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Connecticut Lottery Corporation Announces Intent to Award New Lottery Systems Contract to Scientific Games13 February 2007
The Connecticut Lottery Corporation has announced its intent to award Scientific Games (Nasdaq: SGMS) its lottery systems contract to supply a new range of lottery equipment and management services to the CT Lottery. The contract begins in May 2008, will have an initial term of five years, and will provide for five one-year extension options. The contract was awarded after a competitive request for proposal process, and is valued at approximately $42 million over its initial term.
"Scientific Games is a leader in the industry and we look forward to the continuation of our relationship with them. The new range of services and equipment they will provide the Lottery will offer significantly more options for producing superior games, increasing service to our customers and, ultimately, generating more record-breaking sales," said John Paul, Chairman of the Connecticut Lottery Corporation.
Scientific Games will supply the Lottery with new gaming equipment, including a central system, approximately 3,000 terminals with touch-screen technology, 3,000 customer display units and 3,000 in-store customer ticket checkers for the Lottery's retailer network. Additionally, Scientific Games will install and maintain a state-of-the-art satellite-based communications network.
Scientific Games holds the current contract, which went into effect in May 1998. Terms of the new contract will significantly enhance Scientific Games capacity to support the CT Lottery.
"The CT Lottery has been a valued systems customer of Scientific Games since 1998, and previously as Autotote since 1993. One of our highest priorities is the retention of longtime customers. We also look forward to continuing to grow revenues that help fund important state programs," said Lorne Weil, Chairman and CEO of Scientific Games.
The CT Lottery produced record sales of $970.3 million in fiscal 2006, of which nearly a third, more than $284.8 million, went into the State's general fund to support services and programs including education, public health, human resources, public safety and more, which benefit the people of the State.
"Scientific Games has managed the current contract very effectively and we anticipate even greater success as SG integrates new state-of-the-art equipment with upgraded software," said James Vance, President and CEO of the Connecticut Lottery Corporation."
About Connecticut Lottery Corporation
The Connecticut Lottery became the Connecticut Lottery Corporation on July 1, 1996, marking the first time a state lottery transitioned from a state agency to a quasi-public corporation. At 35 years old, the CT Lottery is the fourth oldest lottery in the United States. Since its inception in February 1972, the CT Lottery has generated total sales in excess of $16.4 billion, awarded nearly $9.5 billion in prizes to its players, and has transferred more than $6.0 billion to the General Fund. Appropriated by the Legislature, Connecticut's General Fund is used to fund a wide range of state services for Connecticut residents, ranging from the maintenance of roads to health and hospitals, education and public safety. For more information about the Connecticut Lottery Corporation, please visit http://www.ctlottery.org.
Company Contact:
Diane Patterson
Connecticut Lottery Corporation
860-348-4126
About Scientific Games
Scientific Games Corporation is the leading integrated supplier of instant tickets, systems and services to lotteries, a leading supplier of fixed odds betting terminals and systems, interactive sports betting terminals and systems, and wagering systems and services to pari-mutuel operators. It is also a licensed pari-mutuel gaming operator in Connecticut, Maine and the Netherlands and is a leading supplier of prepaid phone cards to telephone companies. Scientific Games' customers are in the United States and more than 60 other countries. For more information about Scientific Games, please visit our web site at http://www.scientificgames.com.
Company Contact:
Investor Relations
Scientific Games Corporation
212-754-2233
Forward-Looking Statements
In this press release we make "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "estimate," "intend," "continue," "believe," "expect" or "anticipate," or the negatives thereof, variations thereon or similar terminology.
These forward-looking statements generally relate to plans and objectives for future operations and are based upon management's reasonable estimates of future results or trends. Although we believe that the plans and objectives reflected in or suggested by such forward-looking statements are reasonable, such plans or objectives may not be achieved.
Actual results may differ from projected results due, but not limited, to unforeseen developments, including developments relating to the following:
-- economic, competitive, demographic, business and other conditions in
our local and regional markets;
-- changes or developments in the laws, regulations or taxes in the gaming
and lottery industries;
-- actions taken or omitted to be taken by third parties, including
customers, suppliers, competitors, members and shareholders, as well as
legislative, regulatory, judicial and other governmental authorities;
-- changes in business strategy, capital improvements, development plans,
including those due to environmental remediation concerns, or changes
in personnel or their compensation, including federal, state and local
minimum wage requirements;
-- the availability and adequacy of our cash flow to satisfy our
obligations, including our debt service obligations and our need for
additional funds required to support capital improvements, development
and acquisitions;
-- an inability to renew or early termination of our contracts;
-- an inability to engage in future acquisitions;
-- the loss of any license or permit, including the failure to obtain an
unconditional renewal of a required gaming license on a timely basis;
and
-- resolution of any pending or future litigation in a manner adverse to
us.
Actual future results may be materially different from what we expect. We will not update forward-looking statements even though our situation may change in the future.
Forward-looking statements speak only as of the date they are made, and except for our ongoing obligations under the U.S. federal securities laws, we undertake no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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