IGT and Scientific Games Sign Cross-Licensing Agreement for Cashless Gaming Intellectual Property

Rhea-AI Summary

International Game Technology and Scientific Games have signed a cross-licensing agreement for patents regarding cashless slot gaming technologies. This collaboration allows both companies to offer their patented solutions to the U.S. gaming industry. While financial terms remain undisclosed, the partnership aims to enhance the adoption of cashless technology, improving player safety and casino operating efficiencies. IGT's CEO, Renato Ascoli, emphasizes the importance of this technology for modern gaming experiences.

Positive

• Cross-licensing agreement allows access to a comprehensive portfolio of cashless gaming technologies.
• Partnership aims to improve player safety by reducing cash handling and points of contact.
• Enhances casino operating efficiencies by adopting innovative cashless solutions.

Negative

• None.

LONDON and LAS VEGAS, March 1, 2021 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) and Scientific Games Corporation ("Scientific Games") (NASDAQ: SGMS), today announced that they have signed a cross-licensing agreement for patents related to cashless slot gaming technologies. Under the agreement, Scientific Games and IGT will be able to offer patented cashless gaming technologies from the companies' combined portfolios of casino management systems solutions to the U.S. gaming industry. Financial terms of the agreement have not been disclosed.

As a result of this agreement, operators will now be able to unlock the industry's most compelling portfolio of cashless gaming technologies. By combining the strongest features of each Company's cashless gaming patent portfolio, IGT and Scientific Games are providing a solution for the gaming industry to quickly increase adoption of cashless technology.

"This cross-licensing agreement provides casino operators access to the gaming industry's most compelling portfolio of cashless gaming technologies. We have made significant R&D investments over many years to develop this comprehensive suite of intellectual property in the cashless space. It makes revolutionary improvements to the player experience and represents the greatest advancement in cashless payments since the introduction of Ticket-In, Ticket-Out (TITO)," said Renato Ascoli, IGT CEO Global Gaming. "Cashless gaming is here to stay, and this strong portfolio of cashless IP can help casino operators ensure the safety of players by reducing cash handling and points of contact with slot games, while considerably improving casino operating efficiencies."

"At Scientific Games, we continue to find ways to extend the benefits of our innovative cashless technology. This new program allows SG and IGT to combine our leading IP for the benefit of our customers, and our industry," said Matt Wilson, CEO, Gaming Business Unit Scientific Games. "Consumers are increasingly comfortable using cashless technology, and they will continue to expect this option to be available on the floor. We're excited to partner with IGT to make it easier for operators to deliver for their players."

Through the agreement, each company will have immediate access to the other party's cashless gaming patents.  

About IGT
IGT (NYSE:IGT) is the global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivalled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit www.IGT.com.

About Scientific Games
Scientific Games Corporation (NASDAQ: SGMS) is a world leader in entertainment offering dynamic games, systems and services for casino, lottery, social gaming, online gaming and sports betting. Scientific Games offers the gaming industry's broadest and most integrated portfolio of game content, advanced systems, cutting-edge platforms and professional services. Committed to responsible gaming, Scientific Games delivers what customers and players value most: trusted security, engaging entertainment content, operating efficiencies and innovative technology. For more information, please visit scientificgames.com.

Cautionary Statement Regarding Forward-Looking Statements

IGT
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall", "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 2019 and other documents filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov and on the investor relations section of the Company's website at www.IGT.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company's business. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.

Scientific Games
In this press release, Scientific Games makes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "will," "may," and "should." These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of timing, future results or performance. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. Actual results may differ materially from those contemplated in these statements due to a variety of risks, uncertainties and other factors, including those factors described in Scientific Games' filings with the SEC, including Scientific Games' current reports on Form 8-K, quarterly reports on Form 10-Q and its latest annual report on Form 10-K filed with the SEC on February 18, 2020 (including under the headings "Forward-Looking Statements" and "Risk Factors"). Forward-looking statements speak only as of the date they are made and, except for Scientific Games' ongoing obligations under the U.S. federal securities laws, Scientific Games undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

IGT Media and Investor Contacts:
Phil O'Shaughnessy, Global Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452
Francesco Luti, +39 3485475493; for Italian media inquiries
James Hurley, Investor Relations, +1 (401) 392-7190

Scientific Games Media and Investor Contacts:
Media Inquiries, media@scientificgames.com
Investor Inquiries, ir@scientificgames.com

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SOURCE Scientific Games Corporation

FAQ

What is the significance of the IGT and SGMS cross-licensing agreement?

The agreement enhances access to cashless slot gaming technologies, improving player experiences and operational efficiency.

When was the IGT and Scientific Games agreement announced?

The agreement was announced on March 1, 2021.

How does the cashless gaming technology benefit casino operators?

It improves player safety by minimizing cash transactions and enhances the overall operational efficiency of casinos.

What companies are involved in the cashless gaming technology agreement?

The agreement involves International Game Technology (IGT) and Scientific Games Corporation (SGMS).

What are the financial terms of the IGT and SGMS agreement?

The financial terms of the agreement have not been disclosed.