Welcome to our dedicated page for International Game Technology PLC news (Ticker: IGT), a resource for investors and traders seeking the latest updates and insights on International Game Technology PLC stock.
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 (NYSE: IGT) announced that Wendy Montgomery, Senior VP of Global Brand, Marketing, and Communications, will be inducted into the Lottery Industry Hall of Fame on Oct. 27 in Nashville, TN. Montgomery is recognized for advocating solutions that drive customer growth and promoting diversity and inclusion. She chairs IGT's Executive Sustainability Committee and has significantly contributed to industry standards and innovations. Her induction honors her impactful career in the lottery sector, where she has worked to modernize products for players worldwide.
International Game Technology (IGT) has secured a facilities management lottery contract from the Connecticut Lottery Corporation after a competitive bid process. The contract involves implementing IGT's Aurora central lottery management system, set to launch in April 2023, and will last for 10 years until April 2033, with an option for a 5-year extension. This agreement enhances IGT's position as a leading lottery systems provider, with its technology managing over 75% of U.S. lottery sales.
International Game Technology PLC (NYSE: IGT) announced a significant expansion in cashless gaming technology through a multi-year agreement with Indigo Sky Casino in Oklahoma. This partnership will introduce the Resort Wallet and IGTPay modules of the IGT ADVANTAGE® casino management system, enabling patrons to access funds from various sources like credit and debit cards directly at the casino. The rollout is set to begin in 2021, enhancing customer experience and positioning IGT as a leader in cashless gaming solutions.
International Game Technology PLC (IGT) announced that Knute Knudson, Jr., Vice President of Global Business Development and Tribal Ambassador, will be inducted into the American Gaming Association's Gaming Hall of Fame on October 5, 2021. This prestigious honor recognizes significant contributions to the gaming industry. Knudson's advocacy for tribal gaming has expanded gaming opportunities for Indian tribes and promoted tribal sovereignty. IGT CEO Renato Ascoli praised Knudson's dedication to tribal gaming and the lasting impact of his work in the industry.
International Game Technology (NYSE: IGT) has formed a new Digital & Betting segment from its iGaming and sports betting operations, previously part of the Global Gaming segment. This restructuring will allow IGT to report results under three segments: Global Lottery, Global Gaming, and Digital & Betting, starting Q3 FY2021. Enrico Drago has been appointed as CEO of Digital & Betting. The company plans to provide recast historical financials prior to its Q3 earnings call. Investor Day is now scheduled for November 16, 2021, to adapt to COVID-19 constraints.
On September 2, 2021, International Game Technology PLC (IGT) announced a significant expansion of its PlaySports platform into Wisconsin. This initiative will power sports betting at Oneida Casino, making it the first casino in the state to operate a sportsbook. The Oneida Nation has secured state approval for this venture, indicating a strategic development in the gaming sector. IGT's turnkey solution aims to enhance the casino's offerings, positioning it as a leading gaming destination.
International Game Technology reported second quarter 2021 results showing significant growth, with total revenue reaching $1.04 billion, up 74% year-over-year. The Global Lottery segment achieved a record performance, contributing $725 million, while Global Gaming revenues soared by 126% to $316 million. Adjusted EBITDA totaled $442 million, marking a 170% increase. The company also reduced net debt to $6.3 billion, highlighting improved cash flow and operational efficiency. IGT raised its annual outlook, anticipating revenues to surpass 2019 levels due to strong consumer demand and strategic asset sales.
International Game Technology PLC (IGT) announced a successful refinancing of its term loan facility on July 26, 2021. The Amendment and Extension Agreement increases the aggregate term loan facilities to €1 billion and extends the maturity date to January 25, 2027. It is expected to lower annualized interest expenses by approximately $65 million and includes an ESG margin adjustment. The agreement also mandates €200 million in annual amortization payments for 2024-2026. This refinancing is part of IGT's strategy to enhance its credit profile and liquidity.
FAQ
What is the current stock price of International Game Technology PLC (IGT)?
What is the market cap of International Game Technology PLC (IGT)?
What are the main business segments of IGT?
Where is IGT headquartered?
What recent contracts has IGT signed?
What is IGT’s Global Lottery segment?
How does IGT support responsible gaming?
How many employees does IGT have?
What was the outcome of IGT’s legal disputes with Acres Manufacturing Company?
What are IGT’s recent financial highlights?
Which markets does IGT serve?
What technologies does IGT use to enhance gaming experiences?
