Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WEST GREENWICH, RI-Gtech Holdings Corp. is selling its 260,000-sf headquarters in West Greenwich and building a new one in Downtown Providence as well as a new manufacturing plant in West Warwick.

The publicly traded provider of online lottery services to governments says it spent $90-million to develop a 265,000-sf headquarters building at Nine Waterplace Park in the Capital Center District of Downtown Providence and a 250,000-sf manufacturing building within Warwick Industrial Park.

Regarding its current headquarters, the company said it intends to enter into a purchase and sale agreement with a subsidiary of Amgen Inc., a global biotechnology company that has adjacent operations. A purchase price has not been announced.

As part of the relocation package, Gtech is purchasing for $12.5 million the right to be the exclusive provider of online, instant-ticket, and video lottery central systems and services for the Rhode Island Lottery for 20 years. Gtech also will provide the state with an additional 1,000 video lottery terminals and plans to invest approximately $140 million in new systems, software, and services over the life of the contract.

To seal the deal, Governor Donald Carcieri on Wednesday signed a Memorandum of Understanding on behalf of the State of Rhode Island in which the State committed to passing legislation authorizing the Rhode Island Lottery Commission to enter into the contract.

The company’s share price hit a 52-week high Wednesday of $36.95 before closing the day at $36.24. The share price fell back by about 4% to close at $34.80 on Thursday, the same day Merrill Lynch downgraded the company’s stock from “buy” to “hold” and the company itself announced fourth quarter net income of $41.9 million, up from $10.7 million in the fourth quarter of 2001.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.