint Boulevard<BR>
Waukegan, Illinois 60085<BR>
(847)&nbsp;785-3000<BR>
(Name and address, including zip code, and<BR>
telephone number, including area code, of agent for service)
</FONT>
<P align="CENTER"><FONT size="2">Copy to:
</FONT>
<P align="CENTER"><FONT size="2">Jeffrey N. Siegel, Esq.<BR>
Shack Siegel Katz &#038; Flaherty P.C.<BR>
530 Fifth Avenue<BR>
New York, New York 10036<BR>
(212)&nbsp;782-0700
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B>
</FONT>
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<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Proposed maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Proposed maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Amount of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Title of securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Amount to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>offering price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>aggregate</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Registration</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>to be registered (1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>registered (2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>per share</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>offering price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Fee (3)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Common Stock, par value $.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
29,912 shares
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">23.00</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">687,976</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left" valign="top"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">0(4)(5)</FONT></TD>
    <TD nowrap valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In accordance with a Rights Agreement entered into between the registrant
and The Bank of New York, dated as of March&nbsp;5, 1998, each share of common
stock is accompanied by stock purchase rights. The value attributable to
these rights, if any, is reflected in the value of the common stock, and,
accordingly, no separate fee is paid.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Pursuant to Rule&nbsp;416 under the Securities Act of 1933, this registration
statement also covers an indeterminable number of shares of common stock
which may become issuable pursuant to the anti-dilution provisions of
Restricted Stock Agreements between the Registrant and each of Brian R.
Gamache, Scott D. Schweinfurth, Orrin J. Edidin and Seamus McGill,
respectively, each dated as of June&nbsp;12, 2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The fee is computed, in accordance Rule&nbsp;457(h)(1) and 457(c) under the
Securities Act, based on the average of the high and low prices of the
registrant&#146;s common stock reported on the New York Stock Exchange on
November&nbsp;3, 2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The registration fee has been offset by $55.66, under Rule&nbsp;457(p),
against fees previously paid with the Registrant&#146;s registration statement
on Form&nbsp;S-3, File No.&nbsp;333-83021, initially filed on July&nbsp;16, 1999. A
total fee of $17,724.17 was paid with that offering to register 4,025,000
shares, which were never sold or issued in that offering. That
registration statement was withdrawn pursuant to Rule&nbsp;477 on September&nbsp;30,
1999.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(5)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">$2,231.46 was offset from fees due for registration statement no.
333-101538, relating to 1,500,000 shares of common stock; $8,995.07 was
paid with registration statement no. 33-48363, relating to 1,701,845
shares of common stock; $16,325.33 was paid with registration statement
no. 33-79146, relating to 2,198,902 shares of common stock; $12,584.47
was paid with registration statement no. 333-06021, relating to 1,644,455
shares of common stock; $4,608.45 was paid with registration statement
no. 333-48697, relating to 515,360 shares of common stock; $905.65 was
paid with registration statement no. 333-57585, relating to 1,000,000
shares of common stock; $7,543.00 was paid with registration statement no.
333-46726, relating to 1,750,000 shares of common stock; and $4,930.00 was
paid with registration statement no. 333-55574, relating to 1,000,000
shares of common stock. These shares are being carried forward in the
combined reoffer prospectus being filed herewith (to the extent that they
are or may be control or restricted securities). See the Rule&nbsp;429 note
immediately below.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by Rule&nbsp;429 under the Securities Act of 1933, the prospectus
filed together with this registration statement is a combined resale prospectus
which shall be deemed a post-effective amendment to the registrant&#146;s
registration statements numbered 333-101538, 33-48363, 33-79146, 333-06021,
333-48697, 333-57585, 333-46726 and 333-55574, each on Form&nbsp;S-8.
</FONT>
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<P align="center"><FONT size="2"><B>EXPLANATORY NOTE</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration statements numbered 333-101538, 33-48363, 33-79146,
333-06021, 333-48697, 333-57585, 333-46726 and 333-55574 were filed previously
with the SEC by the registrant to register shares of its common stock, par
value $.50 per share: (a)&nbsp;issued or issuable under its 1991 Stock Option Plan,
as amended, its 1993 Stock Option Plan, as amended, its 1994 Stock Option Plan,
as amended, its 1998 Non-Qualified Stock Option Plan, its 2000 Non-Qualified
Stock Option Plan, its 2000 Stock Option Plan and its 2002 Stock Option Plan,
and (b)&nbsp;issued to option holders in connection with the 1998 spinoff of
registrant&#146;s interest in Midway Games Inc. in accordance with the antidilution
provisions of the WMS
</FONT>
<P align="center"><FONT size="2">2</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">Plans (collectively, the &#147;WMS Plans&#148;). This registration
statement is being filed to: (1)&nbsp;register the shares of common stock issued
under Restricted Stock Agreements between the Registrant and each of Brian R.
Gamache, Scott D. Schweinfurth, Orrin J. Edidin and Seamus McGill,
respectively, each dated as of June&nbsp;12, 2003 (collectively, the Agreements )
and (2)&nbsp;file a prospectus, as permitted by Form&nbsp;S-8 General Instruction C and
Rule&nbsp;429 under the Securities Act, to be used for reoffers and resales by
directors and executive officers of WMS of shares purchased under any of the
WMS Plans or the Agreements.
</FONT>
<!-- link1 "PART I" -->
<P align="center"><FONT size="2"><B>PART I</B>
</FONT>

<!-- link1 "INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified by Part I will be sent
or given to eligible participants as specified by Rule&nbsp;428(b)(1) under the
Securities Act.
</FONT>
<!-- link1 "PART II" -->
<P align="center"><FONT size="2"><B>PART II</B>
</FONT>

<!-- link1 "INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</FONT>

<P align="left"><FONT size="2"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s Annual Report on Form&nbsp;10-K and Definitive Proxy Statement
for the fiscal year ended June&nbsp;30, 2003; current report on Form&nbsp;8-K filed on
July 3, 2003; and the description of the registrant&#146;s common stock
contained in the registrant&#146;s registration statement on Form&nbsp;S-3 (File No.
333-107321) filed on July&nbsp;25, 2003 pursuant to Section&nbsp;12(b) of the Securities
Exchange Act of 1934 (the &#147;Exchange Act&#148;), including all exhibits thereto, are
incorporated herein by this reference and made a part of this registration
statement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the registrant under Sections&nbsp;13(a),
13(c), 14 or 15(d) of the Exchange Act after the effective date of this
registration statement and prior to the termination of the offering of the
common stock offered hereby shall be deemed to be incorporated by reference
into this registration statement and to be a part hereof from the date of
filing of those documents. Any statement contained herein or in a document
incorporated or deemed to be incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this registration statement to the
extent that a statement contained herein or in any document which is or is
deemed to be incorporated by reference herein modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this registration
statement.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;4. Description of Securities.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The legality of the issuance of the shares of common stock offered hereby
will be passed upon for the registrant by Shack Siegel Katz &#038; Flaherty P.C.,
530 Fifth Avenue, New York, New York 10036. As of November&nbsp;7, 2003
shareholders of Shack Siegel Katz &#038; Flaherty P.C. held, in the aggregate,
options to purchase 30,000 shares of common stock.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s authority to indemnify its officers and directors is
governed by the provisions of Section&nbsp;145 of the General Corporation Law of the
State of Delaware (the &#147;DGCL&#148;), by the Amended and Restated Bylaws of the
registrant, as amended (the &#147;Bylaws&#148;), by the Restated Certificate of
</FONT>
<P align="center"><FONT size="2">3</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">Incorporation, as amended, of the registrant (the &#147;Certificate of
Incorporation&#148;) and by certain indemnification agreements entered into with
officers and directors (the &#147;Indemnity Agreements&#148;).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;145 of the DGCL, directors and officers as well as other
employees and individuals may be indemnified against expenses (including
attorneys&#146; fees), judgments, fines and amounts paid in settlement in connection
with specified actions, suits or proceedings, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the
corporation (a &#147;derivative action&#148;)) if they acted in good faith and in a
manner they reasonably believed to be in or not opposed to the best interests
of the registrant, and with respect to any criminal action or proceeding, had
no reasonable cause to believe their conduct was unlawful. A similar standard
of care is applicable in the case of derivative actions, except that
indemnification only extends to expenses (including attorneys&#146; fees) incurred
in connection with defense or settlement of such an action and the DGCL
requires court approval before there can be any indemnification where the
person seeking indemnification has been found liable to the registrant.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Certificate of Incorporation and Bylaws of the registrant provide that
the registrant shall, to the fullest extent permitted by Section&nbsp;145 of the
DGCL, (i)&nbsp;indemnify any and all persons whom it shall have power to indemnify
under said section from and against any and all of the expenses, liabilities or
other matters referred to in or covered by said section, and (ii)&nbsp;advance
expenses related thereto to any and all said persons. The indemnification and
advancement of expenses provided for therein shall not be deemed to be
exclusive of any other rights to which those indemnified may be entitled under
any bylaw, agreement, vote of stockholders or disinterested directors or
otherwise, both as to action in their official capacities and as to action in
another capacity while holding such offices, and shall continue as to persons
who have ceased to be directors, officers, employees or agents and shall inure
to the benefit of the heirs, executors and administrators of such person. In
addition, the Certificate of Incorporation of the registrant provides for the
elimination of personal liability of directors of the registrant to the
registrant or its stockholders for monetary damages for breach of fiduciary
duty as a director, to the fullest extent permitted by the DGCL, as amended and
supplemented.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Indemnity Agreement provides for the indemnification of the officer
or director, to the fullest extent permitted by the laws of the State of
Delaware, and obligate the registrant to provide the maximum protection allowed
under Delaware law. In addition, each Indemnity Agreement supplements and
increases such protection in certain respects.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant has purchased directors, officers and corporate liability
insurance policies. The policies cover up to an aggregate amount of $30
million for losses of directors and officers of the registrant arising from
claims made against the directors or officers for any actual or alleged
wrongful act in their capacities as directors or officers of the registrant.
The policy also covers losses of the registrant for class action securities
claims made against the registrant and for the amount of any indemnification
paid to directors and officers, in each case up to the aggregate limit of $20
million. The policy covers securities derivative claims and claims without
indemnification for up to $30&nbsp;million.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers or persons controlling the
registrant pursuant to the foregoing provisions, the registrant has been
informed that, in the opinion of the Commission, such indemnification is
against public policy as expressed in the Securities Act and is therefore
unenforceable.
</FONT>
<P align="left"><FONT size="2"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="center"><FONT size="2">4</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>Item&nbsp;8. Exhibits.</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><HR size="1" noshade width="9%"></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restated Certificate of Incorporation of the Registrant dated
February&nbsp;17, 1987; Certificate of Amendment dated January&nbsp;28, 1993; and
Certificate of Correction dated May&nbsp;4, 1994, all incorporated by
reference to Exhibit&nbsp;3(a) to the Registrant&#146;s Annual Report on Form
10-K for the year ended June&nbsp;30, 1994.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Amendment to the Amended and Restated Certificate of
Incorporation of the Registrant, as filed with the Secretary of State
of the State of Delaware on February&nbsp;25, 1998, incorporated by
reference to Exhibit&nbsp;3.1 to the Registrant&#146;s Quarterly Report on Form
10-Q for the fiscal quarter ended March&nbsp;31, 1998.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Rights Agreement, dated March&nbsp;5, 1998 between the Registrant and
The Bank of New York, as Rights Agent, incorporated by reference to the
Registrant&#146;s Registration Statement on Form&nbsp;8-A, filed with the
Commission on March&nbsp;25, 1998.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By-Laws of the Registrant, as amended and restated through June&nbsp;26,
1996, incorporated by reference to Exhibit&nbsp;3(b) to the Registrant&#146;s
Annual Report on Form&nbsp;10-K for the year ended June&nbsp;30, 1996.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restricted Stock Agreement, dated June&nbsp;12, 2003, between the
Registrant and Brian R. Gamache, incorporated by reference to Exhibit
10(ll) to the Registrant&#146;s Annual Report on Form&nbsp;10-K for the fiscal
year ended June&nbsp;30, 2003 (the &#147;2003 Form&nbsp;10-K&#148;).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restricted Stock Agreement, dated June&nbsp;12, 2003, between the
Registrant and Scott D. Schweinfurth, incorporated by reference to
Exhibit&nbsp;10(mm) to the 2003 Form&nbsp;10-K.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restricted Stock Agreement, dated June&nbsp;12, 2003, between the
Registrant and Orrin J. Edidin, incorporated by reference to Exhibit
10(nn) to the 2003 Form&nbsp;10-K.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restricted Stock Agreement, dated June&nbsp;12, 2003, between the
Registrant and Seamus McGill, incorporated by reference to Exhibit
10(oo) to the 2003 Form&nbsp;10-K.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Shack Siegel Katz &#038; Flaherty P.C., counsel for the Registrant.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Shack Siegel Katz &#038; Flaherty P.C. (contained in the
Opinion filed as Exhibit&nbsp;5 hereto).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney (contained on the signature page hereof).</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Item&nbsp;9. Undertakings.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;The undersigned registrant hereby undertakes:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement to include any material
information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the
registration statement.
</FONT>

<P align="center"><FONT size="2">5</FONT>


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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining liability under the Securities
Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the
initial <I>bona fide </I>offering thereof.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant&#146;s annual report pursuant to Section&nbsp;13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan&#146;s annual report pursuant to Section&nbsp;15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
</FONT>
<P align="center"><FONT size="2">6</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">RESALE PROSPECTUS
</FONT>
<P align="center"><FONT size="2"><B>WMS INDUSTRIES INC.</B>
</FONT>
<P align="center"><FONT size="2"><B>1,978,218 Shares</B>
</FONT>
<P align="center"><FONT size="2"><B>Common Stock, Par Value $.50</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We design, manufacture and market gaming machines and video lottery
terminals. Our principal executive office is located at 800 South Northpoint
Boulevard, Waukegan, Illinois 60085, telephone no. (847)&nbsp;785-3000.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed on the New York Stock Exchange under the symbol &#147;WMS&#148;.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our officers and directors who are listed on page 4 below as &#147;selling
stockholders&#148; may sell up to the number of shares of our common stock listed in
the &#147;Shares Available to be Sold&#148; column opposite their names. Selling
stockholders may sell these shares at any time after issuance, but they are not
required to sell any shares. <B>The amounts listed under &#147;Shares Available to be
Sold&#148; do not constitute commitments to sell any or all of the stated number of
shares. </B>The selling stockholders acquired or may acquire the shares available
to be sold under our employee benefit plans.
</FONT>
<P align="center"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>

<P align="center"><HR align="center" size="1" width="18%" noshade>
<P align="center"><FONT size="2"><B>Please see &#147;Risk Factors&#148; on page 2 below.</B>
</FONT>

<P align="center"><HR align="center" size="1" width="18%" noshade>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
accuracy or adequacy of this prospectus. Any representation to the contrary is
a criminal offense.</B>
</FONT>

<P align="center"><HR align="center" size="1" width="18%" noshade>
<P align="center"><FONT size="2">The date of this prospectus is November&nbsp;7, 2003
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<!-- link1 "ABOUT THIS PROSPECTUS" -->
<P align="center"><FONT size="2"><B>ABOUT THIS PROSPECTUS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus relates to 1,978,218 shares (the &#147;Shares&#148;) of our common
stock. The selling stockholders described in this prospectus may sell the
Shares until we terminate this offering. As used in this prospectus, the terms
&#147;we,&#148; &#147;us,&#148; &#147;our&#148; and &#147;WMS&#148; mean WMS Industries Inc., a Delaware corporation,
and its subsidiaries, unless the context indicates a different meaning.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have agreed to pay the expenses incurred in registering the Shares,
including legal and accounting fees.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most of the information about us that you need to know before you invest
in the Shares is not included, but rather is incorporated by reference, in this
prospectus. You should obtain and read the information described below under
the headings &#147;Documents Incorporated by Reference&#148; and &#147;Where You Can Find More
Information&#148; in order to get all the important information about WMS.
</FONT>
<!-- link1 "RISK FACTORS" -->
<P align="center"><FONT size="2"><B>RISK FACTORS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information included and incorporated by reference in this prospectus
contains &#147;forward-looking statements,&#148; within the meaning of the federal
securities laws. These statements describe our plans and beliefs concerning
future business conditions and the outlook for WMS based on currently available
information. Our actual results could differ materially from those described
in the forward-looking statements due to a number of risks and uncertainties.
These risk factors include the following:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Software anomalies and fraudulent manipulation of our gaming
machines and software could reduce our revenue, increase our costs,
burden our engineering and marketing resources, involve us in
litigation and adversely affect our gaming licenses.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Regulators may not approve our new gaming platforms, cabinet
designs and related hardware, and our revenues may be limited.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our gaming machine business is heavily regulated, and we must
obtain and maintain our gaming licenses and regulatory approvals to
continue to operate our business and sell our products.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Our profitability depends heavily on recurring revenue from gaming
operations, the loss of which could have a material adverse effect on
our revenues and profitability.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">If we do not continue to introduce new games and gaming machines
that achieve and maintain market acceptance, our revenues and
profitability will be adversely affected, and we will not recover our
development costs.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The gaming industry is sensitive to declines in the public
acceptance of gaming that may lead to the passage of laws to
significantly increase gaming taxes or outlaw gaming in affected
jurisdictions.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">If we do not continually adapt to the rapid development of new
technologies, we will not be able to successfully compete in our
industry.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Patent infringement claims could limit or affect our ability to
market some of our gaming machines.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">If we do not obtain and retain licenses to use intellectual
properties and licensors&#146; approvals of new products on a timely basis,
our revenues will be adversely affected.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">If we are unable to protect or retain our intellectual property and
proprietary rights, our revenues may be adversely affected.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The gaming machine market is intensely competitive, and some of our
competitors have advantages over us in their ability to finance
technology development and in obtaining favorable placement in casinos.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">We face risks associated with doing business in foreign markets
related to political and economic instability and related foreign
currency fluctuations.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">2</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">If the implementation of our enterprise resource planning
information system is not successful, our operations could be
disrupted, and we may incur unanticipated costs.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">If we do not realize the value of licensed technology commitments,
we may incur charges to earnings.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">We may have conflicts of interest with Midway Games Inc.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Sumner Redstone owns or controls 27.4% of our common stock, and he
may dispose of all or a portion of his stock at any time, which could
cause our stock price to decrease.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The use of our rights plan or blank check preferred stock would
inhibit the acquisition of WMS or have a dilutive effect on our stock.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The substantial number of shares of common stock available for sale
in the future could have an adverse effect on the market price of our
common stock.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">More detailed descriptions of these and other items are set forth under &#147;Item
1. Business &#151; Risk Factors&#148; in our annual report on Form&nbsp;10-K and additional
risks may be described in more recent documents incorporated in this prospectus
by reference.
</FONT>
<!-- link1 "USE OF PROCEEDS" -->
<P align="center"><FONT size="2"><B>USE OF PROCEEDS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any of the proceeds from the sale of the common stock
offered by this prospectus, but we will receive the exercise price upon the
exercise of any options by the selling stockholders. We plan to use any such
proceeds for working capital purposes.
</FONT>
<!-- link1 "SELLING STOCKHOLDERS" -->
<P align="center"><FONT size="2"><B>SELLING STOCKHOLDERS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus relates to Shares that are being registered for reoffers
and resales by selling stockholders who have acquired or may acquire Shares
under our employee benefit plans (including any adjustment shares). The
selling stockholders may resell any or all of the Shares, when issued, at any
time they choose while this prospectus is effective.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive officers and directors, their family members, trusts for their
benefit, or entities that they control, that acquire common stock under our
benefit plans may be added to the selling stockholder list below by a
prospectus supplement filed with the SEC. The number of Shares available to be
sold by any selling stockholder under this prospectus also may be increased or
decreased by a prospectus supplement. Non-affiliates who purchased restricted
securities, as these terms are defined in Rule&nbsp;144(a) under the Securities Act
of 1933, under any of our employee benefit plans and who are not named below
may use this prospectus for the offer or sale of their common stock if they
hold 1,000 shares or less. Although a person&#146;s name is included in the table
below, neither that person nor we are making an admission that the named person
is our &#147;affiliate.&#148;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in the table below sets forth, for each selling
stockholder, based upon information available to us as of November&nbsp;6, 2003, the
number of shares of our common stock beneficially owned before and after the
sale of the Shares (assuming the sales of all Shares) and the percentage of the
outstanding shares of our common stock beneficially owned after the sale of the
Shares.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below also sets forth &#147;Shares Available to be Sold&#148;, which
represents the maximum number of Shares that could be sold under this
prospectus if the holder sold all of his or her Shares, exercised all of his or
her options when vested and sold the underlying Shares. <B>The amounts listed
under &#147;Shares Available to be Sold&#148; do not constitute commitments to sell any
or all of the stated number of Shares. </B>The actual number of Shares to be sold,
if any, shall be determined from time to time by each Selling Stockholder in
his or her discretion. We have not been informed whether any selling
stockholders intend to sell any Shares.
</FONT>
<P align="center"><FONT size="2">3</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Amount and Nature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Shares Beneficially</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Percent of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>of Beneficial</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Shares Available</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Owned After</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Class After</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Name and Position</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Ownership (1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>to be Sold</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Offering</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="1"><B>Offering (1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="top" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Harold
H. Bach, Jr.<BR>Director</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25,000</FONT></TD>
    <TD nowrap><FONT size="2">(2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="top">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">William
C. Bartholomay<BR>Director</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">104,531</FONT></TD>
    <TD nowrap><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">85,731</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Orrin
J. Edidin<BR>Executive Vice President and<BR>Chief Operating Officer</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">192,478</FONT></TD>
    <TD nowrap><FONT size="2">(4)(5)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">217,478</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Brian
R. Gamache<BR>President and Chief Executive<BR>Officer and Director</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">439,142</FONT></TD>
    <TD nowrap><FONT size="2">(5)(6)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">587,478</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top" bgcolor="#eeeeee">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Seamus
McGill<BR>Executive Vice President of<BR>Sales and Marketing for
WMS<BR>Gaming Inc.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">144,978</FONT></TD>
    <TD nowrap><FONT size="2">(5)(7)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">163,728</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Kathleen
J. McJohn<BR>Vice
President, General Counsel and Secretary</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">53,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top" bgcolor="#eeeeee">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">William
E. McKenna<BR>Director</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">84,325</FONT></TD>
    <TD nowrap><FONT size="2">(3)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">81,731</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,594</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Norman
J. Menell<BR>Vice Chairman of the Board of
Directors</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">82,947</FONT></TD>
    <TD nowrap><FONT size="2">(8)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">80,731</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,216</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Donna
B. More<BR>Director</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100,000</FONT></TD>
    <TD nowrap><FONT size="2">(9)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Louis
J. Nicastro<BR>Chairman of the Board of Directors</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29,632</FONT></TD>
    <TD nowrap><FONT size="2">(10)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,632</FONT></TD>
    <TD nowrap><FONT size="2">(9)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top" bgcolor="#eeeeee">

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Neil
D. Nicastro<BR>Director</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9,305,014</FONT></TD>
    <TD nowrap><FONT size="2">(11)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">35,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9,270,014</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">31.5</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="top">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Harvey
Reich<BR>Director</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">53,421</FONT></TD>
    <TD nowrap><FONT size="2">(12)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">53,421</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Robert
R. Rogowski<BR>Vice President of Finance and Controller</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29,400</FONT></TD>
    <TD nowrap><FONT size="2">(13)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">76,150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">David
M. Satz, Jr.<BR>Director</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">88,500</FONT></TD>
    <TD nowrap><FONT size="2">(14)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">88,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Scott
D. Schweinfurth<BR>Executive Vice President, Chief<BR>Financial Officer and Treasurer</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">183,478</FONT></TD>
    <TD nowrap><FONT size="2">(15)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">207,478</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="toP">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ira
S. Sheinfeld<BR>Director</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">130,975</FONT></TD>
    <TD nowrap><FONT size="2">(16)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">112,773</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,202</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Less than 1%</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">4</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Based on 29,397,613 shares outstanding as of November&nbsp;6, 2003. Shares
issuable upon the exercise of options exercisable by a person within 60
days are deemed to be outstanding with respect to the calculation of that
person&#146;s percent of class.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents 25,000 shares underlying stock options.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 75,000 shares underlying stock options and 6,731 shares acquired
pursuant to the anti-dilution provisions of our stock option plans.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 185,000 shares underlying stock options.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(5)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes a restricted stock grant of 7,478 shares which vests on June&nbsp;11,
2004, subject to reporting person&#146;s continued employement with WMS.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(6)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 426,664 shares underlying stock options.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(7)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents 137,500 shares underlying stock options.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(8)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 75,000 shares underlying stock options and 5,731 shares acquired
pursuant to the anti-dilution provisions of our stock option plans.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(9)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents 100,000 shares underlying stock options.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(10)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 25,000 shares underlying stock options.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(11)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 8,056,000 shares owned by Sumner M. Redstone and National
Amusements, Inc. and 1,214,000 owned by Phyllis G. Redstone for which the
reporting person has shared voting power but no dispositive power. Also
includes 35,000 shares underlying stock options. Neil D. Nicastro is the
son of Louis J. Nicastro.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(12)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 50,000 shares underlying options and 3,421 shares acquired
pursuant to the anti-dilution provisions of our stock option plans.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(13)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Represents 29,400 shares underlying stock options.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(14)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 50,000 shares underlying stock options.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(15)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 175,000 shares underlying stock options.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(16)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 112,773 shares underlying stock options.</FONT></TD>
</TR>
</TABLE>
<!-- link1 "PLAN OF DISTRIBUTION" -->
<P align="center"><FONT size="2"><B>PLAN OF DISTRIBUTION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders may sell the common stock only for their own
accounts. The Shares will be listed on the New York Stock Exchange, subject to
official notice of issuance. The selling stockholders, their donees or other
transferees and successors in interest permitted to use Form&nbsp;S-8, under General
Instruction A of Form&nbsp;S-8, may sell or transfer Shares for value in one or more
transactions on the New York Stock Exchange (or any successor stock exchange),
in negotiated transactions or in a combination of these methods of sale, at
market prices prevailing at the time of sale, at prices related to those market
prices or at prices otherwise negotiated.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling stockholders may effect transactions by selling Shares to or
through broker-dealers. Those broker-dealers may receive compensation in the
form of underwriting discounts, concessions or commissions from the selling
stockholders and/or the purchasers of the Shares for whom the broker-dealers
may act as agents, which compensation may be more or less than customary
commissions. None of the selling stockholders, at the date of this prospectus,
has any agreement, arrangement or understanding with any broker or dealer to
sell any of the Shares. All selling and other expenses incurred by individual
selling stockholders will be borne by those selling stockholders.
</FONT>
<P align="center"><FONT size="2">5</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Share is sold together with stock purchase rights. These rights are
described in a registration statement on Form&nbsp;S-3 (File No.&nbsp;333-107321) filed
on July&nbsp;25, 2003. See &#147;Documents Incorporated by Reference.&#148;
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not know whether any of the selling stockholders will sell any or
all of their Shares under this prospectus. We may terminate this offering
without notice at any time.
</FONT>
<!-- link1 "LEGAL MATTERS" -->
<P align="center"><FONT size="2"><B>LEGAL MATTERS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the Shares has been passed upon by our counsel, Shack
Siegel Katz &#038; Flaherty P.C., New York, New York. As of November&nbsp;7, 2003,
shareholders of Shack Siegel Katz &#038; Flaherty P.C. hold options to purchase
30,000 shares of our common stock.
</FONT>
<!-- link1 "EXPERTS" -->
<P align="center"><FONT size="2"><B>EXPERTS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ernst &#038; Young LLP, independent auditors, have audited our consolidated
financial statements and schedule included in our annual report on Form&nbsp;10-K
for the year ended June&nbsp;30, 2003, as set forth in their report, which is
incorporated in this prospectus by reference. Our consolidated financial
statements and schedule are incorporated by reference in reliance on their
report, given on Ernst &#038; Young LLP&#146;s authority as experts in accounting and
auditing.
</FONT>
<!-- link1 "DOCUMENTS INCORPORATED BY REFERENCE" -->
<P align="center"><FONT size="2"><B>DOCUMENTS INCORPORATED BY REFERENCE</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate by reference&#148; into this prospectus the
information that we file with the SEC. This means that we can disclose
important information to you by referring you to those documents. Information
incorporated by reference is part of this prospectus. Information that we file
at a future date with the SEC will update and supersede this information. For
further information about WMS Industries Inc. and our common stock, please read
the documents incorporated by reference below.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incorporate by reference the documents listed below and all documents
that we file in the future with the SEC under Sections&nbsp;13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934 until the termination of this
offering:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">our annual report on Form&nbsp;10-K and definitive proxy statement
for the fiscal year ended June&nbsp;30, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">our current report on Form&nbsp;8-K filed on July 3, 2003; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">the description of our common stock contained in our registration statement
on Form&nbsp;S-3 (File No.&nbsp;333-107321) filed on July&nbsp;25, 2003.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will provide to each person, including any beneficial owner, to whom
this prospectus is delivered, a copy of any or all of the information that we
have incorporated by reference in this prospectus. You may request copies of
this information in writing or orally, and we will provide it at no cost. You
may contact us at our principal executive office: 800 South Northpoint
Boulevard, Waukegan, Illinois 60085 (847)&nbsp;785-3000, Attention: General Counsel.
</FONT>
<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->
<P align="center"><FONT size="2"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus constitutes a part of each of nine registration
statements, and amendments to them, that we have filed on Form&nbsp;S-8 with the SEC
concerning the Shares: File Nos. 333-_______ (filed on November&nbsp;7, 2003),
333-101538, 33-48363, 33-79146, 333-06021, 333-48697, 333-57585, 333-46726 and
333-55574. We also file annual, quarterly and current reports, proxy
statements and other information with the SEC. You may read and copy the
registration statements and any materials that we
</FONT>
<P align="center"><FONT size="2">6</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">file at the SEC&#146;s Public
Reference Room at 450 Fifth Street, N.W., Washington, D.C. 20549. You may
obtain information on the operation of the Public Reference Room by calling the
SEC at 1-800-SEC-0330. Our documents may also be inspected at the offices of
the NYSE, 20 Broad Street, New York, New York 10005. The SEC maintains an
Internet site that contains reports, proxy and information statements and other
information about issuers, including us, that file electronically with the SEC.
The SEC&#146;s web site is located at: http://www.sec.gov.
</FONT>
<P align="center"><FONT size="2">7</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- link1 "SIGNATURES" -->
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Waukegan, State of Illinois on this 7th day of
November, 2003.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="53%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="42%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="1" valign="top" align="left"><FONT size="2"></FONT></TD>
        <TD align="left" colspan="2" nowrap valign="top"><FONT size="2">
WMS INDUSTRIES INC.</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">By:</FONT></TD>

        <TD align="left" valign="top"><FONT size="2">
/s/  Brian R. Gamache<BR>
</FONT><HR size="1" noshade><FONT size="2">
Brian R. Gamache, President and<BR>
Chief Executive Officer, and Director</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link1 "Power of Attorney" -->

<P align="center"><FONT size="2"><B>Power of Attorney</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature to this Registration Statement appears below
hereby appoints Brian R. Gamache and Kathleen J. McJohn, and each of them
acting singly, as his or her attorney-in-fact, to sign on his or her behalf
individually and in the capacity stated below and to file all amendments and
post-effective amendments to this Registration Statement, which amendment or
amendments may make such changes and additions to this Registration Statement
as such attorney-in-fact may deem necessary or appropriate.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="28%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="41%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1"><B>Signature</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="1"><B>Date</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left"><FONT size="1"><B>Title</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><HR size="1" noshade width="25%"></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left"><HR size="1" noshade width="15%"></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="left"><HR size="1" noshade width="10%"></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Louis J. Nicastro<BR>
</FONT><HR size="1" noshade><FONT size="2">
Louis J. Nicastro</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
November 7,  2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Chairman of the Board of Directors</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Brian R. Gamache<BR>
</FONT><HR size="1" noshade><FONT size="2">
Brian R. Gamache</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
November 7,  2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">President and Chief Executive Officer (Principal<BR>
Executive Officer) and Director
</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Scott D. Schweinfurth<BR>
</FONT><HR size="1" noshade><FONT size="2">
Scott D. Schweinfurth</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
November 7,  2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Executive Vice President, Chief Financial Officer<BR>
and Treasurer (Principal Financial and Accounting Officer)</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Norman J. Menell<BR>
</FONT><HR size="1" noshade><FONT size="2">
Norman J. Menell</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
November 7,  2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Vice Chairman of the Board of Directors</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;<BR>
</FONT><HR size="1" noshade><FONT size="2">
Harold H. Bach, Jr.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
November 7,  2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ William C. Bartholomay<BR>
</FONT><HR size="1" noshade><FONT size="2">
William C. Bartholomay</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
November 7,  2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ William E. McKenna<BR>
</FONT><HR size="1" noshade><FONT size="2">
William E. McKenna</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
November 7,  2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Donna B. More<BR>
</FONT><HR size="1" noshade><FONT size="2">
Donna B. More</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
November 7,  2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Neil D. Nicastro<BR>
</FONT><HR size="1" noshade><FONT size="2">
Neil D. Nicastro</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
November 7,  2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Harvey Reich<BR>
</FONT><HR size="1" noshade><FONT size="2">
Harvey Reich</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
November 7,  2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ David M. Satz, Jr.<BR>
</FONT><HR size="1" noshade><FONT size="2">
David M. Satz, Jr.</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
November 7,  2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">/s/ Ira Sheinfeld<BR>
</FONT><HR size="1" noshade><FONT size="2">
Ira Sheinfeld</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
November 7,  2003
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "EXHIBIT INDEX" -->
<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><HR size="1" noshade width="9%"></TD>
</TR>
<TR valign="bottom">

    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">

    <TD align="center" valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restated Certificate of Incorporation of the Registrant dated
February&nbsp;17, 1987; Certificate of Amendment dated January&nbsp;28, 1993; and
Certificate of Correction dated May&nbsp;4, 1994, all incorporated by
reference to Exhibit&nbsp;3(a) to the Registrant&#146;s Annual Report on Form&nbsp;10-K
for the year ended June&nbsp;30, 1994.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Amendment to the Amended and Restated Certificate of
Incorporation of the Registrant, as filed with the Secretary of State of
the State of Delaware on February&nbsp;25, 1998, incorporated by reference to
Exhibit&nbsp;3.1 to the Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the
fiscal quarter ended March&nbsp;31, 1998.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Rights Agreement, dated March&nbsp;5, 1998 between the Registrant and The
Bank of New York, as Rights Agent, incorporated by reference to the
Registrant&#146;s Registration Statement on Form&nbsp;8-A, filed with the
Commission on March&nbsp;25, 1998.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By-Laws of the Registrant, as amended and restated through June&nbsp;26,
1996, incorporated by reference to Exhibit&nbsp;3(b) to the Registrant&#146;s
Annual Report on Form&nbsp;10-K for the fiscal year ended June&nbsp;30, 1996.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restricted Stock Agreement dated June&nbsp;12, 2003, between the
Registrant and Brian R. Gamache incorporated by reference to Exhibit
10(ll) to the Registrant&#146;s Annual Report onForm&nbsp;10-K (the &#147;2003 Form
10-K&#148;) for the year ended June&nbsp;30, 2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restricted Stock Agreement, dated June&nbsp;12, 2003, between the
Registrant and Scott D. Schweinfurth incorporated by reference to
Exhibit&nbsp;10(mm) to the 2003 Form&nbsp;10-K.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restricted Stock Agreement, dated June&nbsp;12, 2003, between the
Registrant and Orrin J. Edidin incorporated by reference to Exhibit&nbsp;10(nn) to on the 2003 Form&nbsp;10-K.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Restricted Stock Agreement, dated June&nbsp;12, 2003, between the
Registrant and Seamus McGill incorporated by reference to Exhibit&nbsp;10(oo)
to the 2003 Form&nbsp;10-K.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Shack Siegel Katz &#038; Flaherty P.C., counsel for Registrant.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Shack Siegel Katz &#038; Flaherty P.C. (contained in the Opinion filed as Exhibit&nbsp;5 hereto).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney (contained on the signature page hereof).</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
</BODY>
</HTML>
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sv8
As filed with the Securities and Exchange Commission on November 7, 2003
Registration No. 333-____
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
WMS INDUSTRIES INC.
(Exact name of Registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
36-2814522
(I.R.S. Employer Identification No.)
800 South Northpoint Boulevard, Waukegan, IL 60085
(Address, including zip code, of Registrant's principal executive offices)
RESTRICTED STOCK AGREEMENT
(Full title of the Plan)
Kathleen J. McJohn, Esq.
Vice President, General Counsel,
and Secretary
WMS Industries Inc.
800 South Northpoint Boulevard
Waukegan, Illinois 60085
(847) 785-3000
(Name and address, including zip code, and
telephone number, including area code, of agent for service)
Copy to:
Jeffrey N. Siegel, Esq.
Shack Siegel Katz & Flaherty P.C.
530 Fifth Avenue
New York, New York 10036
(212) 782-0700
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Amount of
Title of securities
Amount to be
offering price
aggregate
Registration
to be registered (1)
registered (2)
per share
offering price
Fee (3)
Common Stock, par value $.50
29,912 shares
$
23.00
$
687,976
$
0(4)(5)
(1)
In accordance with a Rights Agreement entered into between the registrant
and The Bank of New York, dated as of March 5, 1998, each share of common
stock is accompanied by stock purchase rights. The value attributable to
these rights, if any, is reflected in the value of the common stock, and,
accordingly, no separate fee is paid.
(2)
Pursuant to Rule 416 under the Securities Act of 1933, this registration
statement also covers an indeterminable number of shares of common stock
which may become issuable pursuant to the anti-dilution provisions of
Restricted Stock Agreements between the Registrant and each of Brian R.
Gamache, Scott D. Schweinfurth, Orrin J. Edidin and Seamus McGill,
respectively, each dated as of June 12, 2003.
(3)
The fee is computed, in accordance Rule 457(h)(1) and 457(c) under the
Securities Act, based on the average of the high and low prices of the
registrant's common stock reported on the New York Stock Exchange on
November 3, 2003.
(4)
The registration fee has been offset by $55.66, under Rule 457(p),
against fees previously paid with the Registrant's registration statement
on Form S-3, File No. 333-83021, initially filed on July 16, 1999. A
total fee of $17,724.17 was paid with that offering to register 4,025,000
shares, which were never sold or issued in that offering. That
registration statement was withdrawn pursuant to Rule 477 on September 30,
1999.
(5)
$2,231.46 was offset from fees due for registration statement no.
333-101538, relating to 1,500,000 shares of common stock; $8,995.07 was
paid with registration statement no. 33-48363, relating to 1,701,845
shares of common stock; $16,325.33 was paid with registration statement
no. 33-79146, relating to 2,198,902 shares of common stock; $12,584.47
was paid with registration statement no. 333-06021, relating to 1,644,455
shares of common stock; $4,608.45 was paid with registration statement
no. 333-48697, relating to 515,360 shares of common stock; $905.65 was
paid with registration statement no. 333-57585, relating to 1,000,000
shares of common stock; $7,543.00 was paid with registration statement no.
333-46726, relating to 1,750,000 shares of common stock; and $4,930.00 was
paid with registration statement no. 333-55574, relating to 1,000,000
shares of common stock. These shares are being carried forward in the
combined reoffer prospectus being filed herewith (to the extent that they
are or may be control or restricted securities). See the Rule 429 note
immediately below.
As permitted by Rule 429 under the Securities Act of 1933, the prospectus
filed together with this registration statement is a combined resale prospectus
which shall be deemed a post-effective amendment to the registrant's
registration statements numbered 333-101538, 33-48363, 33-79146, 333-06021,
333-48697, 333-57585, 333-46726 and 333-55574, each on Form S-8.
EXPLANATORY NOTE
Registration statements numbered 333-101538, 33-48363, 33-79146,
333-06021, 333-48697, 333-57585, 333-46726 and 333-55574 were filed previously
with the SEC by the registrant to register shares of its common stock, par
value $.50 per share: (a) issued or issuable under its 1991 Stock Option Plan,
as amended, its 1993 Stock Option Plan, as amended, its 1994 Stock Option Plan,
as amended, its 1998 Non-Qualified Stock Option Plan, its 2000 Non-Qualified
Stock Option Plan, its 2000 Stock Option Plan and its 2002 Stock Option Plan,
and (b) issued to option holders in connection with the 1998 spinoff of
registrant's interest in Midway Games Inc. in accordance with the antidilution
provisions of the WMS
2
Plans (collectively, the "WMS Plans"). This registration
statement is being filed to: (1) register the shares of common stock issued
under Restricted Stock Agreements between the Registrant and each of Brian R.
Gamache, Scott D. Schweinfurth, Orrin J. Edidin and Seamus McGill,
respectively, each dated as of June 12, 2003 (collectively, the Agreements )
and (2) file a prospectus, as permitted by Form S-8 General Instruction C and
Rule 429 under the Securities Act, to be used for reoffers and resales by
directors and executive officers of WMS of shares purchased under any of the
WMS Plans or the Agreements.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing the information specified by Part I will be sent
or given to eligible participants as specified by Rule 428(b)(1) under the
Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The registrant's Annual Report on Form 10-K and Definitive Proxy Statement
for the fiscal year ended June 30, 2003; current report on Form 8-K filed on
July 3, 2003; and the description of the registrant's common stock
contained in the registrant's registration statement on Form S-3 (File No.
333-107321) filed on July 25, 2003 pursuant to Section 12(b) of the Securities
Exchange Act of 1934 (the "Exchange Act"), including all exhibits thereto, are
incorporated herein by this reference and made a part of this registration
statement.
All documents subsequently filed by the registrant under Sections 13(a),
13(c), 14 or 15(d) of the Exchange Act after the effective date of this
registration statement and prior to the termination of the offering of the
common stock offered hereby shall be deemed to be incorporated by reference
into this registration statement and to be a part hereof from the date of
filing of those documents. Any statement contained herein or in a document
incorporated or deemed to be incorporated by reference herein shall be deemed
to be modified or superseded for purposes of this registration statement to the
extent that a statement contained herein or in any document which is or is
deemed to be incorporated by reference herein modifies or supersedes such
statement. Any statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this registration
statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
The legality of the issuance of the shares of common stock offered hereby
will be passed upon for the registrant by Shack Siegel Katz & Flaherty P.C.,
530 Fifth Avenue, New York, New York 10036. As of November 7, 2003
shareholders of Shack Siegel Katz & Flaherty P.C. held, in the aggregate,
options to purchase 30,000 shares of common stock.
Item 6. Indemnification of Directors and Officers.
The registrant's authority to indemnify its officers and directors is
governed by the provisions of Section 145 of the General Corporation Law of the
State of Delaware (the "DGCL"), by the Amended and Restated Bylaws of the
registrant, as amended (the "Bylaws"), by the Restated Certificate of
3
Incorporation, as amended, of the registrant (the "Certificate of
Incorporation") and by certain indemnification agreements entered into with
officers and directors (the "Indemnity Agreements").
Under Section 145 of the DGCL, directors and officers as well as other
employees and individuals may be indemnified against expenses (including
attorneys' fees), judgments, fines and amounts paid in settlement in connection
with specified actions, suits or proceedings, whether civil, criminal,
administrative or investigative (other than an action by or in the right of the
corporation (a "derivative action")) if they acted in good faith and in a
manner they reasonably believed to be in or not opposed to the best interests
of the registrant, and with respect to any criminal action or proceeding, had
no reasonable cause to believe their conduct was unlawful. A similar standard
of care is applicable in the case of derivative actions, except that
indemnification only extends to expenses (including attorneys' fees) incurred
in connection with defense or settlement of such an action and the DGCL
requires court approval before there can be any indemnification where the
person seeking indemnification has been found liable to the registrant.
The Certificate of Incorporation and Bylaws of the registrant provide that
the registrant shall, to the fullest extent permitted by Section 145 of the
DGCL, (i) indemnify any and all persons whom it shall have power to indemnify
under said section from and against any and all of the expenses, liabilities or
other matters referred to in or covered by said section, and (ii) advance
expenses related thereto to any and all said persons. The indemnification and
advancement of expenses provided for therein shall not be deemed to be
exclusive of any other rights to which those indemnified may be entitled under
any bylaw, agreement, vote of stockholders or disinterested directors or
otherwise, both as to action in their official capacities and as to action in
another capacity while holding such offices, and shall continue as to persons
who have ceased to be directors, officers, employees or agents and shall inure
to the benefit of the heirs, executors and administrators of such person. In
addition, the Certificate of Incorporation of the registrant provides for the
elimination of personal liability of directors of the registrant to the
registrant or its stockholders for monetary damages for breach of fiduciary
duty as a director, to the fullest extent permitted by the DGCL, as amended and
supplemented.
Each Indemnity Agreement provides for the indemnification of the officer
or director, to the fullest extent permitted by the laws of the State of
Delaware, and obligate the registrant to provide the maximum protection allowed
under Delaware law. In addition, each Indemnity Agreement supplements and
increases such protection in certain respects.
The registrant has purchased directors, officers and corporate liability
insurance policies. The policies cover up to an aggregate amount of $30
million for losses of directors and officers of the registrant arising from
claims made against the directors or officers for any actual or alleged
wrongful act in their capacities as directors or officers of the registrant.
The policy also covers losses of the registrant for class action securities
claims made against the registrant and for the amount of any indemnification
paid to directors and officers, in each case up to the aggregate limit of $20
million. The policy covers securities derivative claims and claims without
indemnification for up to $30 million.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers or persons controlling the
registrant pursuant to the foregoing provisions, the registrant has been
informed that, in the opinion of the Commission, such indemnification is
against public policy as expressed in the Securities Act and is therefore
unenforceable.
Item 7. Exemption from Registration Claimed.
Not applicable.
4
Item 8. Exhibits.
Exhibit No.
Description
4.1
Restated Certificate of Incorporation of the Registrant dated
February 17, 1987; Certificate of Amendment dated January 28, 1993; and
Certificate of Correction dated May 4, 1994, all incorporated by
reference to Exhibit 3(a) to the Registrant's Annual Report on Form
10-K for the year ended June 30, 1994.
4.2
Certificate of Amendment to the Amended and Restated Certificate of
Incorporation of the Registrant, as filed with the Secretary of State
of the State of Delaware on February 25, 1998, incorporated by
reference to Exhibit 3.1 to the Registrant's Quarterly Report on Form
10-Q for the fiscal quarter ended March 31, 1998.
4.3
Rights Agreement, dated March 5, 1998 between the Registrant and
The Bank of New York, as Rights Agent, incorporated by reference to the
Registrant's Registration Statement on Form 8-A, filed with the
Commission on March 25, 1998.
4.4
By-Laws of the Registrant, as amended and restated through June 26,
1996, incorporated by reference to Exhibit 3(b) to the Registrant's
Annual Report on Form 10-K for the year ended June 30, 1996.
4.5
Restricted Stock Agreement, dated June 12, 2003, between the
Registrant and Brian R. Gamache, incorporated by reference to Exhibit
10(ll) to the Registrant's Annual Report on Form 10-K for the fiscal
year ended June 30, 2003 (the "2003 Form 10-K").
4.6
Restricted Stock Agreement, dated June 12, 2003, between the
Registrant and Scott D. Schweinfurth, incorporated by reference to
Exhibit 10(mm) to the 2003 Form 10-K.
4.7
Restricted Stock Agreement, dated June 12, 2003, between the
Registrant and Orrin J. Edidin, incorporated by reference to Exhibit
10(nn) to the 2003 Form 10-K.
4.8
Restricted Stock Agreement, dated June 12, 2003, between the
Registrant and Seamus McGill, incorporated by reference to Exhibit
10(oo) to the 2003 Form 10-K.
5
Opinion of Shack Siegel Katz & Flaherty P.C., counsel for the Registrant.
23.1
Consent of Shack Siegel Katz & Flaherty P.C. (contained in the
Opinion filed as Exhibit 5 hereto).
23.2
Consent of Ernst & Young LLP.
24
Power of Attorney (contained on the signature page hereof).
Item 9. Undertakings.
a. The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement to include any material
information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the
registration statement.
5
(2) That, for the purpose of determining liability under the Securities
Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the
initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
b.     The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan's annual report pursuant to Section 15(d) of the Securities Exchange Act
of 1934) that is incorporated by reference in the registration statement shall
be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
c.     Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.
6
RESALE PROSPECTUS
WMS INDUSTRIES INC.
1,978,218 Shares
Common Stock, Par Value $.50
We design, manufacture and market gaming machines and video lottery
terminals. Our principal executive office is located at 800 South Northpoint
Boulevard, Waukegan, Illinois 60085, telephone no. (847) 785-3000.
Our common stock is listed on the New York Stock Exchange under the symbol "WMS".
Our officers and directors who are listed on page 4 below as "selling
stockholders" may sell up to the number of shares of our common stock listed in
the "Shares Available to be Sold" column opposite their names. Selling
stockholders may sell these shares at any time after issuance, but they are not
required to sell any shares.
The amounts listed under "Shares Available to be
Sold" do not constitute commitments to sell any or all of the stated number of
shares.
The selling stockholders acquired or may acquire the shares available
to be sold under our employee benefit plans.
Please see "Risk Factors" on page 2 below.
Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
accuracy or adequacy of this prospectus. Any representation to the contrary is
a criminal offense.
The date of this prospectus is November 7, 2003
ABOUT THIS PROSPECTUS
This prospectus relates to 1,978,218 shares (the "Shares") of our common
stock. The selling stockholders described in this prospectus may sell the
Shares until we terminate this offering. As used in this prospectus, the terms
"we," "us," "our" and "WMS" mean WMS Industries Inc., a Delaware corporation,
and its subsidiaries, unless the context indicates a different meaning.
We have agreed to pay the expenses incurred in registering the Shares,
including legal and accounting fees.
Most of the information about us that you need to know before you invest
in the Shares is not included, but rather is incorporated by reference, in this
prospectus. You should obtain and read the information described below under
the headings "Documents Incorporated by Reference" and "Where You Can Find More
Information" in order to get all the important information about WMS.
RISK FACTORS
The information included and incorporated by reference in this prospectus
contains "forward-looking statements," within the meaning of the federal
securities laws. These statements describe our plans and beliefs concerning
future business conditions and the outlook for WMS based on currently available
information. Our actual results could differ materially from those described
in the forward-looking statements due to a number of risks and uncertainties.
These risk factors include the following:
•
Software anomalies and fraudulent manipulation of our gaming
machines and software could reduce our revenue, increase our costs,
burden our engineering and marketing resources, involve us in
litigation and adversely affect our gaming licenses.
•
Regulators may not approve our new gaming platforms, cabinet
designs and related hardware, and our revenues may be limited.
•
Our gaming machine business is heavily regulated, and we must
obtain and maintain our gaming licenses and regulatory approvals to
continue to operate our business and sell our products.
•
Our profitability depends heavily on recurring revenue from gaming
operations, the loss of which could have a material adverse effect on
our revenues and profitability.
•
If we do not continue to introduce new games and gaming machines
that achieve and maintain market acceptance, our revenues and
profitability will be adversely affected, and we will not recover our
development costs.
•
The gaming industry is sensitive to declines in the public
acceptance of gaming that may lead to the passage of laws to
significantly increase gaming taxes or outlaw gaming in affected
jurisdictions.
•
If we do not continually adapt to the rapid development of new
technologies, we will not be able to successfully compete in our
industry.
•
Patent infringement claims could limit or affect our ability to
market some of our gaming machines.
•
If we do not obtain and retain licenses to use intellectual
properties and licensors' approvals of new products on a timely basis,
our revenues will be adversely affected.
•
If we are unable to protect or retain our intellectual property and
proprietary rights, our revenues may be adversely affected.
•
The gaming machine market is intensely competitive, and some of our
competitors have advantages over us in their ability to finance
technology development and in obtaining favorable placement in casinos.
•
We face risks associated with doing business in foreign markets
related to political and economic instability and related foreign
currency fluctuations.
2
•
If the implementation of our enterprise resource planning
information system is not successful, our operations could be
disrupted, and we may incur unanticipated costs.
•
If we do not realize the value of licensed technology commitments,
we may incur charges to earnings.
•
We may have conflicts of interest with Midway Games Inc.
•
Sumner Redstone owns or controls 27.4% of our common stock, and he
may dispose of all or a portion of his stock at any time, which could
cause our stock price to decrease.
•
The use of our rights plan or blank check preferred stock would
inhibit the acquisition of WMS or have a dilutive effect on our stock.
•
The substantial number of shares of common stock available for sale
in the future could have an adverse effect on the market price of our
common stock.
More detailed descriptions of these and other items are set forth under "Item
1. Business — Risk Factors" in our annual report on Form 10-K and additional
risks may be described in more recent documents incorporated in this prospectus
by reference.
USE OF PROCEEDS
We will not receive any of the proceeds from the sale of the common stock
offered by this prospectus, but we will receive the exercise price upon the
exercise of any options by the selling stockholders. We plan to use any such
proceeds for working capital purposes.
SELLING STOCKHOLDERS
This prospectus relates to Shares that are being registered for reoffers
and resales by selling stockholders who have acquired or may acquire Shares
under our employee benefit plans (including any adjustment shares). The
selling stockholders may resell any or all of the Shares, when issued, at any
time they choose while this prospectus is effective.
Executive officers and directors, their family members, trusts for their
benefit, or entities that they control, that acquire common stock under our
benefit plans may be added to the selling stockholder list below by a
prospectus supplement filed with the SEC. The number of Shares available to be
sold by any selling stockholder under this prospectus also may be increased or
decreased by a prospectus supplement. Non-affiliates who purchased restricted
securities, as these terms are defined in Rule 144(a) under the Securities Act
of 1933, under any of our employee benefit plans and who are not named below
may use this prospectus for the offer or sale of their common stock if they
hold 1,000 shares or less. Although a person's name is included in the table
below, neither that person nor we are making an admission that the named person
is our "affiliate."
The information in the table below sets forth, for each selling
stockholder, based upon information available to us as of November 6, 2003, the
number of shares of our common stock beneficially owned before and after the
sale of the Shares (assuming the sales of all Shares) and the percentage of the
outstanding shares of our common stock beneficially owned after the sale of the
Shares.
The table below also sets forth "Shares Available to be Sold", which
represents the maximum number of Shares that could be sold under this
prospectus if the holder sold all of his or her Shares, exercised all of his or
her options when vested and sold the underlying Shares.
The amounts listed
under "Shares Available to be Sold" do not constitute commitments to sell any
or all of the stated number of Shares.
The actual number of Shares to be sold,
if any, shall be determined from time to time by each Selling Stockholder in
his or her discretion. We have not been informed whether any selling
stockholders intend to sell any Shares.
3
Amount and Nature
Shares Beneficially
Percent of
of Beneficial
Shares Available
Owned After
Class After
Name and Position
Ownership (1)
to be Sold
Offering
Offering (1)
Harold
H. Bach, Jr.
Director
25,000
(2)
25,000
0
*
William
C. Bartholomay
Director
104,531
(3)
85,731
18,800
*
Orrin
J. Edidin
Executive Vice President and
Chief Operating Officer
192,478
(4)(5)
217,478
0
0
Brian
R. Gamache
President and Chief Executive
Officer and Director
439,142
(5)(6)
587,478
5,000
*
Seamus
McGill
Executive Vice President of
Sales and Marketing for
WMS
Gaming Inc.
144,978
(5)(7)
163,728
0
0
Kathleen
J. McJohn
Vice
President, General Counsel and Secretary
0
53,750
0
0
William
E. McKenna
Director
84,325
(3)
81,731
2,594
*
Norman
J. Menell
Vice Chairman of the Board of
Directors
82,947
(8)
80,731
2,216
*
Donna
B. More
Director
100,000
(9)
100,000
0
0
Louis
J. Nicastro
Chairman of the Board of Directors
29,632
(10)
25,000
4,632
(9)
*
Neil
D. Nicastro
Director
9,305,014
(11)
35,000
9,270,014
31.5
%
Harvey
Reich
Director
53,421
(12)
53,421
0
0
Robert
R. Rogowski
Vice President of Finance and Controller
29,400
(13)
76,150
0
0
David
M. Satz, Jr.
Director
88,500
(14)
88,500
1,000
*
Scott
D. Schweinfurth
Executive Vice President, Chief
Financial Officer and Treasurer
183,478
(15)
207,478
1,000
*
Ira
S. Sheinfeld
Director
130,975
(16)
112,773
18,202
*
*
Less than 1%
4
(1)
Based on 29,397,613 shares outstanding as of November 6, 2003. Shares
issuable upon the exercise of options exercisable by a person within 60
days are deemed to be outstanding with respect to the calculation of that
person's percent of class.
(2)
Represents 25,000 shares underlying stock options.
(3)
Includes 75,000 shares underlying stock options and 6,731 shares acquired
pursuant to the anti-dilution provisions of our stock option plans.
(4)
Includes 185,000 shares underlying stock options.
(5)
Includes a restricted stock grant of 7,478 shares which vests on June 11,
2004, subject to reporting person's continued employement with WMS.
(6)
Includes 426,664 shares underlying stock options.
(7)
Represents 137,500 shares underlying stock options.
(8)
Includes 75,000 shares underlying stock options and 5,731 shares acquired
pursuant to the anti-dilution provisions of our stock option plans.
(9)
Represents 100,000 shares underlying stock options.
(10)
Includes 25,000 shares underlying stock options.
(11)
Includes 8,056,000 shares owned by Sumner M. Redstone and National
Amusements, Inc. and 1,214,000 owned by Phyllis G. Redstone for which the
reporting person has shared voting power but no dispositive power. Also
includes 35,000 shares underlying stock options. Neil D. Nicastro is the
son of Louis J. Nicastro.
(12)
Includes 50,000 shares underlying options and 3,421 shares acquired
pursuant to the anti-dilution provisions of our stock option plans.
(13)
Represents 29,400 shares underlying stock options.
(14)
Includes 50,000 shares underlying stock options.
(15)
Includes 175,000 shares underlying stock options.
(16)
Includes 112,773 shares underlying stock options.
PLAN OF DISTRIBUTION
The selling stockholders may sell the common stock only for their own
accounts. The Shares will be listed on the New York Stock Exchange, subject to
official notice of issuance. The selling stockholders, their donees or other
transferees and successors in interest permitted to use Form S-8, under General
Instruction A of Form S-8, may sell or transfer Shares for value in one or more
transactions on the New York Stock Exchange (or any successor stock exchange),
in negotiated transactions or in a combination of these methods of sale, at
market prices prevailing at the time of sale, at prices related to those market
prices or at prices otherwise negotiated.
The selling stockholders may effect transactions by selling Shares to or
through broker-dealers. Those broker-dealers may receive compensation in the
form of underwriting discounts, concessions or commissions from the selling
stockholders and/or the purchasers of the Shares for whom the broker-dealers
may act as agents, which compensation may be more or less than customary
commissions. None of the selling stockholders, at the date of this prospectus,
has any agreement, arrangement or understanding with any broker or dealer to
sell any of the Shares. All selling and other expenses incurred by individual
selling stockholders will be borne by those selling stockholders.
5
Each Share is sold together with stock purchase rights. These rights are
described in a registration statement on Form S-3 (File No. 333-107321) filed
on July 25, 2003. See "Documents Incorporated by Reference."
We do not know whether any of the selling stockholders will sell any or
all of their Shares under this prospectus. We may terminate this offering
without notice at any time.
LEGAL MATTERS
The validity of the Shares has been passed upon by our counsel, Shack
Siegel Katz & Flaherty P.C., New York, New York. As of November 7, 2003,
shareholders of Shack Siegel Katz & Flaherty P.C. hold options to purchase
30,000 shares of our common stock.
EXPERTS
Ernst & Young LLP, independent auditors, have audited our consolidated
financial statements and schedule included in our annual report on Form 10-K
for the year ended June 30, 2003, as set forth in their report, which is
incorporated in this prospectus by reference. Our consolidated financial
statements and schedule are incorporated by reference in reliance on their
report, given on Ernst & Young LLP's authority as experts in accounting and
auditing.
DOCUMENTS INCORPORATED BY REFERENCE
The SEC allows us to "incorporate by reference" into this prospectus the
information that we file with the SEC. This means that we can disclose
important information to you by referring you to those documents. Information
incorporated by reference is part of this prospectus. Information that we file
at a future date with the SEC will update and supersede this information. For
further information about WMS Industries Inc. and our common stock, please read
the documents incorporated by reference below.
We incorporate by reference the documents listed below and all documents
that we file in the future with the SEC under Sections 13(a), 13(c), 14 or
15(d) of the Securities Exchange Act of 1934 until the termination of this
offering:
•
our annual report on Form 10-K and definitive proxy statement
for the fiscal year ended June 30, 2003;
•
our current report on Form 8-K filed on July 3, 2003; and
•
the description of our common stock contained in our registration statement
on Form S-3 (File No. 333-107321) filed on July 25, 2003.
We will provide to each person, including any beneficial owner, to whom
this prospectus is delivered, a copy of any or all of the information that we
have incorporated by reference in this prospectus. You may request copies of
this information in writing or orally, and we will provide it at no cost. You
may contact us at our principal executive office: 800 South Northpoint
Boulevard, Waukegan, Illinois 60085 (847) 785-3000, Attention: General Counsel.
WHERE YOU CAN FIND MORE INFORMATION
This prospectus constitutes a part of each of nine registration
statements, and amendments to them, that we have filed on Form S-8 with the SEC
concerning the Shares: File Nos. 333-_______ (filed on November 7, 2003),
333-101538, 33-48363, 33-79146, 333-06021, 333-48697, 333-57585, 333-46726 and
333-55574. We also file annual, quarterly and current reports, proxy
statements and other information with the SEC. You may read and copy the
registration statements and any materials that we
6
file at the SEC's Public
Reference Room at 450 Fifth Street, N.W., Washington, D.C. 20549. You may
obtain information on the operation of the Public Reference Room by calling the
SEC at 1-800-SEC-0330. Our documents may also be inspected at the offices of
the NYSE, 20 Broad Street, New York, New York 10005. The SEC maintains an
Internet site that contains reports, proxy and information statements and other
information about issuers, including us, that file electronically with the SEC.
The SEC's web site is located at: http://www.sec.gov.
7
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Waukegan, State of Illinois on this 7th day of
November, 2003.
WMS INDUSTRIES INC.
By:
/s/  Brian R. Gamache
Brian R. Gamache, President and
Chief Executive Officer, and Director
Power of Attorney
Each person whose signature to this Registration Statement appears below
hereby appoints Brian R. Gamache and Kathleen J. McJohn, and each of them
acting singly, as his or her attorney-in-fact, to sign on his or her behalf
individually and in the capacity stated below and to file all amendments and
post-effective amendments to this Registration Statement, which amendment or
amendments may make such changes and additions to this Registration Statement
as such attorney-in-fact may deem necessary or appropriate.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
Date
Title
/s/ Louis J. Nicastro
Louis J. Nicastro
November 7,  2003
Chairman of the Board of Directors
/s/ Brian R. Gamache
Brian R. Gamache
November 7,  2003
President and Chief Executive Officer (Principal
Executive Officer) and Director
/s/ Scott D. Schweinfurth
Scott D. Schweinfurth
November 7,  2003
Executive Vice President, Chief Financial Officer
and Treasurer (Principal Financial and Accounting Officer)
/s/ Norman J. Menell
Norman J. Menell
November 7,  2003
Vice Chairman of the Board of Directors
Harold H. Bach, Jr.
November 7,  2003
Director
/s/ William C. Bartholomay
William C. Bartholomay
November 7,  2003
Director
/s/ William E. McKenna
William E. McKenna
November 7,  2003
Director
/s/ Donna B. More
Donna B. More
November 7,  2003
Director
/s/ Neil D. Nicastro
Neil D. Nicastro
November 7,  2003
Director
/s/ Harvey Reich
Harvey Reich
November 7,  2003
Director
/s/ David M. Satz, Jr.
David M. Satz, Jr.
November 7,  2003
Director
/s/ Ira Sheinfeld
Ira Sheinfeld
November 7,  2003
Director
EXHIBIT INDEX
Exhibit
Number
Description
4.1
Restated Certificate of Incorporation of the Registrant dated
February 17, 1987; Certificate of Amendment dated January 28, 1993; and
Certificate of Correction dated May 4, 1994, all incorporated by
reference to Exhibit 3(a) to the Registrant's Annual Report on Form 10-K
for the year ended June 30, 1994.
4.2
Certificate of Amendment to the Amended and Restated Certificate of
Incorporation of the Registrant, as filed with the Secretary of State of
the State of Delaware on February 25, 1998, incorporated by reference to
Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q for the
fiscal quarter ended March 31, 1998.
4.3
Rights Agreement, dated March 5, 1998 between the Registrant and The
Bank of New York, as Rights Agent, incorporated by reference to the
Registrant's Registration Statement on Form 8-A, filed with the
Commission on March 25, 1998.
4.4
By-Laws of the Registrant, as amended and restated through June 26,
1996, incorporated by reference to Exhibit 3(b) to the Registrant's
Annual Report on Form 10-K for the fiscal year ended June 30, 1996.
4.5
Restricted Stock Agreement dated June 12, 2003, between the
Registrant and Brian R. Gamache incorporated by reference to Exhibit
10(ll) to the Registrant's Annual Report onForm 10-K (the "2003 Form
10-K") for the year ended June 30, 2003.
4.6
Restricted Stock Agreement, dated June 12, 2003, between the
Registrant and Scott D. Schweinfurth incorporated by reference to
Exhibit 10(mm) to the 2003 Form 10-K.
4.7
Restricted Stock Agreement, dated June 12, 2003, between the
Registrant and Orrin J. Edidin incorporated by reference to Exhibit 10(nn) to on the 2003 Form 10-K.
4.8
Restricted Stock Agreement, dated June 12, 2003, between the
Registrant and Seamus McGill incorporated by reference to Exhibit 10(oo)
to the 2003 Form 10-K.
5
Opinion of Shack Siegel Katz & Flaherty P.C., counsel for Registrant.
23.1
Consent of Shack Siegel Katz & Flaherty P.C. (contained in the Opinion filed as Exhibit 5 hereto).
23.2
Consent of Ernst & Young LLP.
24
Power of Attorney (contained on the signature page hereof).