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GTECH takes half ownership of Chinese lottery firm

GTECH CorporationGTECH Corporation: GTECH takes half ownership of Chinese lottery firm

Providence, R.I.-based lottery technology company GTECH Global Services Corp., a wholly-owned subsidiary of Italy's Lottomatica S.p.A., has spent $20 million to acquire 50 percent of Tabcorp International Hong Kong Ltd. (TIHK), a Chinese lottery provider.

That 50-percent portion of Tabcorp is being spun into a separate entity and renamed CLS-GTECH Co. Ltd. The new entity is being formed to expand a nationwide KENO system for lotteries throughout China, according to company officials.

Tabcorp's existing KENO system represents several hundred online terminals in video lottery halls in China. CLS-GTECH plans to expand that base to approximately 2,000 terminals by early 2008 and more than 30,000 across China over the next several years.

Lottomatica is publicly traded on the Italian Stock Exchange. In 2006, the company reported approximately $2.44 billion in revenue and 5,900 employees in more than 45 countries when combined with GTECH.

GTECH also receives licensing approval in Nevada to own an interest in Atronic

Lottomatica S.p.A. announced that the Nevada Gaming Commission voted unanimously to permit it, together with its wholly-owned subsidiaries, GTECH Corporation and GTECH Global Services Corporation, licensing approval to own an interest in a Nevada licensee, in this case, Atronic International and Atronic Americas.

"The approval in Nevada is a significant step toward the completion of our acquisition of Atronic, which is on track to close in the first quarter of 2008," said Lottomatica Chairman, Lorenzo Pellicioli. "It is also meaningful and gratifying in that the Nevada Gaming Commission carefully examined the ownership, the corporate structure, and the individual managers of Lottomatica, De Agostini, and GTECH, prior to giving such approval.

"Receiving approval to acquire a Nevada licensee is an acknowledgement that the Company, and those involved in its management, commit to the most rigorous standards of transparency, compliance, and ethical conduct.

"Beyond the immediate positive business impact on the Atronic transaction, the Nevada licensing approval is a vitally-important aspect of our gaming solutions growth strategy."

Wire reports, Lottery Post Staff

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