International Game Technology PLC (IGT) has released its financial results for the first quarter, concluding on March 31, 2024, showcasing a robust performance across various segments.
Vince Sadusky, CEO of IGT, expressed optimism about the company’s performance, attributing the success to innovative game solutions and hardware advancements. He emphasized the upward revision of revenue and profit targets for the full year, indicative of sustained momentum across key performance indicators.
Key Highlights of Q1 2024
Amidst notable achievements, IGT announced the impending spin-off of its Gaming & Digital business, slated to merge with Everi Holdings Inc., with the transaction expected to finalize in late 2024 or early 2025. The company garnered industry recognition, clinching prestigious awards at the ICE London 2024 awards programs, including “Lottery Product of the Year” and “Best Diversity and Inclusion Employer.”
Additionally, IGT secured a supply contract extension from the UK National Lottery and executed a licensing agreement with the Maryland Lottery for its patented Cash Pop draw-based game. The company’s game title, Mystery of the Lamp, was crowned “Top Performing New Premium Game” at the 2024 EKG Slot Awards Show.
Further augmenting its presence, IGT secured a contract to deploy PeakDual 27 video lottery terminals across Quebec and launched iGaming content in Rhode Island. Noteworthy accolades include achieving a AAA MSCI ESG rating, the highest possible, and receiving a gold medal sustainability rating from EcoVadis.
Max Chiara, CFO of IGT, underscored the company’s record organic profit performance in Q1 2024, excluding separation and divestiture costs. He said, “We delivered a record organic profit performance in the first quarter, if we exclude Separation & divestiture costs. The Company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities.”
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