LAS VEGAS, Aug. 14, 2014 /PRNewswire/ -- Two of the world's most innovative gaming service and product suppliers are joining forces to expand distribution in Macau and North America, in a three-year agreement between global casino gaming entertainment leader IGT (NYSE: IGT) and Paradise Entertainment Limited (SEHK: 1180) subsidiary LT Game. Under the terms of the agreement, IGT will distribute LT Game's live and electronic table game systems in the United States and Canada, while LT Game will serve as distributor for IGT's slot machines in Macau.
As IGT and LT Game each seek to expand their global market share and product portfolio, this partnership provides the unique opportunity to leverage existing sales, service and compliance infrastructures to drive revenues from incremental product segments. The terms of the agreement specify that IGT will distribute LT Game products on an exclusive basis across jurisdictions in the U.S. and Canada. IGT is also granted right of first refusal for distribution of LT Games to Europe, the Caribbean, Mexico, South America and Central America.
"This alliance is unique to the gaming industry, combining the storied IGT legacy with the market intuition of LT Game to deliver a broader and more relevant product portfolio to our collective customers in North America and Macau," said Eric Tom, IGT EVP of Global Sales. "We will work alongside our partner, LT Game, in both markets to ensure that an exemplary level of customer care is maintained, while we also continue our direct sales and support for systems products in Macau."
"The agreement unlocks enormous potential for LT Game in the international market and marks a significant milestone in our history. It signals an important cooperation that will generate synergies for both IGT and LT Game. As a market leader in Macau, LT Game is well-positioned to assist IGT in their penetration in the domestic Macau market. Conversely, I believe the collaboration with IGT will enable LT Game to accelerate its expansion of global presence and distribution," Jay Chun, Chairman and Managing Director of Paradise Entertainment Limited commented.
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About LT Game
A subsidiary of Paradise Entertainment Limited (SEHK: 1180), LT Game is one of the major gaming and casino providers in Macau and in the Asia Pacific region. Some of its avant-garde gaming products include the Live Multiple Games System (which has live dealers, supports multiple tables and has a terminal-based multi-game selection system) and the Paradise Jackpot System (Baccarat Side-Bet Progressive Jackpot). Both have been patented in Macau, USA and PCT (Patent Cooperation Treaty) countries. LT Game is striving to be at the forefront of the global gaming industry.
This release contains forward-looking statements relating to expected activities and results relating to an agreement between IGT and LT Game. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from the results predicted, and reported results should not be considered an indication of future performance. A list and description of such risks, uncertainties and other matters can be found in our annual report and other reports filed with the Securities and Exchange Commission, including under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K and in our subsequent Quarterly Reports on Form 10-Q and available on the SEC website at www.sec.gov and on the investor relations section of our website at www.IGT.com. All information provided in this release is as of the date hereof, and IGT does not intend, and undertakes no duty, to update this information to reflect subsequent events or circumstances.
IGT Public Relations