Scientific Games (Nasdaq: SGMS) has been awarded the contract to operate the new progressive jackpot electronically linked bingo game (ELBG) for the Michigan Lottery. The five-year contract, valued at approximately $4 million, grants exclusive rights to Scientific Games. The new ELBG system will electronically link approximately 600 bingo halls and offer larger progressive jackpots to the players. The new system will also provide additional security and monitoring capabilities to the Michigan Lottery.
"Bingo brings important funding to the state of Michigan," said Lorne Weil, Chairman and CEO of Scientific Games. "We are looking forward to working with the Michigan Lottery and Charitable Gaming to introduce these game enhancements that will help to increase both revenues and attendance."
"Scientific Games submitted the strongest proposal for this new kind of game and I am eager for them to begin implementing it," said Gary C. Peters, Commissioner of the State of Michigan Bureau of State Lottery. "I believe the legions of Michigan bingo players are going to love it."
The Michigan Lottery has contributed approximately $12.9 Billion to Michigan's educational system since 1973, including more than $600 Million in six of the past eight fiscal years.
About Scientific Games
Scientific Games Corporation is the leading integrated supplier of instant tickets, systems and services to lotteries, and the leading supplier of wagering systems and services to pari-mutuel operators. It is also a licensed pari-mutuel gaming operator in Connecticut and the Netherlands and is a leading supplier of prepaid phone cards to telephone companies. Scientific Games' customers are in the United States and more than 60 other countries. For more information about Scientific Games, please visit our web site at http://www.scientificgames.com.
Forward-Looking Statements
In this press release we make "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as "may," "will," "estimate," "intend," "continue," "believe," "expect" or "anticipate," or the negatives thereof, variations thereon or similar terminology.
These forward-looking statements generally relate to plans and objectives for future operations and are based upon management's reasonable estimates of future results or trends. Although we believe that the plans and objectives reflected in or suggested by such forward-looking statements are reasonable, such plans or objectives may not be achieved.
Actual results may differ from projected results due, but not limited, to unforeseen developments, including developments relating to the following:
* economic, competitive, demographic, business and other conditions in our
local and regional markets;
* changes or developments in the laws, regulations or taxes in the gaming
and lottery industries;
* actions taken or omitted to be taken by third parties, including
customers, suppliers, competitors, members and shareholders, as well as
legislative, regulatory, judicial and other governmental authorities;
* changes in business strategy, capital improvements, development plans,
including those due to environmental remediation concerns, or changes in
personnel or their compensation, including federal, state and local
minimum wage requirements;
* the availability and adequacy of our cash flow to satisfy our
obligations, including our debt service obligations and our need for
additional funds required to support capital improvements, development
and acquisitions;
* an inability to renew or early termination of our contracts;
* an inability to engage in future acquisitions;
* the loss of any license or permit, including the failure to obtain an
unconditional renewal of a required gaming license on a timely basis;
and
* resolution of any pending or future litigation in a manner adverse to
us.
Actual future results may be materially different from what we expect. We will not update forward-looking statements even though our situation may change in the future.
Forward-looking statements speak only as of the date they are made, and except for our ongoing obligations under the U.S. federal securities laws, we undertake no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.
Company Contact:
Investor Relations
Scientific Games Corporation
212-754-2233
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