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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.
Oregon Lottery has partnered with IGT to become the first U.S. lottery to offer video lottery terminal (VLT) player accounts using cashless solutions. This integration will affect over 11,500 VLTs in Oregon, allowing players to securely save winnings and redeem them without paper tickets, enhancing player security. The transition is part of a broader industry trend towards cashless technology, aimed at improving player experience and compliance with market regulations. IGT's INTELLIGEN central system will support these capabilities.
International Game Technology (IGT) has launched its cashless gaming solutions, Resort Wallet and IGTPay, at Indigo Sky Casino in Wyandotte, Oklahoma. This technology allows players to create a PIN-protected SKYWallet account through the casino's mobile app, facilitating cashless slot play with various funding sources. According to Indigo Sky Casino General Manager Melanie Heskett, this deployment has transformed their operations by driving slot play and enhancing customer convenience. IGT aims to modernize the gaming experience as digital payment methods gain popularity.
International Game Technology PLC (IGT) has secured a new 10-year contract for scratch ticket printing and services with the Texas Lottery Commission, extending their partnership until August 2034. The contract follows a competitive procurement process and highlights IGT's successful history with the Texas Lottery, which has generated over $35 billion in revenue for various causes since 1992. IGT will continue to supply popular game offerings like Loteria, which generated over $1.6 billion in sales in 2021, while also providing lottery operations and support services.
IGT unveils OMNIA™, the lottery industry's first omnichannel solution, at the World Lottery Summit 2022, taking place from October 16-20 in Vancouver. This innovative solution integrates IGT's retail lottery core system with its iLottery solution, allowing operators to digitalize the retail experience. IGT's exhibition will also showcase advanced gaming solutions catering to diverse customer profiles, including retail and iLottery categories. IGT executives will participate in various panel discussions, highlighting the company's leadership in transforming the lottery industry.
IGT has partnered with Station Casinos to launch the STN Cash app, a cashless gaming solution at six Las Vegas properties.
This integration of IGT's Resort Wallet and IGTPay, part of the IGT ADVANTAGE casino management system, enhances player experience by allowing quick, secure funding for slot play via personal mobile devices.
The initiative aims to increase player convenience and support Station Casinos' growth and profitability, marking a significant shift towards cashless gaming in the region.
International Game Technology (IGT) will showcase its extensive gaming portfolio at the 2022 Global Gaming Expo (G2E) from October 10-13 in Las Vegas. The exhibit will feature innovations like the PeakDual™ 27 and PeakCurve™ cabinets, new multi-level progressive games such as Money Mania, and advancements in cashless gaming solutions with Resort Wallet™ and IGTPay™. CEO Vince Sadusky emphasized IGT's strong product performance, while the event will highlight over 200 innovations designed to meet diverse customer needs and capture market growth opportunities.
IGT has secured a significant contract with the Ontario Lottery and Gaming Corporation (OLG) to provide self-serve lottery terminals across Ontario. This agreement represents the first introduction of such technology in the province, with OLG aiming to enhance player experience and drive sales. Under the deal, IGT will deploy 1,400 GameTouch™ 28 self-serve terminals by mid-2023, and the contract extends until June 2027 with options for further extensions. The terminals will include functionality for responsible gaming and accessibility features.
On September 19, 2022, International Game Technology (IGT) announced updates on its capped cash tender offer for $1.1 billion in 6.500% Senior Secured Notes due 2025 and €500 million in 3.500% Senior Secured Notes due 2024. The New Early Settlement Date was revised to September 21, 2022. IGT increased the Maximum Acceptance Amount to $600,279,934 and the Dollar Offer Sub Cap to $400,001,000. As of September 16, 2022, IGT accepted $400,001,000 of Dollar Notes and €199,959,000 of Euro Notes. The tender offer will expire on September 30, 2022.
International Game Technology (NYSE:IGT) announced the completion of the sale of its Italian proximity payment business to PostePay for €700 million. The transaction reflects an enterprise value of €630 million, with €70 million in net unrestricted cash. At closing, the business held around €140 million in unrestricted cash, benefiting from improved cash flows since December 31, 2021. Proceeds will be allocated primarily to pay transaction expenses and reduce debt. UBS AG, UniCredit, Advant-Nctm, and KPMG provided advisory services for the transaction.
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