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4-Traders Homepage  >  Equities  >  Nyse  >  International Game Technology PLC    IGT   GB00BVG7F061

INTERNATIONAL GAME TECHNOLOGY PLC (IGT)
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International Game Technology : IGT-led Joint Venture, Lotterie Nazionali, Accepts Nine-Year Extension for the Italian Scratch & Win Concession

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12/14/2017 | 10:35pm CEST

By a News Reporter-Staff News Editor at Marketing Weekly News -- International Game Technology PLC ("IGT") (NYSE:IGT) announced that Lotterie Nazionali S.r.l., a joint venture which is the exclusive manager of Scratch & Win in Italy and owned 64% by IGT subsidiary Lottomatica Holding, and directly and indirectly owned 20% by Scientific Games Corporation and 16% by Arianna 2001, has accepted a nine-year contract extension for the Italian Scratch & Win concession.

The acceptance follows a communication received from the Italian regulator Agenzia delle Dogane e dei Monopoli regarding the extension of the Italian Scratch & Win concession through September 30, 2028, in application of the Law Decree n. 148/2017 recently converted into law.

Lotterie Nazionali S.r.l. is required to pay an upfront fee of €800 million in three installments. The first installment of €50 million will be paid by December 15, 2017; payments of the second installment of €300 million and third installment of €450 million are expected to be made in April 2018 and October 2018, respectively. The payments are expected to be funded by the joint venture partners and pro-rated based on their respective ownership percentage. All other conditions will be the same as the original concession.

Keywords for this news article include: International Game Technology Plc, Marketing and Licensing Agreements.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC

(c) 2017 NewsRx LLC, source Business Newsletters

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Financials ($)
Sales 2018 4 923 M
EBIT 2018 1 102 M
Net income 2018 -21,0 M
Debt 2018 7 692 M
Yield 2018 3,21%
P/E ratio 2018 -
P/E ratio 2019 29,64
EV / Sales 2018 2,63x
EV / Sales 2019 2,50x
Capitalization 5 269 M
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Mean consensus BUY
Number of Analysts 7
Average target price 33,8 $
Spread / Average Target 36%
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Managers
NameTitle
Marco Sala Chief Executive Officer & Director
Philip Glen Satre Chairman
Alberto Fornaro Chief Financial Officer & Executive Vice President
Alberto Dessy Independent Non-Executive Director
James Francis McCann Independent Non-Executive Director
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