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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.
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.
IGT has announced a multi-year content agreement with SKS365 Group to enhance its PlayDigital offerings. The partnership allows Planetwin365 casino to access IGT's remote game server (RGS) and a wider selection of PlayCasino games, including popular titles like Cleopatra and Cash Eruption. This expansion aims to strengthen the Planetwin365 brand in the competitive Italian market, with plans for 30 additional game releases in the next two months. IGT's extensive content library and market expertise position it as a leading player in Italy's gaming industry.
International Game Technology PLC (IGT) announced a Tender Offer to purchase up to US$500,000,000 of its outstanding US$1,100,000,000 6.500% Senior Secured Notes due 2025 and €500,000,000 3.500% Senior Secured Notes due 2024. The Tender Offer expires on September 30, 2022. Holders who tender by September 16 will receive an early tender premium of US$30.00 or €30.00. Payments for accepted notes will occur on September 20 for early tenders and October 4 for later tenders. The offer is subject to conditions, including acceptable financing proceeds from the sale of shares by an indirect subsidiary.
IGT has secured a four-year contract extension with the New York Lottery, extending their partnership until August 2026. This agreement involves the launch of a new claims and payments system, while maintaining existing services including the lottery central system, retailer training, and call center support. Since 1986, IGT has cultivated a trusted relationship with the Lottery, emphasizing its commitment to delivering innovative solutions. This partnership reinforces IGT's status as a leader in the global lottery market, operating over 475,000 point-of-sale terminals worldwide.
International Game Technology (IGT) and DoubleDown Interactive (DDI) announced an agreement to settle the Benson v. DoubleDown Interactive lawsuit, pending court approval. The settlement involves a total payment of $415 million, with IGT's subsidiaries contributing $269.75 million and DDI $145.25 million. As part of the settlement, IGT will incur a $119.75 million non-operating expense in Q3, following a $150 million accrual in Q2. The settlement aims to resolve all related indemnification claims between IGT and DoubleDown.
IGT has announced a significant partnership with Santa Casa da Misericórdia de Lisboa to introduce the Retailer Vue™ lottery terminal in Portugal. This agreement entails the delivery of up to 7,200 camera-based terminals expected by 2023. The Retailer Vue features a 13.3 MP camera that enables contactless transactions and enhances retail space efficiency. IGT aims to modernize the lottery experience, fostering interaction between players and retailers while driving sales growth and contributions to good causes.
IGT has announced a multi-year partnership with Nisqually Red Wind Casino in Olympia, Washington, enhancing its sports betting leadership in the region. The agreement will see the casino utilize the IGT PlaySports platform and install IGT betting kiosks. This marks the eighth venue in Washington State to offer sports betting through IGT's technology, which is implemented in over 70 locations across the U.S. IGT aims to boost player acquisition and enhance visitor engagement at the casino, aligning with its strategy to grow sports betting offerings.
International Game Technology (IGT) reported Q2 2022 financial results with total revenue of $1.02 billion, a 2% decline year-over-year, but a 3% increase at constant currency. Global Gaming revenue surged 23%, countering a 11% decrease in Global Lottery. Operating income stood at $228 million, and adjusted diluted EPS rose 78% to $0.57. The company recognized a $150 million non-operating expense related to legal proceedings. IGT also announced a tightening of its full-year revenue outlook to $4.1 billion - $4.2 billion.
International Game Technology announced the closing of an amendment and extension of its revolving credit facilities and term loan facilities. The amendments extend the revolving credit facilities' maturity to 2027, increase lender commitments from $1.68 billion to $1.83 billion, and reduce interest rate margins. Additionally, the permitted acquisition limit has risen from $2.25 billion to $2.5 billion, and the annual limit on dividends and share repurchases increased from $300 million to $400 million. These changes aim to enhance IGT's financial flexibility and credit profile.
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