International Game Technology PLC - IGT STOCK NEWS

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.

IGT expands iLottery offerings to Michigan Lottery by signing an agreement to deliver popular games through its remote gaming server. This move adds a diverse range of eInstant games, including player-favorite titles, enhancing the Lottery's existing portfolio. Michigan Lottery joins Georgia, Kentucky, and Rhode Island as the fourth U.S. lottery to utilize IGT's extensive library. IGT's proven track record in partnering with lotteries aims to boost iLottery sales and player engagement in Michigan.

On July 20, 2022, International Game Technology (NYSE: IGT) was awarded the title of Lottery Supplier of the Year at the 2022 SBC Awards North America, reflecting its leadership in the global lottery industry. Jay Gendron, COO of Global Lottery at IGT, emphasized the company's commitment to innovation and supporting lotteries in enhancing their gameplay and digital content. IGT's iLottery solutions have achieved significant growth, positioning the company as a trusted partner in the market.