NEW YORK, Jan. 16, 2013 /PRNewswire/ -- Scientific Games Corporation (NASDAQ: SGMS) today announced that the Company has signed a contract with the Iowa Lottery Authority to supply instant ticket games and related services. The Company was selected following a competitive procurement process. The two-year contract, which started on January 1, 2013, includes options for the Lottery to extend the contract for four additional one-year periods. Revenue to Scientific Games will continue to be based on a price-per-thousand tickets basis.
"We have cultivated a great relationship with Scientific Games over the years, in both our lottery systems and instant ticket businesses," said Terry Rich, CEO of the Iowa Lottery Authority. "Scientific Games has helped us to achieve back-to-back record years of instant ticket sales and we are pleased we can continue this relationship in the hopes of raising more revenues for the citizens of Iowa."
"The Iowa Lottery is well recognized as one of the most innovative and forward-looking lotteries in the U.S.," commented Jim Kennedy, President of Printed Products and Chief Marketing Officer for Scientific Games. "We are proud to be chosen by the Iowa Lottery once again and are confident the instant games we produce together will be fun and exciting, while maintaining the highest standards of security and integrity."
In fiscal year 2012, the Iowa Lottery generated lottery sales of $310.9 million, of which $188.8 million was derived from instant ticket game sales. Since the Lottery's start in 1985, its players have won more than $2.9 billion in prizes while the Lottery has raised more than $1.4 billion for state programs that benefit all Iowans.
About Iowa Lottery
Since the Iowa Lottery's start in 1985, its profits have helped make Iowa a better place to live, work and raise a family. The Lottery provides entertainment and prizes to its players while at the same time raising billions of dollars for the state programs that benefit all Iowans. Through the years, Lottery funds have been used in a variety of ways to enhance the state, including projects to create new recreation areas, support research at Iowa's public universities, benefit Iowa veterans, develop new products and techniques for agriculture, and promote tourism. For that, the Iowa Lottery thanks its players. When you play the Lottery, Iowa wins.
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 includes instant lottery games, lottery gaming systems, terminals and services, and internet applications, as well as server-based interactive gaming terminals and associated gaming control systems. For more information, please visit our website at www.scientificgames.com.
Company Contact:
Cindi Buckwalter, Investor Relations
(212) 754-2233
Forward-Looking Statements
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 contemplated 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 benefit from, and risks associated with, strategic equity investments and relationships; failure of Northstar to meet the net income targets or otherwise realize the anticipated benefits under its private management agreement with the Illinois Lottery; seasonality; inability to identify and capitalize on trends and changes in the lottery and gaming industries, including the potential expansion of regulated gaming via the internet; 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 international 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