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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 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.
International Game Technology (IGT) announced an extension of its lottery gaming systems contract with Washington's Lottery to implement cashless lottery technology. This agreement, extending through June 30, 2029, marks Washington as the seventh state to adopt IGT's cashless solutions. IGT will upgrade 2,000 self-service vending machines, allowing players to use debit cards for purchases. Since 2016, IGT has helped Washington's Lottery increase sales by 37%, reaching $950 million in the latest fiscal year, demonstrating a strong partnership and ongoing growth in lottery sales.
International Game Technology PLC (IGT) has partnered with Agua Caliente Casinos in California to implement its Resort Wallet and IGTPay cashless solutions at all three casino locations. This initiative aims to enhance player engagement and loyalty by enabling mobile access to funds from various sources, such as credit/debit cards and bank accounts. The full suite of IGT's cashless solutions will be deployed in 2021, allowing players to transfer funds electronically and securely maintain their cashless wagering accounts.
International Game Technology PLC (IGT) has entered into a strategic partnership with Marker Trax to enhance its cashless gaming technologies. This collaboration allows IGT ADVANTAGE® casino management system users to integrate Marker Trax's digital marker system into their IGT Resort Wallet applications. With increasing demand for cashless solutions, this partnership aims to streamline customer experiences, improve security, and expand market penetration. The integration enables patrons to create secure markers via mobile devices, facilitating faster approvals for cashless wagering accounts.
International Game Technology (IGT) will conduct a conference call on August 3, 2021, at 8:00 a.m. EDT to discuss its second quarter 2021 results for the period ending June 30, 2021. Interested parties can join via a toll-free US/Canada number or through a live webcast available on IGT's website. A replay of the call will also be accessible for one week following the event. IGT is recognized as a global leader in gaming, committed to delivering responsible gaming experiences across various channels.
International Game Technology PLC (IGT) announced a multi-year agreement to expand its sports betting operations in Colorado with Ute Mountain Casino Hotel. IGT will deliver its PlaySports platform and self-service kiosks to enhance the casino's betting offerings. This collaboration aims to improve player engagement and drive growth for both parties. IGT is already a leader in sports betting technology, operating in over 40 gaming outlets nationwide. The Ute Mountain Casino is set to launch its sportsbook by the end of August 2021.
International Game Technology (IGT) is expanding its U.S. sports betting presence to Washington, partnering with Snoqualmie Casino. This collaboration will leverage IGT's PlaySports turnkey solution, allowing for both retail and on-premise mobile sports betting. The casino aims to enhance its gaming offerings, engaging sports fans more effectively and complementing existing amenities like the Seahawks Pit table game. This move marks a significant advancement in IGT's strategy to enhance localized sports betting experiences.
International Game Technology PLC (IGT) is set to showcase its latest gaming innovations at the 2021 Indian Gaming Tradeshow & Convention on July 21-22 in Las Vegas. The company will present a range of products, including the PeakSlant49 cabinet featuring new games like Regal Riches and Stinkin' Rich Skunks Gone Wild. IGT will also celebrate the 25th anniversary of Wheel of Fortune Slots, which has created over 1,100 millionaires. Innovations in cashless gaming solutions like Resort Wallet with IGTPay will also be highlighted, enhancing player convenience and operator experience.
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