IGT in JV with Chinese lottery firm
News on 31 Jul 2017
News on 31 Jul 2017
International Game Technology (IGT) announced the formation of a Chinese-foreign equity joint venture (JV) with China’s Shenzhen-listed Telling Telecommunication Holding Co., Ltd. through its Shenzhen Tian Lian Cai Investment Co. subsidiary.
Under the terms of the partnership, IGT will provide lottery products to regulated Lottery Centers in the People’s Republic of China, operating as a 49 percent partner in the JV.
“IGT is excited to join forces with a company of Telling’s stature and provide our latest technology and innovations to the growing Chinese lottery market,” Walter Bugno, IGT chief executive officer International, said.
“As the lottery market continues to change, and the regulatory framework evolves, we believe that this partnership will be ideally positioned to successfully participate in China’s bright lottery industry future.”
“We are pleased to join forces with global lottery industry leader IGT,” added Huang Shaowen, Chairman of Telling Telecommunication Holding Co., Ltd. “By working together, we will bring the world’s most advanced technology, games, and operational best practices to China, enrich players’ experiences, help advance the Chinese lottery industry into a new era, and enhance its contribution to China’s social welfare.”
In addition, the joint venture will have the capability to conduct independent market operations, business development, and technological innovations in China.
Operations will be subject to applicable Chinese regulatory and licensing approvals, and pending those, is expected to be operational in the third quarter of this year.
