IGT subsidiary awarded Italian Lotto game concession

PROVIDENCE – A consortium led by International Game Technology PLC’s subsidiary, Lottomatica, which is based in Italy, has been awarded the concession for the Lotto game by the Italian regulator Agenzia delle Dogane e dei Monopoli.
The final award of the nine-year concession is expected to be made during the second quarter of 2016.
The consortium’s bid was comprised of 770 million euros (approximately $885.5 million) in upfront concession payments that will be paid in three installments between the time of the award and April 2017. IGT said it expects the first two installments of 350 million (approximately $402.5 million) and 250 million euros (approximately $287.5 million) to be made in 2016, with the balance made next April.

In addition, 130 million euros (approximately $149.5 million) will be invested by the consortium to upgrade technological infrastructure supporting the Lotto game. IGT expects that approximately 25 percent of the capital related to the infrastructure upgrades will occur in 2016, with the balance next year.

No posts to display