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