U.S.-based casino equipment and lottery services provider Scientific Games Corp says it has an agreement for the acquisition of Las Vegas-based Tech Art Inc, a supplier of hole-card readers for use in blackjack games.
It is expected the deal will be closed in the first quarter of 2018, said Scientific Games in a press release on Tuesday. The terms of the arrangement were not disclosed.
Tech Art is licensed as a manufacturer of associated gaming equipment in all jurisdictions in the U.S. where gaming has been legalised, according to its corporate website. Formed in 1989, the company is credited for inventing the so-called MAXTime device, a system to improve security when dealing blackjack.
According to Tuesday’s release, Tech Art will bring to Scientific Games its “MAXTime 4H” product, described as a combination of a blackjack hole-card reader and a chip tray, as well as the proprietary table games “Super Fun 21” and “Bet the Bust”.
“There will be an opportunity to market Tech Art’s MAXTime 4H product internationally through Scientific Games’ expansive distribution network, helping casinos across the world increase play speed and enhance the security of blackjack games,” said Scientific Games.
Scientific Games announced in a separate Tuesday press release the pricing for a private offering of US$350 million worth of senior notes. The notes bear interest of 5.000 percent and become due in 2025, the firm said.
The net proceeds of the notes, together with cash on hand and borrowings under the company’s existing revolving credit facility, would be used to finance the planned acquisition of NYX Gaming Group Ltd and its subsidiaries, and to refinance some debt of the target business.
On September 20, Scientific Games said it would expand its existing digital gaming and online gambling portfolio by acquiring the Canada-listed sports wagering specialist NYX Gaming for approximately CAD775 million (US$618 million), including debt.
