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International Game Technology PLC (IGT) is a leading global gaming company that ensures players enjoy entertaining and responsible gaming experiences across multiple channels. With its roots in both the largest global lottery business and the world leader in gaming equipment, IGT offers comprehensive solutions through its three primary segments: Global Lottery, Global Gaming, and PlayDigital. The Global Lottery segment, which generates the highest revenue, supplies lottery products and services to governmental organizations through various contractual agreements. Meanwhile, Global Gaming focuses on providing gaming machines, systems, and services, and PlayDigital caters to the digital gaming space, offering a broad array of online games and sports betting solutions.
Headquartered in London, IGT commands a significant market presence, with a considerable portion of its revenues stemming from the United States. The company has built robust relationships with governments and regulators in over 100 jurisdictions worldwide. IGT’s operational excellence and commitment to innovation are reflected through its wealth of compelling content, significant investment in technology, and player insights, which together drive unparalleled gaming experiences and growth.
In recent developments, IGT has been actively expanding its reach and enhancing its service offerings. Notably, it has signed agreements to modernize video poker across the Netherlands and to implement new gaming features for the Atlantic Lottery in Canada. Additionally, IGT has extended its contract with the Mississippi Lottery to continue providing online gaming systems and instant ticket services through 2029.
IGT has also made headlines for resolving legal disputes with Acres Manufacturing Company, which will allow both companies to collaborate on innovative cashless gaming solutions. Furthermore, IGT has reported strong financial results for the first quarter of 2024, driven by better-than-expected performance across its segments and upgraded full-year revenue and profit goals.
Through its Global Lottery segment, IGT remains the primary technology provider to numerous lotteries, including some of the largest in the world. The company’s comprehensive approach, leveraging cloud-based remote game servers and advanced gaming technology, has positioned it at the forefront of the gaming industry. IGT’s commitment to responsible gaming and adherence to high standards of service and integrity continue to drive its success in creating value for stakeholders.
International Game Technology (IGT) reported its financial results for Q4 and full-year 2022, exceeding expectations with $1.1 billion in quarterly revenue and $4.2 billion for the year. Key growth drivers included a 21% increase in Global Gaming revenue and a record $65 million from PlayDigital, supported by strategic acquisitions like iSoftBet. Operating income rose 24% to $230 million for the quarter, with a 21% margin. IGT returned a record $276 million to shareholders, reducing net debt by $771 million. For 2023, IGT forecasts revenue between $4.1 and $4.3 billion, maintaining a healthy operating margin of 21-23%. The company emphasizes improved profit profiles and growth prospects.
International Game Technology PLC (IGT) announced plans to partially redeem €188 million of its €500 million 3.500% Senior Secured Euro Notes due July 15, 2024, and $200 million of its $1.1 billion 6.500% Senior Secured Dollar Notes due February 15, 2025. The redemptions are set for March 16, 2023, at 100% of the principal amount plus accrued interest. The execution of these redemptions depends on IGT receiving sufficient proceeds from its senior revolving credit facilities. Payments will cease on both note series unless IGT defaults. This announcement is a part of IGT's strategy to manage its debt effectively.
International Game Technology PLC (IGT) announced an expansion of its sports betting services in Mississippi, with the launch of IGT's PlaySports™ technology at Treasure Bay Casino and Hotel in Biloxi. This deployment includes a conversion from the casino's previous sportsbook platform and introduces on-premise mobile betting, enhancing convenience for patrons. IGT's PlaySports technology is currently in use at over 80 gaming venues across the U.S., positioning IGT as a leader in the sports betting market.
IGT has announced a multi-year technology agreement with Betfred to support sports betting in Nevada. This partnership utilizes IGT PlaySports technology for both retail and mobile betting at the Mohegan Sun Sportsbook within Virgin Hotels Las Vegas.
This marks the first IGT-powered Betfred sportsbook in the U.S. and signifies Betfred's entry into the Nevada market. Betfred plans to launch retail betting initially, followed by mobile betting soon after. IGT currently powers over 80 gaming venues across the U.S. and Canada.
International Game Technology PLC (IGT) will hold a conference call and live webcast to discuss its fourth quarter and full year 2022 results on February 28, 2023. The call is set for 8:00 a.m. EST.
Participants can pre-register for the call to receive a dial-in number and unique PIN. A live webcast will also be available on the IGT Investor Relations website. The replay can be accessed after the event.
IGT is a global leader in gaming, providing engaging and responsible gaming experiences across various segments. The company maintains relationships with regulators in over 100 countries and employs around 10,500 people.
International Game Technology (IGT) announced a long-term issuer rating of BB+ and a stable outlook from Fitch Ratings. The positive rating reflects IGT's improved leverage due to substantial debt reduction from non-core business sales and strong free cash flow. Additionally, IGT's robust position in core gaming markets, particularly lottery, positions it well for future investments in slot machines and shareholder returns. CFO Max Chiara expressed satisfaction with the ratings, highlighting IGT's leadership and financial performance.
International Game Technology PLC (IGT) has received a 'B' score from the global environmental non-profit CDP, reflecting significant improvement in environmental disclosure and performance compared to its 2021 assessment. This score places IGT above average in comparison to peers in the information technology sector. The company excelled in governance oversight and emission reduction initiatives, underscoring its commitment to sustainability. Wendy Montgomery, IGT's SVP, emphasized the importance of reducing the carbon footprint and the company's role in promoting sustainable operations among customers.
International Game Technology (IGT) will showcase its gaming innovations at ICE London 2023 from February 7-9. The exhibit will feature a diverse range of products, including the multi-level progressive (MLP) libraries such as Prosperity Link and Egyptian Link, alongside innovative hardware like the PeakDual™27 cabinet. IGT aims to enhance player experiences with new gaming solutions, including the Resort Wallet™ for cashless gaming and an expanded PlayDigital™ iGaming portfolio. The company emphasizes a player-centric approach in its offerings, aiming to drive growth for its partners in the gaming industry.
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