Scientific Games Corporation has announced that Lotterie Nazionali S.r.l., a joint venture between Scientific Games and Arianna, has accepted a nine-year contract extension for the Italian Scratch and Win concession.
The agreement follows a communication received from the Italian regulator Agenzia delle Dogane e dei Monopoli regarding the extension of the Italian Scratch & Win concession through to 30 September, 2028, in application of the Law Decree n. 148/2017 recently converted into law.
Lotterie Nazionali S.r.l. is required to pay an upfront fee of E800 million in three installments.
The first installment of E50 million will be paid by 15 December, 2017; payments of the second installment of E300 million and third installment of E450 million are expected to be made in April 2018 and October 2018, respectively.
The payments are expected to be funded by the joint venture partners and pro-rated based on their respective ownership percentage. All other conditions will be the same as the original concession.
Scientific Games owns a 20 percent interest in Lotterie Nazionali S.r.l., and continues to serve as the primary instant game provider for the term of the extension.