International Game Technology Stock Price, News & Analysis

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.

International Game Technology (IGT) has released its 2023 Sustainability Report, emphasizing its dedication to environmental, social, and governance (ESG) initiatives through its Sustainable Play™ program. This 17th annual report highlights four core sustainability pillars: valuing and protecting employees, advancing responsibility, supporting communities, and fostering sustainable operations.

Key achievements include Top Employer certification for U.S., Canada, and Italy, top score in the Human Rights Campaign Foundation's Corporate Equality Index, and G4 re-certification for responsible gaming. IGT also opened 15 new After School Advantage (ASA) labs, including its 350th, and introduced a STEAM-focused curriculum. Environmental efforts were bolstered by Science Based Targets initiative validation and climate-related risk analyses.

For more details, visit IGT.com

International Game Technology (IGT) has signed a five-year contract with Organización Nacional de Ciegos Españoles (ONCE) to print new instant ticket games for the Spanish lottery. This contract, effective through 2029, will see IGT's subsidiary, IGT Global Solutions , supply a portion of ONCE's instant tickets, reinforcing a partnership that has lasted over two decades. Francisco José Martínez Palao of ONCE highlighted IGT's industry-leading products as a reason for the collaboration's renewal. Jay Gendron, IGT's COO, expressed excitement about expanding their lottery portfolio in Spain. IGT serves as the primary technology provider to many top lotteries globally, including 26 in the U.S.

International Game Technology (IGT) has secured a seven-year contract with the Colorado Lottery to deploy its Aurora™ central system and upgrade all retailer equipment. The contract, potentially extending through 2032, includes options for seven additional one-year extensions. This new system, part of IGT's OMNIA™ integrated lottery solution, aims to provide enhanced marketing communications and a comprehensive player experience. Additionally, IGT will launch a mobile app with Scan and Redeem functionality, allowing players to redeem winnings via ACH transfer. IGT serves as the main technology provider for numerous global lotteries, including 26 in the U.S.

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.