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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 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.
International Game Technology (NYSE:IGT) has entered into a patent cross-licensing agreement with Greentube, a division of NOVOMATIC. This deal encompasses valuable patents related to remote game server technologies, allowing IGT to offer licenses to these combined portfolios within the global gaming industry. The financial terms remain undisclosed. IGT's CEO, Renato Ascoli, expressed optimism about fostering collaboration in the gaming sector, while Greentube's CEO, Thomas Graf, highlighted the significance of this agreement in enhancing their premium gaming products. Both companies will continue to safeguard their intellectual property and drive innovation in gaming.
International Game Technology PLC (IGT) announced that its IGT PlaySports™ technology is now operational in Ohio. This deployment is part of a partnership with Green Bear Gaming Development, LLC, under the UBetOhio brand. IGT's PlaySports QuickBet™ Kiosks have been installed in various restaurants and bars throughout the state, with plans to introduce PlaySports Pads™ soon. The kiosks feature a user-friendly interface and comprehensive betting options, enhancing the sports viewing experience for fans.
International Game Technology (NYSE:IGT) announced the full redemption of its subsidiary's 5.35% Notes due 2023, totaling $60,567,000, on January 23, 2023. The redemption price will be based on the present values of scheduled payments discounted at the Treasury Rate plus 40 basis points. On the redemption date, accrued interest will cease unless payment is defaulted. Registered holders will receive a notice regarding the redemption process.
International Game Technology (IGT) has extended its contract with Société de la Loterie de la Suisse Romande (Loterie Romande) until 2031. This long-term agreement enables IGT to enhance the lottery player experience in Switzerland by providing advanced lottery technology, including the deployment of its iLottery system. The new system aims to improve player data access and analytics, facilitating sales growth for charitable organizations. The cloud migration promises benefits like added security and scalability, while IGT’s ongoing delivery of the Aurora™ core lottery system will further drive innovation.
IGT has signed a five-year contract extension with Loto-Québec to enhance its INTELLIGEN™ video lottery central system software, valid until September 2027. This upgrade will connect 8,900 VLTs and includes improved network diagnostics and data analytics. IGT's COO, Nick Khin, emphasized that the updated system will provide Loto-Québec with advanced tools for operational efficiency. The INTELLIGEN system has over 25 years of experience, offering secure command capabilities and supporting enhanced player engagement features.
International Game Technology PLC (IGT) reported third-quarter results with consolidated revenue of $1.06 billion, marking an 8% increase year-over-year and a 14% rise at constant currency. Notable achievements include a 30% growth in Global Gaming income and an operating income margin of 20%. The company successfully sold its Italian payments business for €700 million and acquired iSoftBet for €160 million. Net debt decreased to $5.1 billion, with a historic low leverage of 3.1x. A record $224 million was returned to shareholders this fiscal year, highlighting financial stability.
International Game Technology PLC (IGT) will host a conference call and live webcast on November 8, 2022, at 8:00 a.m. EST, to discuss its third quarter 2022 results for the period ending September 30, 2022. Interested parties can register for the call here. A live webcast will also be available on IGT's Investor Relations website with a replay accessible afterward. IGT is a leader in gaming, operating in over 100 countries.
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