International Game Technology (IGT) Stock News, Jul-Sep 2021

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.

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.