Autotote Signs Contract with CIE a Major Racetrack Operator in Mexico City
5 October 1999
Autotote Signs Contract with CIE a Major Racetrack Operator in Mexico City
NEW YORK, Oct. 5 -- AUTOTOTE CORPORATION (Amex: TTE) today
announced the signing of a contract with Administradora Mexicana de Hipodromo,
S.A. de C.V. (AMH), a wholly-owned subsidiary of Mexico's Corporacion
Interamericana de Entretenimiento, S.A. de C.V. (CIE),
(BMV -- Mexico: CIEB, CIEL) to supply wagering equipment and services for the
Hipodromo de Las Americas Racetrack (Hipodromo). The track, which is
scheduled to re-open by the end of 1999, is located in the heart of Mexico
City and will be operated by AMH.
The Hipodromo is envisioned as a premier entertainment center comprising
the racetrack as its focal point surrounded by a cultural center, a family
entertainment center, convention center, hotel and other amenities.
Autotote's systems will enable AMH to offer spectators at the track a series
of specialized services such as remote wagering via Tiny Tim(TM) terminals
with the option of using cash or credit cards. In addition to being able to
bet from their seats utilizing Autotote's state-of-the-art cordless walkabout
technology, it is anticipated that in the future visitors to the track will
have the option of viewing and betting on horse races and greyhound races
taking place at tracks around the world. Autotote's technological capability
will also provide the means to simulcast Hipodromo's races at other global
locations. In addition to the racetrack, AMH is licensed to open additional
sports and race books located offtrack that will utilize Autotote's equipment
and facilities management services.
In commenting on this latest development, Lorne Weil, Chairman, President
and CEO of Autotote Corporation said, "We are very excited about the prospects
for Autotote as the development of Hipodromo progresses. CIE, the parent
company of AMH, is highly experienced as a promoter and operator of successful
entertainment venues which include staging live theatrical and musical events,
building amusement parks, organization of fairs and expositions, among other
activities. With the signing of this contract, Autotote is well-positioned to
benefit as the Hipodromo evolves into a multi-faceted center for business and
entertainment."
AUTOTOTE CORPORATION provides computerized wagering equipment, computer
software, facilities management and satellite broadcast services for on-track,
off-track and inter-track wagering, lotteries and legalized sports betting
facilities. Autotote's systems are in use in the United States, Europe,
Canada, Mexico, Latin America, New Zealand and the Far East.
CIE is the leading live entertainment holding company in Latin America.
With headquarters in Mexico City, CIE's activities encompass nearly all
aspects of the live entertainment industry from the promotion of various
events and the operation of diverse entertainment venues and amusement parks
to the operation and management of fairs and expositions. The Company also
markets tickets for shows through a computerized ticketing system.
This press release includes statements which may constitute forward-
looking statements made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. This information may involve risks
and uncertainties that could cause actual results to differ materially from
the forward-looking statements. For certain information regarding these risks
and uncertainties, reference is made to the Company's Annual Report on Form
10-K for the year ended October 31, 1998.