IGT Partners with Monarch Casino & Resort Inc. for Sports Betting Expansion in Nevada and Colorado

Rhea-AI Summary

IGT (NYSE: IGT) has expanded its sports betting presence in Nevada and Colorado through a partnership with Monarch Casino & Resort, Inc. (Nasdaq: MCRI). The agreement involves IGT's PlaySports technology and services powering retail and mobile sports betting at Atlantis Casino Resort Spa in Reno, Nevada and Monarch Casino Resort Spa in Black Hawk, Colorado.

As part of this collaboration, Monarch has launched new mobile sportsbook apps: Atlantis NV Sports and BetMonarch – Colorado, both utilizing IGT PlaySports technology. IGT's platform is known for its versatility in the U.S. B2B sports betting market and was recently named 'Sportsbook Platform Provider of the Year' at the 2024 EGR North America Awards.

Positive

• Expansion of IGT's sports betting footprint in Nevada and Colorado
• Partnership with Monarch Casino & Resort for retail and mobile sports betting
• Launch of new mobile sportsbook apps utilizing IGT PlaySports technology
• Recognition as 'Sportsbook Platform Provider of the Year' at 2024 EGR North America Awards

Negative

• None.

Insights

Market Research Analyst

This partnership between IGT and Monarch Casino & Resort marks a strategic expansion in the competitive sports betting market. While it's a positive development for both companies, the impact on IGT's stock is likely to be modest. Here's why:

• The deal enhances IGT's presence in two key states, Nevada and Colorado, potentially increasing its market share.
• However, the financial terms aren't disclosed, making it difficult to quantify the direct revenue impact.
• The sports betting market is highly competitive, with numerous players vying for market share.

Investors should view this as a incremental positive for IGT, reinforcing its position in the sports betting technology sector, but not a game-changer for its overall financial performance.

Tech Expert

IGT's PlaySports platform showcases the company's technological prowess in the sports betting arena. Key technical aspects to note:

• The platform's versatility allows for both retail and mobile implementations, important in today's omnichannel gaming environment.
• IGT's provision of trading advisory services indicates a comprehensive solution beyond mere software.
• The launch of new mobile apps (Atlantis NV Sports and BetMonarch – Colorado) demonstrates IGT's capability in creating branded, market-specific solutions.

This tech stack's adaptability and recent industry recognition as "Sportsbook Platform Provider of the Year" position IGT well in the evolving sports betting technology landscape.

Atlantis Casino Resort Spa and Monarch Casino Resort Spa are the latest gaming venues to power retail and mobile sports betting with IGT PlaySports technology

LONDON, Aug. 5, 2024 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) announced today that it expanded its sports betting footprint in Nevada and Colorado through an IGT PlaySports™ technology and services agreement with Monarch Casino & Resort, Inc. (Nasdaq: MCRI). Per the agreement, the award-winning IGT PlaySports platform and trading advisory services are powering retail and mobile sports betting at Atlantis Casino Resort Spa in Reno, Nev. and Monarch Casino Resort Spa in Black Hawk, Colo.

"We're excited to introduce Atlantis and Monarch Black Hawk patrons to elevated sports betting entertainment via our new IGT PlaySports-powered retail and mobile sportsbooks," said Steve Mikkelson, Corporate Director of Race and Sports for Monarch Casino & Resort, Inc. "IGT PlaySports' technology stack is widely known as one of the most versatile B2B sports betting technology stacks in the U.S., and we believe we now have the ideal sports betting offering to drive incremental player engagement and value at both of our award-winning properties."

As part of this new collaboration, Monarch Casino & Resort, Inc. has launched all-new mobile sportsbook apps, Atlantis NV Sports and BetMonarch – Colorado, that utilize IGT PlaySports technology.

"IGT PlaySports is delighted to partner with Monarch in the modernization of their sports betting offerings in Nevada and Colorado," said Joe Bertolone, IGT SVP of Sports Betting. "We look forward to helping them attract new players and deliver world-class retail and mobile sports betting that is aligned with local market opportunities and player preferences."

IGT PlaySports was recently named "Sportsbook Platform Provider of the Year" at the 2024 EGR North America Awards. For more information, visit IGT.com, or follow IGT PlaySports on LinkedIn.

About IGT
IGT (NYSE:IGT) is a global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Lotteries and Gaming Machines to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivaled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 jurisdictions around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit www.igt.com.

About Monarch Casino & Resort, Inc.
Monarch Casino & Resort, Inc., through its subsidiaries, owns and operates the Monarch Casino Resort Spa ("Monarch Black Hawk") in Black Hawk, Colorado, approximately 40 miles west of Denver and the Atlantis Casino Resort Spa ("Atlantis"), a hotel/casino facility in Reno, Nevada. For additional information on Monarch, visit the Company's website at www.monarchcasino.com.

Monarch Black Hawk features approximately 60,000 square feet of casino space; approximately 1,000 slot machines; 43 table games; a live poker room; keno; and a sports book. The resort also includes 10 bars and lounges, as well as four dining options: a twenty-four-hour full-service restaurant, a buffet-style restaurant, the Monarch Chophouse (a fine-dining steakhouse), and Bistro Mariposa (elevated Southwest cuisine). The resort offers 516 guest rooms and suites, banquet and meeting room space, a retail store, a concierge lounge and an upscale spa and enclosed year-round pool facility located on the top floor of the tower. The resort is connected to a nine-story parking structure with approximately 1,350 parking spaces, and additional valet parking, with total property capacity of approximately 1,500 spaces.

Atlantis features approximately 61,000 square feet of casino space; 817 guest rooms and suites; eight food outlets; two gourmet coffee and pastry bars; a 30,000 square foot health spa and salon with an enclosed year-round pool; retail outlet offering clothing and traditional gift shop merchandise; an 8,000 square-foot family entertainment center; and approximately 52,000 square feet of banquet, convention and meeting room space. The casino features approximately 1,200 slot and video poker machines; approximately 33 table games, including blackjack, craps, roulette, and others; a race and sports book; a 24-hour live keno lounge; and a poker room.

Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, products and services, customer relationships, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall," "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 2023 and other documents led from time to time with the SEC, which are available on the SEC's website at www.sec.gov and on the investor relations section of the Company's website at www.IGT.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company's business. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.

Contact:
Phil O'Shaughnessy, Global Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452
Francesco Luti, Italian media inquiries, +39 06 5189 9184
James Hurley, Investor Relations, +1 (401) 392-7190

© 2024 IGT

The trademarks and/or service marks used herein are either trademarks or registered trademarks of IGT, its affiliates or its licensors.

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SOURCE International Game Technology PLC

FAQ

What new partnership has IGT announced for sports betting in Nevada and Colorado?

IGT has announced a partnership with Monarch Casino & Resort, Inc. to power retail and mobile sports betting at Atlantis Casino Resort Spa in Reno, Nevada and Monarch Casino Resort Spa in Black Hawk, Colorado using IGT PlaySports technology and services.

What new mobile sportsbook apps has Monarch Casino & Resort launched using IGT technology?

Monarch Casino & Resort has launched two new mobile sportsbook apps: Atlantis NV Sports for Nevada and BetMonarch – Colorado for Colorado, both utilizing IGT PlaySports technology.

What recent award did IGT PlaySports receive in 2024?

IGT PlaySports was named 'Sportsbook Platform Provider of the Year' at the 2024 EGR North America Awards.

How does the IGT-Monarch partnership affect IGT's market presence?

The partnership expands IGT's sports betting footprint in Nevada and Colorado, strengthening its position in the U.S. B2B sports betting market.