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US – IGT up four per cent to $1.1bn in Q1

By - 11 May 2022

International Game Technology (IGT) saw its revenue up four per cent in its first quarter compared to the prior year, or seven per cent at constant currency, to $1.1bn, driven by significantly higher Global Gaming product sales; revenue and profit aligned with historic peak levels.

Global Lottery revenue came in at $680m compared to $749m in the prior-year period, which included $95m in prior-year benefits from Italy gaming hall closures, higher multi-state jackpot activity, and incentive accruals related to LMA agreements and a four per cent increase year-over-year excluding said benefits.

Global Gaming revenue increased 42 per cent to $325m, driven by significantly higher product sales revenue and higher active installed base units.

Digital & Betting revenue was up 24 per cent to $47m, as double-digit growth across activities continues; year-over-year increase driven by market expansion, organic growth, and timing of jackpots.

“The first quarter results clearly reflect the power of our portfolio,” said Vince Sadusky, CEO of IGT, “The quarter’s strong margin profile highlights the long-term recovery of the gaming business as well as increased levels of lottery play from pre-COVID periods. The Company’s initiatives around a simplified corporate structure have resulted in strong liquidity as we continue to invest in product development and return capital to shareholders.”

“This quarter marks excellent progress on the profitable growth trajectory outlined at our November 2021 Investor Day. The benefits we are realizing from continued discipline around cost and cash flow management are evident in profit margins that are among the highest in the last three years and in significantly lower interest expense,” said Max Chiara, CFO of IGT. “We are on pace with our leverage target for the year and expect further improvement with the expected proceeds from the announced asset disposition.”

During the quarter, IGT secured a three-year lottery contract extension with the Missouri Lottery; was awarded a multi-year instant ticket contract with Lotto Baden-Württemberg in Germany and executed a broad patent cross-licensing agreement with Aristocrat Leisure Limited. It recently signed an agreement with Atlantic Lottery Corporation to provide 1,375 CrystalDual 27 video lottery terminals. It launched high-performing IGT PlayCasino games in West Virginia, expanding digital footprint to five US states, and in Ontario, as market expands to include commercial operators.

IGT also extended sports betting momentum through strategic agreements with Meruelo Gaming LLC and Kalispel Casino.

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