Italian gaming regulator has not yet said how many filed offers
Lottomatica up on scratch card bid
(Italy).- Italian gaming company Lottomatica shares rise 2.9 % on hopes it can make a profit despite an upfront fee of 800 million euros if it wins Italian scratch-and-win card concession, where its consortium is seen as the only bidder.
2009-10-14
Reading time 28 seg
Several other potential bidders for government scratchcard concessions decided against participating in the contest by Monday's deadline, citing onerous conditions. Italy's gaming regulator has not yet said how many filed offers.
"They are the only ones in the scratch-and-win card tender. At the same time (as the upfront fee) they get the cash flow so I estimate in the end it is a concession that will repay the investment," a Milan broker says. A second broker says: "(800 million euros) is a lot of money. But they will make a return."
Lottomatica has a 63 % stake in its consortium in which Scientific Games is also a member. 500 million euros of the upfront fee has to be paid this year.
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