International Game Technology (NYSE:IGT) said Friday it in agreement(p) to a wide-ranging, 20-year contract file name extension with the Rhode Island Lottery.
The lottery operator and expansion slot political machine producer has a lengthy story inward the state. While financial terms (it’s potential worth $1 billion) of the extended contract bridge weren’t revealed, IGT is committing to keeping 1,100 “lucrative jobs” inwards Rhode Island.
IGT has signed a comprehensive 20-year undertake filename extension with the Rhode Island Lottery to remain the sole(a) provider of lottery, iLottery, instant ticket, and picture drawing solutions and services through June 30, 2043,” according to a statement issued past the company.
News of the Rhode Island file name extension comes at a clip when gaming analysts are bullish on lottery businesses, including IGT’s. Lottery assets are immediate payment generators and worthy inward the investment community, but often don’t capture total credit entry when the parent society has other lines of business.
IGT, Rhode Island History
IGT has long loomed big o'er the Rhode Island gaming scene, both in terms of lottery services and gaming machines at the states II casinos — Tiverton and Twin Falls Rivers.
The company’s allegedly intimate relationship with former Gov. Gina Raimondo (D-RI) drew the ire of body politic Republicans and the manipulator of the aforementioned casinos — Twin River Worldwide Holdings, Inc. (TRWH), which is now Bally’s.
In 2019, Twin Rivers proposed a programme to execute Rhode Island’s lottery, piece claiming IGT’s expansion slot ascendancy inward the country was harmful to taxpayers because IGT machines were stale and unappealing to gamblers. IGT balked at the whimsy of ceding the lottery pact, noting that if the deal fell through, it cannot give to keep 1,100 staffers inward the state.
That was then. Now, the sides are playing nice, and that’s a succor to Rhode Island policymakers, because the lottery is the state’s third-largest revenue generator.
“IGT, through a spliff jeopardize with Bally’s Corporation, testament follow the scoop provider of video lottery terminals to the Lottery commencing January 1, 2023,” according to the statement.
IGT Modernization Plans
As division of the contract extension, IGT is preparation an array of updates and technology enhancements for the Rhode Island Lottery.
For example, the company’s scrapping the Lottery’s draw-based drawing central scheme inward favor of its Aurora product. It is also springing for a technology update of the drawing terminals and telecommunications equipment. Both efforts are scheduled to have set this year, and those systems will live refreshed with young tech once again inward 2023.
“IGT testament also rise the Lottery’s iLottery system of rules in 2023, offering a suite of powerful analytics for the Lottery,” said the gaming company. “Additionally, IGT testament carry on as the scoop printing machine and supplier of instant tickets to the Lottery.”
In 2025, IGT testament put back “the Lottery’s picture lottery central system connecting all of the picture lottery terminals deployed past the Lottery at the II casinos operated past the Lottery.”