NEW YORK, Jan. 7, 2011 /PRNewswire/ -- Scientific Games Corporation (Nasdaq: SGMS) today announced that the Company has signed a contract to be the primary vendor to supply instant ticket games and related services to the Louisiana Lottery Corporation. The Company was selected following a competitive procurement process, as previously announced on October 28, 2010. The contract has a ten-year term ending October 2020. Revenue to Scientific Games is based on a percentage of instant ticket retail sales.
"With Scientific Games as our partner for the past six years, the Louisiana Lottery has experienced outstanding growth in scratch-off sales that have enabled us to fulfill our mission of maximizing revenue for K-12 public education," said Rose Hudson, Louisiana Lottery Corporation President. "We look forward to continuing to work with them to create exciting games that give our players added value for their entertainment dollar."
"This new award speaks strongly to the success we have experienced and the relationships we have built in Louisiana," commented Lorne Weil, Chairman and CEO of Scientific Games Corporation. "We believe this partnership with the Lottery will help to generate the maximum revenue for the state of Louisiana while upholding the highest standards of integrity and public trust."
In fiscal year 2010, the Louisiana Lottery generated $372 million in retail sales, of which $136 million were derived from instant ticket game sales. Since its inception, the Louisiana Lottery has transferred $2.2 billion to the State Treasury to be used for the Minimum Foundation Program, which funds public education.
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 include instant lottery games, lottery gaming systems, terminals and services, and internet applications, as well as server-based interactive gaming machines. Scientific Games serves customers in approximately 50 countries. For more information, please visit our web site 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," "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 projected 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; inability to fully realize, and risks associated with, our deferred tax assets; 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, joint ventures and strategic investments and relationships; seasonality; inability to identify and capitalize on trends and changes in the lottery and gaming industries; 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 foreign operations; influence of certain stockholders; dependence on key personnel; failure to perform on 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, including under the heading "Risk Factors" in our 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