Amendment includes possibility of two additional five-year renewal terms
LONDON, Dec. 4, 2019 /PRNewswire/ -- International Game Technology PLC (NYSE: IGT) announced that its subsidiary, IGT Global Services Limited (hereinafter "IGT"), has signed a 10-year extension to its existing agreement to provide its Private Management Lottery services to the four license holders and beneficiaries of The Barbados Lottery.
The extension enables IGT to continue to provide its current private management lottery services, including its industry-leading sales, marketing, advertising, and retail agent services. As part of IGT's ongoing services under the original agreement, it will deploy new retail terminals and ticket checkers, and will introduce self-service vending machines to the market. IGT will also continue to provide peripheral equipment for social space games, which are numbers games displayed on a monitor and played in settings like bars and restaurants.
IGT has operated The Barbados Lottery since the Lottery's inception in 2005. Through its partnership with Lottery beneficiaries the Barbados Olympic Association, the Barbados Cricket Association, the Barbados Turf Club, and the National Sports Council, IGT has helped these national organizations achieve essential revenues to support their individual missions.
In a joint statement, Lottery beneficiary officials Sandra Osborne, President of the Barbados Olympic Association; Conde Riley, President of the Barbados Cricket Association; Rosette Peirce, CEO of the Barbados Turf Club; and Neil Murrell, Acting Director of Sports, the National Sports Council said, "Our long-term partnership with IGT has proven to be the major driving force behind our ability to consistently contribute to the development of sports, youth, and cultural programs in Barbados. A significant portion of our organizations' income is derived from IGT-generated revenues, and it is these funds that enable us to deliver vital programs for all Barbadians to enjoy. This extended partnership with IGT is the proven and optimal way in which we can boost our revenues and sustain programs well into the future. We are excited to continue our partnership with IGT for years to come as we continue to focus on our missions and foster the development of our Barbadian talent."
"This amendment to extend our private management lottery services in Barbados demonstrates all four beneficiaries' confidence in IGT's expertise in responsibly growing the Lottery," said Declan Harkin, IGT Chief Operating Officer, International Lottery. "We look forward to enhancing this robust program through new and existing solutions that engage players, drive growth, and generate funds for good causes that ultimately benefit all Barbadians."
The amendment extends IGT's current agreement from 2023 through to 2033 and includes a provision for two additional five-year renewal terms. As part of the agreement, IGT will continue to provide a full suite of its world-class technology to support transaction processing and retail requirements, supported by its industry-leading marketing, advertising, retail sales, and draw show solutions and content deployment.
IGT (NYSE:IGT) is the global leader in gaming. We enable players to experience their favorite games across all channels and regulated segments, from Gaming Machines and Lotteries to Digital and Social Gaming. Leveraging a wealth of premium content, substantial investment in innovation, in-depth customer intelligence, operational expertise and leading-edge technology, our gaming solutions anticipate the demands of consumers wherever they decide to play. 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 over 12,000 employees. For more information, please visit www.igt.com.
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