Producer of computerized gaming machines, International Game Technology (IGT) and AC Coin & Slot, a casino supply company, announced restructuring of the their long-standing relationship.
Under a new agreement, IGT has purchased the distributorship for new IGT machine sales in Atlantic City and the Caribbean from AC Coin & Slot for $20.6 million, including $10.6 million in cash consideration.
IGT and AC Coin & Slot have also amended the terms of the AC Coin & Slot proprietary game agreement. IGT will now have direct access to sell games to casino customers in Atlantic City and the Caribbean. The combined transactions will provide AC Coin & Slot with the resources and opportunities to develop the core of its business and continue future growth and product development.
The original agreement between IGT and AC Coin & Slot, which was signed in 1983, granted the latter exclusive rights to distribute IGT games in Atlantic City. The agreement was then amended to include the Caribbean.
The two companies later extended their deal that allowed AC Coin & Slot to utilize IGT base machines in all of its proprietary bonusing slot games.
The new terms enable AC Coin & Slot to sell proprietary games outright, as well as offer a lease-to-own, or traditional lease structures. The company will retain the right to utilize IGT's award-winning base machines and platforms to continue to develop its future product offering.
AC Coin & Slot is now also free to seek alternative platforms to develop games in certain other gaming jurisdictions worldwide as well as seek out new partnerships in the Class II, and Central Determination Systems markets.
IGT closed Friday's regular trading at $19.94 down $0.28 or1.38% on a volume of 4.540 million shares on the NYSE.
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