ogetech revealed that the two would be investing a total of approximately 40 million euros in the new joint venture, which will be handled by a new Milan-based company called Azzurro Gaming SpA.
“We are very pleased to have Casinos Austria International on board as our trusted partner in this new venture, which holds significant growth potential for both companies,” said Fabio Schiavolin, Chief Executive Officer for Cogetech. “We are convinced that Casinos Austria International’s worldwide experience in the casino sector will be of utmost value in this exciting yet challenging project.”
Casinos Austria will hold a 75 % stake in the joint venture while Cogetech will own the remaining 25 %. The partners revealed plans to open 15 to 20 video lottery gaming outlets in the area between Rome and the northern Italian border over the next two years. They stated that each outlet would take the form of a ‘mini casino’ and feature 50 to 150 video lottery terminals.
“This new partnership is a great opportunity that allows us to further diversify our product portfolio,” said Paul Herzfeld, CEO for Casinos Austria International. “We look forward to working alongside Cogetech to launch our new video lottery outlets in the vibrant video lottery terminal market in Italy and benefitting from its expertise in this field.”