IGT to remain exclusive supplier of lottery, iLottery, instant ticket, and video lottery solutions and services through 2043; commits to 1,100 jobs and $155 million in investments in Rhode Island
LONDON, Feb. 25, 2022 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) announced today that its subsidiary, IGT Global Solutions Corporation, has signed a comprehensive 20-year contract extension with the Rhode Island Lottery to remain the exclusive supplier of lottery, iLottery, instant ticket, and video lottery solutions and services through June 30, 2043. In addition to providing innovative solutions and services, IGT has committed to maintaining 1,100 lucrative jobs in Rhode Island.
"The Rhode Island Lottery has partnered with IGT since the early days of both businesses and has benefitted from piloting numerous IGT innovations over the years, including exciting iLottery solutions and sophisticated new ways of ticket printing that are now part of our growing portfolio," said Mark Furcolo, Rhode Island Lottery Director. "This extension signifies an impressive milestone, and we look forward to continued success and implementation of the most advanced lottery systems and solutions for many years to come."
"IGT's history is rooted in Rhode Island as the Company is one if its most successful high-tech startups, with the Rhode Island Lottery being our very first customer," said Jay Gendron, IGT Chief Operating Officer, Global Lottery."IGT's good jobs and great people are the foundation of our success and one of the reasons why we have been able to support the Lottery in its continued evolution throughout our decades-long partnership. Over the next 20 years, we are committed to delivering unrivaled gaming experiences that engage players and drive maximum growth for Rhode Island's third-largest revenue stream."
IGT will replace the Lottery's draw-based lottery central system with IGT's performance-driving Aurora™ product and all related lottery terminals and telecommunications equipment later this year. IGT will replace the draw-based lottery solution with IGT's latest technology again in 2033.
IGT will also upgrade the Lottery's iLottery system in 2023, offering a suite of powerful analytics for the Lottery. The upgraded iLottery system also creates convenience for players to access a user-friendly portal or award-winning mobile solution with a vast library of engaging content. IGT will replace the iLottery system with IGT's latest technology in 2034.
Additionally, IGT will continue as the exclusive printer and supplier of instant tickets to the Lottery. IGT will include tickets incorporating some of IGT's most compelling and well-known brands licensed by IGT to the Lottery's instant ticket portfolio throughout the term of the extension.
In 2025, IGT will replace the Lottery's video lottery central system connecting all of the video lottery terminals deployed by the Lottery at the two casinos operated by the Lottery. The new video lottery central system will allow for further reliability and security backed by more than 25 years of video lottery central system experience. IGT will replace the video lottery central system again in 2035.
Finally, IGT, through a joint venture with Bally's Corporation, will be the exclusive supplier of video lottery terminals to the Lottery commencing January 1, 2023.
In June 2021, Governor Dan McKee signed legislation, passed by the Rhode Island General Assembly in May 2021, authorizing the Lottery to enter into the extension. In connection with the extension, IGT has agreed to certain economic development initiatives, including agreeing to maintain 1,100 jobs in Rhode Island and a minimum Rhode Island payroll commencing with 2022, pay an aggregate of $27 million to the State ($13.5 million in each of 2023 and 2024) and invest $155 million in Rhode Island through 2043.
IGT (NYSE: IGT) is a global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivaled gaming experiences that engage players and drive growth. 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 11,000 employees. For more information, please visit www.igt.com.
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This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall", "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 2020 and other documents filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov and on the investor relations section of the Company's website at www.IGT.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company's business. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.
Phil O'Shaughnessy, Global Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452
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SOURCE International Game Technology PLC