Global gaming giant IGT has formed a Chinese-foreign equity joint venture with Shenzhen Tian Lian Cai Investment Co Ltd – a subsidiary of Chinese conglomerate Telling Telecommunication Holding Co Ltd – to provide innovative lottery products to regulated Lottery Centers in the People’s Republic of China.
The new joint venture will be 51% owned by Telling and 49% owned by IGT.
Although lottery will be the joint venture’s key focus, it also plans to conduct independent market operations, business development and technological innovations in China, subject to Chinese regulatory and licensing approvals.
IGT said it expects to be operational during the current quarter.
“IGT is excited to join forces with a company of Telling’s stature and provide our latest technology and innovations to the growing Chinese lottery market,” said Walter Bugno, IGT CEO International. “As the lottery market continues to change and the regulatory framework evolves, we believe that this partnership will be ideally positioned to successfully participate in China’s bright lottery industry future.”
Huang Shaowen, Chairman of Telling Telecommunication Holding Co Ltd, added, “By working together, we will bring the world’s most advanced technology, games and operational best practices to China, enrich players’ experiences, help advance the Chinese lottery industry into a new era, and enhance its contribution to China’s social welfare.”
