International Game Technology PLC - IGT STOCK NEWS

International Game Technology PLC (NYSE:IGT) has announced a benchmark offering of senior secured notes due 2030, denominated in euros. The notes will be issued by IGT Lottery Holdings B.V., a wholly-owned subsidiary of IGT. The company intends to use the proceeds to redeem $499,999,000 of IGT's 6.500% Senior Secured Notes due 2025 at par, pay debt issuance costs, and for general corporate purposes.

IGT has also released historical financial statements recast to show the impact of classifying IGT Gaming & Digital businesses operations as discontinued and assets and liabilities as held for sale. The notes are being offered only to qualified institutional buyers in the U.S. and non-U.S. persons outside the U.S., in compliance with applicable securities laws.

IGT has launched Money Mania slots, its second omnichannel Wide Area Progressive (WAP) game in Canada, following the success of Powerbucks™. The game is available on BCLC's PlayNow.com and at 22 BCLC-governed casinos in British Columbia. IGT is the only supplier offering omnichannel jackpot games with shared jackpot liquidity across land-based, online, and mobile platforms.

Money Mania features a $100,000 top-level 'Money Jackpot' and a fast-growing second-level 'Mania Jackpot' with a $4,000 reset value. The game is designed to deliver frequent mid-to-large-size jackpots and drive cross-channel gameplay. Since the 2016 launch of Powerbucks, IGT's first omnichannel jackpot game, it has created over 50 millionaires across Canada.

IGT has secured a three-year primary instant ticket printing contract with Santa Casa da Misericórdia de Lisboa (SCML), Portugal's national lottery. The agreement, awarded through competitive procurement, grants SCML access to IGT's instant ticket content and innovations portfolio, including top-performing games. IGT will also provide marketing services, game development, and analytics.

As IGT's subsidiary, IGT Global Solutions , has been SCML's primary lottery technology partner since 2000, this contract further strengthens their long-standing relationship. IGT currently delivers retail central system hardware, software, terminal maintenance, and field services to SCML.

IGT's global market leadership is evident, as it serves as the primary technology provider to 26 of 46 U.S. lotteries, 8 of the world's 10 largest lotteries, and 16 of the world's top 25 lotteries.

International Game Technology PLC (NYSE: IGT) has appointed Nick Khin as President, Global Gaming. Khin, who previously served as IGT's Chief Operating Officer and Senior Vice President, Gaming since 2015, will now be responsible for managing the company's Global Gaming business unit. This includes overseeing studios, technology, sales, games and hardware, manufacturing and services, and systems.

Khin will report directly to IGT CEO Vince Sadusky and will be based in Las Vegas. Sadusky praised Khin's leadership, stating that under his guidance, IGT has consistently released top games and strengthened its performance across all game categories. Khin joined IGT in 2013, initially leading the corporate strategy and mergers and acquisitions functions. He brings over 23 years of industry experience to the role, including senior executive positions in Las Vegas, London, and Sydney.

IGT (NYSE: IGT) has expanded its sports betting presence in Nevada and Colorado through a partnership with Monarch Casino & Resort, Inc. (Nasdaq: MCRI). The agreement involves IGT's PlaySports technology and services powering retail and mobile sports betting at Atlantis Casino Resort Spa in Reno, Nevada and Monarch Casino Resort Spa in Black Hawk, Colorado.

As part of this collaboration, Monarch has launched new mobile sportsbook apps: Atlantis NV Sports and BetMonarch – Colorado, both utilizing IGT PlaySports technology. IGT's platform is known for its versatility in the U.S. B2B sports betting market and was recently named 'Sportsbook Platform Provider of the Year' at the 2024 EGR North America Awards.

International Game Technology PLC (IGT) reported strong Q2 2024 results, with revenue of $1.05 billion and operating income of $230 million. The company achieved record H1 2024 operating income and Adjusted EBITDA, excluding separation and divestiture costs. Key highlights include:

- Global Lottery revenue of $613 million, down 2% year-over-year
- Gaming & Digital revenue of $436 million, up 1% versus prior year
- Adjusted EBITDA of $420 million
- Generated over $460 million in cash from operations in H1 2024
- Recently announced sale of Gaming & Digital business for $4.05 billion in cash

IGT's strong performance was driven by investments in technology, game content, and innovative solutions. The company maintains a solid financial position with ample liquidity and manageable near-term debt maturities.

IGT and Everi have announced a significant change to their previously announced merger plans. Instead, both IGT's Gaming & Digital business (IGT Gaming) and Everi will be simultaneously acquired by Apollo Global Management in an all-cash transaction valued at approximately $6.3 billion. Under the new agreement:

- Everi stockholders will receive $14.25 per share in cash, a 56% premium over the July 25, 2024 closing price.
- IGT will receive $4.05 billion in gross cash proceeds for IGT Gaming.
- The transaction is expected to close by the end of Q3 2025, subject to regulatory approvals and Everi stockholder approval.

This deal replaces the previously announced spin-off and merger between IGT Gaming and Everi. Post-closing, IGT will become a pure-play lottery business, while IGT Gaming and Everi will operate as privately owned companies under Apollo's ownership.

IGT (NYSE: IGT) has been recognized as a 'Best Place to Work for Disability Inclusion' by the 2024 Disability Equality Index, earning a top score of 100. This marks the second consecutive year for IGT in the U.S. and the first time in the UK. The Disability Equality Index, now in its 10th year, is a comprehensive benchmarking tool for Fortune 1000 companies to measure disability workplace inclusion.

IGT's achievement reflects its commitment to creating an inclusive culture where employees can succeed. The company has implemented various programs and practices to promote diversity, including more inclusive hiring processes, accommodating benefits, and employee training courses. IGT's Office of Diversity, Equity, and Inclusion, established in 2018, has been instrumental in driving these initiatives.

IGT announced that Renato Ascoli, IGT CEO Global Lottery, will be inducted into the Lottery Industry Hall of Fame as part of the Class of 2024. With nearly 20 years of experience in the lottery and gaming industries, Ascoli has been instrumental in driving new business and innovation. In his current role, he oversees global lottery and iLottery operations for IGT's 90-plus lottery customers worldwide.

Key achievements under Ascoli's leadership include launching sports betting with the Rhode Island Lottery, partnering with the Mississippi Lottery, deploying lottery terminals in Walmart stores, and rolling out IGT's Cash Pop™ draw game. Previously, he served as General Manager of GTECH S.p.A. and was instrumental in sustaining the Gratta e Vinci instant ticket brand in Italy and securing the exclusive Lotto concession.