Progressive and Cantor Partner on Mobile Gaming
LAS VEGAS Progressive Gaming International Corporation (NASDAQ:PGIC), a leading provider of diversified technology and content products and services used in the gaming industry worldwide, announced today that it has signed a game content licensing agreement with Cantor Gaming, an affiliate of the global financial services company Cantor Fitzgerald. Under terms of the agreement, Progressive Gaming will license a select list of its gaming titles, including Texas Hold 'Em Bonus Poker(TM) and Caribbean Stud Poker, for use on Cantor's mobile gaming system in Nevada and other jurisdictions worldwide.
The parties also expect to finalize an agreement with respect to Progressive's sports systems, including the Rapid Bet Live(TM) sports wagering system, in the near future. Additionally, the companies expect to implement new innovative sports wagering propositions, leveraging each company's technology and experience in this area.
The recurring revenue sharing agreement for the gaming titles is for a period of 20 years worldwide and includes a five-year period of exclusivity in Nevada. Progressive Gaming expects to add additional content to the licensing agreement throughout the life of the contract.
"We are very excited to partner with Cantor Gaming," said Progressive Gaming CEO Russ McMeekin. "Cantor Fitzgerald is the undisputed global leader in executing secure financial transactions on mobile devices and is at the forefront of the progress toward making mobile gaming a reality in Nevada. Cantor Gaming and the Las Vegas Sands Corporation recently announced an agreement to bring mobile gaming services to the Venetian Resort Hotel Casino and the currently under-construction Palazzo Resort Casino. By combining Cantor's proven technology with our existing, successful gaming content, we believe that both companies are very well positioned to enjoy a significant share of the wireless, mobile gaming market."
"Progressive Gaming has a long and successful track record developing gaming content and systems, and we share their commitment to innovation in the gaming industry," said Cantor Gaming Managing Director Joe Asher. "We are excited to be able to offer Progressive's popular games at The Venetian, Palazzo and other locations. This partnership enhances our standing as the leader in mobile gaming, which promises to provide exciting gaming opportunities to casino customers and incremental revenue-growth opportunities for casino operators."
2006-07-31
