Acres and IGT to Resolve all Pending Litigation

Rhea-AI Summary

IGT and Acres have agreed to resolve all pending litigation, ending legal disputes between the companies. The settlement was reached in the United States District Court of Nevada and Nevada State Court, focusing on patents related to cashless wagering systems and breach of contract claims.

LAS VEGAS, April 16, 2024 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) and Acres 4.0, Acres Manufacturing Company, and John Acres ("Acres") announced today that effective April 16, 2024, they have reached an agreement to resolve all legal disputes between the two companies. Terms of the settlement have not been announced.

The resolution was reached in the United States District Court of Nevada, directed to United States patents that pertain to facilitating use of a financial transaction device in a cashless wagering system in a gaming system, and Nevada State Court directed to a breach of contract claims.

"IGT is pleased to reach a mutual agreement with Acres that resolves all disputes between us. This allows us to dedicate our collective resources where they are better served, driving continued innovation in the exciting and evolving cashless gaming space," said Nick Khin, IGT COO Gaming.

Adds John Acres, CEO of Acres, "We are thrilled to put this matter behind us and work cooperatively with IGT to build exciting new gambling experiences that can increase both player enjoyment and casino profits."

About Acres

Acres is a leading casino loyalty and technology expert and the creator of FoundationTM, the first-of-its- kind casino management platform. Foundation provides casinos with real-time data from slot machines and a direct interface to the credit meter on any slot machine. Acres was founded by John Acres, the inventor of casino systems technology. For more information on Acres and Foundation, visit acresmanufacturing.com. 

About IGT

IGT (NYSE:IGT) is a global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Lotteries and Gaming Machines to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivaled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 jurisdictions around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit www.igt.com. 

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SOURCE Acres Manufacturing

What legal disputes have been resolved between IGT and Acres?

IGT and Acres have resolved all pending litigation and legal disputes between the companies.

Where was the settlement reached between IGT and Acres?

The settlement was reached in the United States District Court of Nevada and Nevada State Court.

What patents were the legal disputes related to between IGT and Acres?

The legal disputes were related to United States patents concerning the use of a financial transaction device in a cashless wagering system in a gaming system.

Who is the COO Gaming of IGT?

Nick Khin is the COO Gaming of IGT.

Who is the CEO of Acres?

John Acres is the CEO of Acres.