IGT Wins Competitive Bid to Modernize Loto-Québec's Video Lottery Terminals Network
- None.
- None.
Insights
The agreement between IGT Canada Solutions ULC and Loto-Québec for the delivery of PeakDual™ 27 Video Lottery Terminals (VLTs) is a strategic move that can potentially strengthen IGT's market position in the gaming sector. The phased rollout as part of Loto-Québec's VLT replacement cycle ensures a sustained demand for IGT's products over the duration of the multi-year agreement. This continuous deployment can drive revenue stability and growth for IGT, which is crucial for investor confidence.
The adoption of advanced terminals like the PeakDual™ 27, which boasts ergonomic design and high-definition graphics, reflects the ongoing demand for innovative gaming experiences among consumers. This demand is likely to increase player engagement and can lead to higher usage rates, ultimately boosting the terminal's revenue generation potential. For stakeholders, the introduction of new game content such as 7's Wild Gold and Samurai 888™ Katsumi, may diversify the gaming portfolio and attract a broader customer base, potentially increasing market share in the competitive gaming industry.
IGT's announcement of securing a deal with Loto-Québec presents a positive outlook for the company's financial performance. The contract will likely result in an increase in the company's revenue streams from the sale and servicing of the new VLTs. It's important to monitor the financials in subsequent quarters to observe the impact of this deal on IGT's top-line growth.
Investors should also consider the cost implications of producing and distributing the PeakDual™ 27 VLTs, as these factors will affect the profit margins. The long-term nature of the contract may provide cost efficiencies through economies of scale, but initial capital expenditure could be significant. Additionally, the deal may positively influence IGT's stock as it reinforces the company's dominance in the lottery market and its ability to secure substantial contracts.
The partnership between IGT and Loto-Québec demonstrates IGT's strong position in the gaming and lottery technology market. As the primary technology provider to several of the world's largest lotteries, IGT's influence in the industry is significant. The deployment of VLTs in Québec is a testament to the company's reputation for quality and reliability in its hardware and content.
From an industry perspective, the move indicates a trend towards modernization and digitization of lottery systems. As gaming establishments continue to seek advanced solutions to enhance customer experience, companies like IGT that invest in R&D and innovate with new product offerings are likely to benefit. This deal could set a precedent for future agreements with other lotteries and gaming establishments, potentially leading to increased demand for IGT's products globally.
"For decades, Loto-Québec has looked to IGT to supply quality hardware and game content to our gaming establishments network. We are pleased to announce this new agreement," said Stéphane Fraser, Executive Vice-President and Chief Operating Officer of Gaming Establishments at Loto-
"Winning the opportunity to deploy VLTs in Loto-Québec's current replacement cycle speaks to the trust that the Corporation puts in IGT and to the superior quality of our products and services," said David Flinn, IGT SVP Sales,
IGT's PeakDual 27 VLT is a sleek terminal that features an ergonomic design and the very best in lighting, sound and graphics technology. With two 27-inch high-definition monitors that offer a curved, unified dual-screen experience, and a 13.3 digital player panel, the new VLTs will serve as the ideal backdrop for IGT's compelling game content. IGT's PeakDual 27 VLTs will house a variety of proven games such as 7's Wild, The Wild Life™ 5 Line and Big City 5's™, along with new-to-the-market games such as 7's Wild Gold, Cash Eruption™ – Temple of Fire™, and Samurai 888™ Katsumi.
As the global lottery market leader, IGT is the primary technology provider to 25 lotteries in the
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 10,500 employees. For more information, please visit www.igt.com.
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, dividends, 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, 2022 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
Francesco Luti, +39 06 5189 9184; for Italian media inquiries
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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/igt-wins-competitive-bid-to-modernize-loto-quebecs-video-lottery-terminals-network-302044833.html
SOURCE International Game Technology PLC
FAQ
What is the agreement between IGT and Loto-Québec about?
What are the features of IGT's PeakDual 27 VLT?
What games will be housed in IGT's PeakDual 27 VLTs?
How many lotteries is IGT the primary technology provider to in the U.S.?
How many of the world's top 25 lotteries is IGT a technology provider to?
