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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.
International Game Technology (IGT) announced the digital release of its acclaimed Prosperity Link slot game for iGaming platforms in Pennsylvania, Michigan, New Jersey, Connecticut, and West Virginia. This move extends the popular land-based game, which features a 5x3 reel configuration and 243 ways to win, into the online space, aiming to leverage its existing fanbase. The game, celebrated for its Money Balls and Prosperity Pots mechanics, won the 'Best Slot Product' at the 2022 GGB Gaming & Technology Awards. IGT plans to release more Prosperity Link titles online throughout 2024.
International Game Technology (IGT) and Churchill Downs Incorporated (CDI) have expanded their Historical Horse Racing (HHR) technology to Malta through a partnership with National Lottery plc, a subsidiary of IZI Group. This marks the first HHR deployment outside the United States. IGT's products will initially dominate the HHR floor at IZIBINGO in St. Paul's Bay, with CDI's Exacta Systems providing the Exacta Connect® system solution for the gaming floor. The launch will include over 80 IGT HHR games on IGT hardware such as PeakSlant™49 and Cobalt™27 cabinets. IGT and Exacta will also support HHR offerings at other National Lottery venues in Malta. This collaboration aims to innovate and expand the National Lottery's operations internationally.
International Game Technology PLC (IGT) has scheduled a conference call and live webcast to discuss its second quarter 2024 results on July 30, 2024. The results will cover the period ending June 30, 2024. The call is set to start at 8:00 a.m. EDT. Participants are advised to pre-register to receive a dial-in number and PIN. The webcast will be accessible on IGT's Investor Relations website, with a replay also available post-call.
International Game Technology (IGT) has secured a contract with the Ohio Lottery Commission to provide a video lottery terminal (VLT) central monitoring system. The contract, effective from May 31, 2024, to June 30, 2033, includes an option for two additional one-year renewals. IGT will deploy its Intelligen™ central monitoring system to oversee over 10,000 VLT machines across seven racinos in Ohio. Nick Khin, IGT's Chief Operating Officer, emphasized that winning this competitive bid highlights the company's innovation and dedication to monitoring systems.
International Game Technology (IGT) has launched the Whitney Houston Slots game in casinos across the U.S. This new slot game, featuring Whitney Houston's iconic music and imagery, is housed in the advanced SkyRise cabinet, which stands over 11 feet tall with dual 55-inch 4K resolution screens. Developed in collaboration with The Estate of Whitney E. Houston and Primary Wave Music, the game offers an immersive, concert-like experience, complete with synchronized audio and video. Key features include four jackpots, including a top $500,000 wide area progressive jackpot, and various gameplay mechanics like the Respin Bonus and Stacked Wilds. The game promises to captivate both Whitney Houston fans and slot enthusiasts.
International Game Technology (IGT) announced that its Tiger and Dragon multi-level progressive (MLP) game debuted at the top position on Eilers & Krejcik's May 2024 US & Canada Game Performance Report in the 'Top Indexing NEW Games – Premium Leased & WAP' category. The game outperformed others by achieving 2.89 times the zone average. Tiger and Dragon Cash on Reels took the number one spot, while Tiger and Dragon Multipliers ranked third, performing at 2.5X zone average. Housed in IGT's PeakCurve 49 cabinet, the game features vibrant gameplay mechanics and unique bonuses, contributing to its success.
International Game Technology (IGT) has extended its contract with the Mississippi Lottery for an additional three years, ensuring service until December 1, 2029. IGT will introduce new technologies including a mobile convenience app, new GameTouch™ 28 self-service terminals, and the Sales Wizard retail automation tool. The mobile app will offer features like viewing winning numbers, checking tickets, and creating digital playslips. The Sales Wizard tool will provide comprehensive sales reports to optimize lottery retail opportunities. IGT's extension aligns with Mississippi Lottery's goals of funding educational initiatives, with plans to open more digital technology labs and continue annual scholarship contributions. IGT serves as the primary technology provider for numerous major lotteries worldwide.
International Game Technology (IGT) announced the launch of its new multi-level progressive (MLP) game, Tiger and Dragon, on the PeakCurve49 cabinet. This game features innovative mechanics and high bonus frequencies, creating an engaging entertainment experience. Tiger and Dragon offers two base games, Multiplier and Cash On Reels, each with unique bonuses. The game introduces a new lock-and-respin feature and reveal bonus structure, enhancing win potential. The PeakCurve49 cabinet's vivid graphics and LED signage further enhance the game's appeal. This launch is part of IGT's strategic focus on advancing its game performance in the MLP sector.
International Game Technology (IGT) has announced an expansion of its partnership with the Lac Vieux Desert Northern Waters Casino & Resort in Michigan. As of May 16, 2024, IGT's PlaySports Trading Advisory Services will support the casino's sports betting operations. Northern Waters has been using IGT's betting platform and self-service technology since 2021. The new agreement will streamline operations and improve customer experience. Northern Waters will also deploy IGT's PeakBarTop cabinets with Total Gaming software to offer various gaming options. IGT PlaySports was named 'Sportsbook Supplier of the Year' in the 2023 SBC North America Awards and powers over 80 gaming venues in North America.
International Game Technology (IGT) reported a Q1 2024 revenue of $1.07 billion, up 1% YoY, driven by strong Global Lottery performance. Operating income was $256 million, in line with the previous year, but rose to $273 million excluding separation costs. Adjusted EBITDA was $461 million, up 3% when excluding separation costs.
Global Lottery revenue increased by 6% to $661 million, while Gaming & Digital revenue decreased by 7% to $406 million. Net income more than doubled to $128 million, and diluted EPS rose to $0.40 from $0.11. Despite lower cash flow and liquidity, IGT upgraded its 2024 outlook, projecting full-year revenue of $4.4 billion.
Key highlights include a spinoff transaction with Everi Holdings, awards at ICE London 2024, and a new licensing agreement with the Maryland Lottery.
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