{"id":8722,"date":"2025-02-26T05:00:29","date_gmt":"2025-02-26T05:00:29","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2025\/02\/26\/igt-nears-business-separation-after-reporting-lower-revenue\/"},"modified":"2025-02-26T05:00:29","modified_gmt":"2025-02-26T05:00:29","slug":"igt-nears-business-separation-after-reporting-lower-revenue","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2025\/02\/26\/igt-nears-business-separation-after-reporting-lower-revenue\/","title":{"rendered":"IGT Nears Business Separation After Reporting Lower Revenue"},"content":{"rendered":"
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International Game Technology (IGT<\/a>) reported slight declines in revenue and EBITDA for its last full year as an independent company. The company released its financial results, showing a 4% drop in Q4 revenue to $651 million and an 8% decrease in adjusted EBITDA to $290 million. Its AEBITDA margin also fell from 46% to 44%.<\/p>\n

IGT pointed to record product sales in the prior year as a key factor behind the decline. Despite the dip, the latest quarter ranked as the second-highest for product sales revenue in company history. Full-year revenue for 2023 was $2.5 billion, a 1% decrease from the previous year, while AEBITDA dropped 4% to $1.1 billion. However, net debt was reduced from $5.1 billion to $4.7 billion.<\/p>\n

The company is approaching a major transition. By the end of 2025, it will separate its lottery division and merge its gaming operations with Everi, a fintech and games supplier. The $6.3 billion merger, arranged by Apollo Global Management last July, will result in the new entity going private.<\/p>\n

Apollo\u2019s involvement reshaped initial plans. Earlier, IGT and Everi had agreed to merge while keeping the company publicly listed under the IGT name, with Vince Sadusky leading the business. Under the new agreement, the merged company will be delisted, and former Aristocrat Gaming CEO Hector Fernandez will take over as CEO. Sadusky will instead lead the lottery business, which will remain public under a new name. Everi chairman Mike Rumbolz was originally set to chair the new company, but his role in Apollo\u2019s plan remains unclear.<\/p>\n

Reflecting on the changes, Sadusky stated, \u201c2024 was a year of momentous transformation with the conclusion of our strategic review and the announced sale of our Gaming & Digital business for $4.05 billion in cash. Our unmatched capabilities in developing world-class Lottery solutions and innovative game content support several important investments to drive long-term growth and shareholder returns. We are well-positioned to continue strengthening our global lottery leadership.\u201d<\/em><\/p>\n

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