Italy's Sisal sees double-digit 2009 gaming rise

MILAN Jan 12 (Reuters) - Italian gaming operator Sisal expects a double-digit rise in wager volumes in 2009 as the country's gaming market keeps growing.

Sisal Chief Executive Emilio Petrone told a news conference the company also intends to place a bid for Italy's scratch-card concession when the state gaming authority AAMS launches the contest, which will be by the end of June.

The current concession is held by a consortium led by bigger rival Lottomatica SpA (LTO.MI) and runs until May 31, 2010. Lottomatica holds a 63 percent stake in the consortium. Other members include Scientific Games (SGMS.O) with a 20 percent stake.

"I believe that the contest can be announced in the first half of the year. It is a big opportunity," Petrone said.

Scratch-card gaming in Italy has risen to 9 billion euros ($12.06 billion) in value of wagers in 2008, he said.

This part of the gaming business has grown strongly in recent years, from 1.5 billion in 2005 to 7.8 billion in 2007, according to a JP Morgan report.

Looking at the broader gaming market in Italy, Petrone was optimistic about the year.

"We estimate that our volume of business can continue to grow in double figures, generating a positive impact on EBITDA," he said.

Petrone said he expected the overall gaming market in Italy to continue expanding in 2009 "even if at a more restrained rate than in the last few years reaching 52 billion euros against 47.2 billion in 2008".

In the last three years, the country's overall gaming market has grown by 19 percent per year on average, including 11 percent last year, the CEO said.

"It is not true that, with the economic crisis, there is more gaming, but it is true that the sector is less sensitive to the economic slowdown," he said.

In 2008, Sisal's volume of business rose 13 percent to 6.6 billion euros, including a 29 percent rise to 2.5 billion euros from Italy's SuperEnalotto lottery game, for which Sisal beat a Lottomatica challenge to get a concession renewal in the same year.

Sisal's operating revenue was up 15 percent in 2008 to 285 million, while EBITDA followed a similar growth trend, he said without giving further details.

Sisal is controlled 70 percent by private equity funds Apax and Permira [PERM.UL], while Italy's Clessidra fund has 20 percent and the Molo family 3-4 percent.

Petrone said the company is not working on any plan to list Sisal on the stock market. ($1=.7461 Euro) (Reporting by Claudia Cristoferi; writing by Nigel Tutt; editing Karen Foster)