IGT-led joint venture, Lotterie Nazionali, accepts nine-year extension for the Italian Scratch & Win concession
LONDON, U.K. – International Game Technology PLC (“IGT”) (NYSE:IGT) today announced that Lotterie Nazionali S.r.l., a joint venture which is the exclusive manager of Scratch & Win in Italy and owned 64% by IGT subsidiary Lottomatica Holding, and directly and indirectly owned 20% by Scientific Games Corporation and 16% by Arianna 2001, has accepted a nine-year contract extension for the Italian Scratch & Win concession.
The acceptance follows a communication received from the Italian regulator Agenzia delle Dogane e dei Monopoli regarding the extension of the Italian Scratch & Win concession through September 30, 2028, in application of the Law Decree n. 148/2017 recently converted into law.
Lotterie Nazionali S.r.l. is required to pay an upfront fee of €800 million in three installments. The first installment of €50 million will be paid by December 15, 2017; payments of the second installment of €300 million and third installment of €450 million are expected to be made in April 2018 and October 2018, respectively. The payments are expected to be funded by the joint venture partners and pro-rated based on their respective ownership percentage. All other conditions will be the same as the original concession.
About IGT (www.igt.com)
IGT (NYSE:IGT) is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Interactive and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 13,000 employees. For more information, please visit www.igt.com.
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