GTECH today announced that the company has signed an agreement to extend its current contract with the New Mexico Lottery Authority (NMLA). The five-year contract extension, which is the maximum allowed under the contract that GTECH signed with the NMLA in 1996, is expected to commence on Nov. 20, 2003.
“Our contract renewal with the New Mexico Lottery, combined with other positive trends in our business, such as our recent contract extensions with customers in Kentucky and Kansas, reaffirms GTECH’s commitment to focusing on our core lottery business,” said GTECH CEO and President Howard S. Cohen.
All NMLA net profits are earmarked for the popular Lottery Success Scholarship program, which covers tuition costs for thousands of eligible college students.
“We are pleased to continue our partnership with GTECH,” said Tom Shaheen, CEO of the NMLA. “This new agreement allows us to further maximize revenues, which gives every New Mexico high school student who wants to attend a New Mexico public college the ability to do so.”
Under the terms of the contract extension, GTECH will continue to provide the NMLA with a variety of services, including the operation and maintenance of the central system hardware, software and online lottery terminals, wireless communications network, retailer training, marketing support, hotline management, and field services. With respect to its contract with the NMLA, the Company anticipates generating revenues of approximately $25 million over the five-year extension period.
In 1996 the NMLA was the first lottery to implement GTECH’s all-wireless retail network for over 1,200 retailers across the state. Since the NMLA’s commencement of sales in April 1996, proceeds of over $133 million have gone to New Mexico’s public education system.
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