Thursday July 8, 9:18 am Eastern Time
Company Press Release
SOURCE: Autotote Corporation
Autotote to Negotiate Meadowlands/Monmouth Contract
NEW YORK, July 8 /PRNewswire/ -- Responding to increased stock activity and
inquiries, Autotote Corporation (Amex: TTE - news) today announced that the
New Jersey Sports and Exposition Authority (the ''NJSEA'') has informed its
subsidiary, Autotote Systems, Inc. (ASI), that it has been authorized to
begin negotiating a five-year contract to provide totalisator services to
Meadowlands Racetrack and Monmouth Park beginning January 1, 2000. Final
contract award remains subject to signing a formal agreement and obtaining
certain NJSEA approvals.
Under the proposal submitted by Autotote, the Company will provide all
terminals, wagering technology and system maintenance to the two tracks,
initially incorporating 820 Probe® teller operated terminals, 310 latest
generation STAN(TM) self-service terminals, 125 personal account wagering
terminals and Autotote's next generation ECLIPSE(TM) central system.
Meadowlands Racetrack and Monmouth Park are two of the premier racing
facilities in North America. Together they host over 290-days of racing
which generate over $610 million of annual wagering by patrons at the two
facilities and across the country. As the premiere harness track in the
world, wagering on Meadowlands Racetrack's harness races accounts for
nearly 30% of all wagering on harness racing in America. It also hosted 66
days of thoroughbred racing in 1998. Monmouth Park is one of the premier
thoroughbred facilities in the country, hosting a prestigious summer meet.
In addition, the two facilities operate year-round as inter-track wagering
facilities and in 1998 their patrons wagered over $560 million annually on
remote racing.
A. Lorne Weil, Chairman and CEO of Autotote Corporation, commented: ''The
Meadowlands and Monmouth are two of the most prestigious racetracks in the
world. We are very proud that they have chosen to negotiate an agreement
with Autotote to use Autotote's ECLIPSE(TM) technology to begin the next
century.''
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