LONDON and LAS VEGAS, Oct. 6,
2020 /PRNewswire/ -- International Game Technology PLC
("IGT") (NYSE: IGT) and Scientific Games Corporation ("Scientific
Games") (NASDAQ: SGMS) today released the following joint statement
regarding the Exclusive Instant Lottery (LOTEX) concession in
Brazil:
"IGT and Scientific Games jointly participated in a bid for
the award of the first national instant lottery concession in
Brazil ("LOTEX Concession"). The
parties were awarded the LOTEX Concession in October, 2019.
Pursuant to the award, IGT and Scientific Games were required to
satisfy certain conditions precedent for the execution of the
concession agreement by September 21,
2020. Prior to and since receiving the award of the LOTEX
Concession, the parties repeatedly informed the Government of
Brazil that it was critical, to
ensure the success of the national instant ticket business in
Brazil, to have a signed
distribution agreement with CAIXA Econômica, operator of the
largest lottery retailer network in Brazil. Following more than seven months of
diligent discussions with CAIXA, the parties successfully completed
contract negotiations. However, despite reaching an agreement on
the final version of the contract more than two months ago, CAIXA
failed to authorize its execution by the concession deadline, and
our request for an extension of the process was not granted. The
13,000 lottery retailers within the CAIXA network are fundamental
to a successful launch of the instant ticket business in
Brazil and without such
distribution network, the companies were not prepared to move
forward," said Walter
Bugno, IGT EVP New Business and Strategic Initiatives
and Michael Conforti, Scientific
Games, President Global Strategic Accounts. "In addition, on
September 30, 2020, the Supreme Court
of Brazil ruled that the federal
government's lottery monopoly was unconstitutional, paving the way
for states to develop state lotteries for each of Brazil's 26 states and one federal
district. As a result, and despite being fully prepared to
fulfill all of the financial and non-financial conditions precedent
of the concession agreement, prudent capital management dictates
that we withdraw from the process and re-evaluate the business case
of implementing a lottery operations model in Brazil. Should the Government of Brazil consider an extension of the process
for CAIXA to authorize and execute a contract because of the high
contribution potential of this venture to a number of government
programs, we will explore the possibility of re-engaging in the
process."
About IGT
IGT (NYSE:IGT) is the 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 12,000 employees. For more information,
please visit www.igt.com.
About Scientific Games
Scientific Games Corporation (NASDAQ: SGMS) is a world leader in
entertainment offering dynamic games, systems and services for
casino, lottery, social gaming, online gaming and sports betting.
Scientific Games offers the gaming industry's broadest and most
integrated portfolio of game content, advanced systems,
cutting-edge platforms and professional services. Committed to
responsible gaming, Scientific Games delivers what customers and
players value most: trusted security, engaging entertainment
content, operating efficiencies and innovative technology. For more
information, please visit scientificgames.com.
Cautionary Statement Regarding Forward-Looking
Statements
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
uncertainty of the duration, extent, and effects of the COVID-19
pandemic and the response of governments, including
government-mandated property closures and travel restrictions, and
other third parties on the Company's business, results of
operations, cash flows, liquidity and development prospects and the
factors and risks described in the Company's annual report on Form
20-F for the financial year ended December
31, 2019 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. Nothing
in this news release is intended, or is to be construed, as a
profit forecast or to be interpreted to mean that the financial
performance of International Game Technology PLC for the current or
any future financial years will necessarily match or exceed the
historical published financial performance or International Game
Technology PLC, as applicable. 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.
Contact:
IGT:
Phil O'Shaughnessy, Global
Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside
U.S./Canada +1 (401) 392-7452
Francesco Luti, +39 3485475493; for
Italian media inquiries
James Hurley, Investor Relations, +1
(401) 392-7190
Scientific Games:
Robert Shore, Investor Relations, +1
(702) 532-8125 Robert.Shore@scientificgames.com
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SOURCE International Game Technology PLC