Scientific Games completes acquisition
15 Nov 2007
NEW YORK, Nevada -- (PRESS RELEASE) -- Scientific Games (Nasdaq:
SGMS) announced today that it has completed the acquisition of a 50%
interest in the ownership of Guard Libang, a leading provider of instant
lottery ticket cooperative services in China. The final purchase price was
approximately $28 million. Guard Libang is an indirect subsidiary of
REXCAPITAL Financial Holdings Limited (0555.HK). Guard Libang provides
automated instant ticket validation services on behalf of the China Welfare
Lottery (CWL) to approximately 17 provinces and 30 of the country's
wealthiest cities. Guard Libang also provides instant ticket cooperative
services to multiple CWL lotteries for a percentage of sales. Guard
Libang's 17 provinces cover a population of approximately 792 million with
a network of approximately 48 thousand retailers. The signing of the
agreements providing for the acquisition was previously announced on July
19, 2007.
