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PROVIDENCE – A partnership that includes GTECH Corp. is slated to be awarded a 15-year lottery-marketing contract by New Jersey, Bloomberg News reported.
The other two partners are New York-based Scientific Games Corp., and a unit of the Ontario Municipal Employees Retirement System, based in Toronto.
The partnership will make an upfront payment of $120 million once the contract is signed, under terms announced last week by the N.J. Treasury Department. The agency said the venture has committed to generating at least $1.42 billion more in net income for the state over the accord’s life than would have been collected from the gaming operation with no change.
In New Jersey’s fiscal 2012, which ended in June, the lottery had $2.76 billion in revenue and produced $950 million in income for the state, according to the Treasury announcement. It said the group that includes GTECH may produce an increase in the state’s take of as much as $6.88 billion over the life of the agreement, which involves sales and marketing for the operation.
Bob Vincent, a GTECH spokesman, said the new venture is “grateful” for the pending contract. He declined to comment on the company’s plans, saying the deal has yet to be consummated. •