International Game Technology PLC ("IGT") and Paradise Entertainment Limited ("Paradise"), through their respective subsidiaries have signed an agreement, whereby Paradise will transfer all of its electronic table game technology, patents and other intellectual property ("Table Game IP") to IGT, with certain exceptions for Table Game IP used exclusively in Macau. IGT can pay Paradise an upfront fee plus an ongoing earn-out according to placement of goods utilizing the Table Game IP over a fifteen year term.  Closing of the agreement is subject to Paradise obtaining requisite shareholders' consents and approvals.

The agreement provides IGT with exclusive rights to Paradise's Table Game IP for the development, manufacturing, and distribution of Live and Random Number Generator ("RNG") electronic table games worldwide, except in Macau where Paradise subsidiary LT Game will remain the exclusive provider of its market leading electronic table game products.  

"Through our agreement with Paradise, IGT is now uniquely positioned to capitalize on live and entirely electronic table game opportunities in gaming jurisdictions across the world," saidVictor Duarte, IGT global chief product officer, gaming. "This pivotal expansion of our product portfolio empowers IGT to innovate in a brand new and growing segment while offering our customers an excellent broader range of best-in-class gaming solutions."

"This IP assignment agreement is a natural and critical step in Paradise's productive relationship with IGT," said Jay Chun, chairman and managing director of Paradise Entertainment Limited. "IGT's global reach and powerful relationships with operators around the globe make IGT the precise company to maximise the business potential of Paradise's Live and Random Number Generator patents and technology within the international market."

Read More... [Source: Gaming Industry News]