Casino equipment maker International Game Technology Plc says it has reached what it called a “patent cross-licensing agreement” with a subsidiary of Everi Holdings Inc, the latter group a specialist in cash handling technology and electronic game content for the casino industry.
Under IGT’s deal with Everi Games Holding Inc, the Everi group can offer to its customers games that include any of the patented game features from the IGT portfolio, and will pay licensing fees to IGT.
Other terms of the agreement have not been disclosed.
David Lucchese, the Everi group’s executive vice president, games, said in a prepared statement contained in the news release about the cooperation: “Our agreement with IGT reflects a commitment by both parties to boost innovation across the gaming industry.”
Victor Duarte, IGT’s global chief product officer, gaming, said in the same announcement: “This agreement represents a confirmation of the value derived from our ongoing commitment to developing and protecting intellectual property while supporting future innovation and growth.”
IGT announced earlier this month it had reached a “comprehensive cross-licensing agreement” with Australia-based slot machine maker Aristocrat Leisure Ltd covering “intellectual property involving game features and system patents”.
In April, U.S.-based IGT concluded an agreement with Hong Kong-listed casino equipment maker Paradise Entertainment Ltd, for the latter to transfer all of its electronic table game technology, patents and other intellectual property to IGT, with the exception of table game intellectual property used exclusively in Macau.
Fitch Ratings Inc said in a note earlier this month that Everi Holdings was one of several casino technology suppliers “making a big push to capture share”.
Fitch nonetheless stated in the same report that it believed industry fundamentals in the U.S. land-based gaming industry would “remain weak”.
"We remain fully committed to continue supporting IGT’s long-term development"
Chief executive of De Agostini, majority shareholder of lottery and gaming supplier IGT