LAS VEGAS and ATLANTA, Dec. 4, 2017 /PRNewswire/ -- Scientific Games Corporation (NASDAQ:SGMS) today announced that Lotterie Nazionali S.r.l., a joint venture, the exclusive manager of Gratta e Vinci, the Italian Scratch and Win concession owned by Scientific Games, IGT subsidiary Lottomatica Holding, and Arianna 2001, has accepted a nine-year contract extension for the Italian Scratch and 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.
Scientific Games owns a 20 percent interest in Lotterie Nazionali S.r.l., the world's largest instant ticket lottery, and continues to serve as the primary instant game provider for the term of the extension.
About Scientific Games
Scientific Games Corporation (NASDAQ: SGMS) is the global leader in technology-based gaming systems, table games, table products and instant games, and a leader in products, services and content for gaming, lottery and interactive gaming markets. Scientific Games delivers what customers and players value most: trusted security, creative content, operating efficiencies and innovative technology. Today, we offer customers a fully integrated portfolio of technology platforms, robust systems, engaging content and unrivaled professional services. For more information, please visit www.scientificgames.com