Scientific Games to Provide Instant Tickets and Services to National Lottery of Panama
NEW YORK, May 20, 2013 /PRNewswire/ -- Scientific Games Corporation (Nasdaq: SGMS) today announced that its strategic alliance formed with a Panamanian company has signed an instant ticket and cooperative services contract with Loteria Nacional de Beneficencia of Panama ("National Lottery of Panama"). The new contract provides for design of instant lottery games, including responsibility for the entire process of production and supply, as well as advising the Lottery on inventory management, operational methods, marketing, distribution channels and related services. The ten-year contract, which was awarded through a competitive procurement process, begins in May 2013.
The National Lottery of Panama operates traditional draw-based lottery games through a network of 12,000 lottery vendors. Panama currently does not have an instant ticket program and Scientific Games will be the exclusive supplier of instant tickets and related services for the term of the contract. In 2012, the National Lottery of Panama generated $557 million in retail sales, which equates to approximately $155 in per capita sales for approximately 3.6 million people.
"Panama is among the most dynamic and fastest growing economies in the world and its traditional lottery sales rank high in the world on a per capita basis," stated Jim Kennedy, Chief Marketing Officer and President, Printed Products for Scientific Games. "The addition of instant tickets, through the existing distribution network, will offer the retailers and the playing public a new and exciting product that will be complementary to the existing traditional lottery and provide a significant new revenue stream for the Lottery and the Panamanian government."
"We are excited to launch instant tickets and are confident Scientific Games will do a good job," said Sergio Gonzalez Ruiz Olivares, Director General, National Lottery of Panama. "Scientific Games has had a successful track record launching instant lotteries in other jurisdictions around the world, and has proven its ability to deliver quality products as well as efficient and effective management of inventories, marketing and sales. With its help, we can continue to focus on growing our revenues in order to return more funds to Panamanians."
About Scientific Games
Scientific Games Corporation is a global leader in providing customized, end-to-end gaming solutions to lottery and gaming organizations worldwide. Scientific Games' integrated array of products and services includes instant lottery games, lottery gaming systems, terminals and services, and internet applications, as well as server-based interactive gaming terminals and associated gaming control systems. For more information, please visit our website at www.scientificgames.com.
Cindi Buckwalter, Investor Relations
In this press release, the Company makes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as "may," "will," "estimate," "intend," "continue," "believe," "expect," "anticipate," "should," "could," "potential," "opportunity," or similar terminology. These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of future results or performance. Actual results may differ materially from those contemplated in these statements due to a variety of risks and uncertainties and other factors, including, among other things: competition; material adverse changes in economic and industry conditions; technological change; retention and renewal of existing contracts and entry into new or revised contracts; availability and adequacy of cash flows to satisfy obligations and indebtedness or future needs; protection of intellectual property; security and integrity of software and systems; laws and government regulation, including those relating to gaming licenses, permits and operations; inability to identify, complete and integrate future acquisitions; inability to benefit from, and risks associated with, strategic equity investments and relationships; failure of our Northstar Illinois joint venture to meet the net income targets or otherwise to realize the anticipated benefits under its private management agreement with the Illinois Lottery; failure of our Northstar New Jersey joint venture to enter into an agreement to provide marketing and sales services to the New Jersey Lottery (including as a result of the pending protest) or to meet the net income targets or other requirements under any such agreement or otherwise to realize the anticipated benefits under any such agreement; the seasonality of our business; failure to complete the pending acquisition of WMS Industries Inc. ("WMS") on a timely basis or at all, including due to the inability to obtain the gaming regulatory approvals required to complete the acquisition; disruption of our current plans and operations in connection with the acquisition; failure to achieve the intended benefits of the WMS acquisition, including due to the inability to realize synergies in the anticipated amounts or within the contemplated time-frames or cost expectations, or at all; inability to identify and capitalize on trends and changes in the lottery and gaming industries, including the potential expansion of regulated gaming via the internet; inability to enhance and develop successful gaming concepts; dependence on suppliers and manufacturers; liability for product defects; fluctuations in foreign currency exchange rates and other factors associated with international operations; influence of certain stockholders; dependence on key personnel; failure to perform under our contracts; resolution of pending or future litigation; labor matters and stock price volatility. Additional information regarding risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated in forward-looking statements is included from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including under the heading "Risk Factors" in the Company's Annual Report on Form 10-K filed with the SEC on March 12, 2013 and in its subsequent periodic reports. Forward-looking statements speak only as of the date they are made and, except for the Company's ongoing obligations under the U.S. federal securities laws, the Company undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Scientific Games Corporation