IGT, Paradise Entertainment sign electronic table games patent and technology agreement

PROVIDENCE – International Game Technology PLC and Paradise Entertainment Ltd., through their respective subsidiaries, have signed an agreement in which Paradise will transfer all of its electronic table game technology, patents and other intellectual property to IGT.

The only exceptions are for Table Game IP used exclusively in Macau.
Through the agreement, IGT will pay Paradise an upfront free, as well as ongoing earn-out based on placement of products utilizing the Table Game IP over a 15-year term. An IGT spokeswoman said terms are not being disclosed at this time.

The agreement is subject to Paradise obtaining shareholder approval.

The agreement provides IGT with exclusive rights to Paradise’s Table Game IP for the development, manufacturing and distribution of Live and Random Number Generator electronic table games worldwide, except in Macau where Paradise subsidiary LT Game will remain the exclusive provider of its electronic table game products.

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“Through our agreement with Paradise, IGT is now uniquely positioned to capitalize on live and fully electronic table game opportunities in gaming jurisdictions around the world,” Victor Duarte, IGT global chief product officer, gaming, said in a statement. “This pivotal expansion of our product portfolio empowers IGT to innovate in a new and growing segment while offering our customers an even broader range of best-in-class gaming solutions.”

Said Jay Chun, chairman and managing director of Paradise Entertainment, “IGT’s global reach and strong relationships with operators around the world make IGT the ideal company to maximize the business potential of Paradise’s Live and Random Number Generator patents and technology in the international market.”

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