NEW YORK, June 20, 2011 /PRNewswire/ -- Scientific Games Corporation (Nasdaq: SGMS) today announced that the Company has signed a five-year contract extension to serve as the primary vendor to supply instant tickets and related services including game design, marketing, warehousing and distribution to the Georgia Lottery Corporation. The five-year extension lengthens the current contract to 2018. Revenue to Scientific Games will continue to be based on a percentage of instant ticket retail sales.
"Our contract extension with Scientific Games provides for new technology and equipment and a continued high level of service to the Lottery and its customers," said Georgia Lottery Corporation President and CEO Margaret DeFrancisco. "Given today's economic climate and the need to continue developing new revenue initiatives, the timing of the extension makes good business sense to effectively maximize revenue for the HOPE Scholarship and Pre-K programs in Georgia."
"The Georgia Lottery Corporation has grown to become one of the top performing lotteries in the world and boasts the second highest per capita instant ticket spend of any lottery," said Jim Trask, President of the Printed Products Group for Scientific Games Corporation. "As a partner to the Georgia Lottery Corporation, we are proud of their accomplishments and we look forward to continuing these efforts to further benefit students in the state of Georgia."
In fiscal year 2010, the Georgia Lottery Corporation generated over $3.6 billion in retail sales, of which $2.4 billion were derived from instant ticket game sales. Since 1993, the Lottery has returned more than $12 billion to fund education causes.
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 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," "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; 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 complete the proposed acquisition of Barcrest Group Limited and Cyberview Technology CZ s.r.o.; inability to benefit from, and risks associated with, joint ventures and strategic investments and relationships; pending legal challenges that may affect our joint venture's Illinois lottery private management agreement or the failure of our joint venture to meet the net income targets or otherwise realize the anticipated benefits under such agreement; 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