Supplier News
US – IGT up six per cent in its third quarter with strong performance across all business segments
By Phil - 31 October 2023
International Game Technology generated revenue of $1.06bn in its third quarter ended September 30, 2023, up six per cent, consistent with the prior year and driven by strong key performance indicators across business segments.
Global Lottery revenue of $601m was down four per cent year-over-year; net of the Italy commercial services sale, revenue rose five per cent on strong same-store sales in Italy, with continued strength in both instant ticket and draw games, and elevated US multi-state jackpot activity
Global Gaming revenue of $409m, up eight per cent from $379m in the prior year, primarily driven by growth in the installed base and higher system and software sales
PlayDigital revenue of $55m, in line with the prior year, as growth in iCasino was offset by the impact of exiting certain legacy iSoftBet jurisdictions and unusually high sports betting hold levels in the prior year.
“The strength of our leadership positions across Global Lottery, Global Gaming, and PlayDigital is evident in our third quarter and year-to-date results,” said Vince Sadusky, CEO of IGT. “Excellent momentum in key performance indicators is driving revenue growth and even stronger profit expansion. With a compelling pipeline of innovative products and solutions showcased at recent tradeshows, I am confident we can achieve our near and medium-term goals as we focus on unlocking the intrinsic value of IGT’s market-leading assets.”
“We are pleased with the financial results we delivered in the third quarter, including top-line growth, margin expansion, and strong cash flow generation,” said Max Chiara, CFO of IGT. “Our financial position is solid with net debt leverage at a historical low point and already comfortably within our long-term target range, which coupled with no meaningful near-term debt maturities and access to significant liquidity, greatly enhances our balance sheet and creates additional financial flexibility.”
During the quarter, IGT secured a seven-year lottery contract extension as primary technology provider to the California Lottery through October 2033 and 10-year contract extensions as retail and iLottery systems partner to the Kentucky Lottery Corporation through July 2036
It deployed end-to-end cloud-based iLottery platform for Totalizator Sportowy in Poland. It showcased a broad range of gaming products and solutions reflecting IGT’s commitment to performance, quality, and innovation at the Global Gaming Expo and Australasian Gaming Expo. IGT also launched the bespoke Caesars Cleopatra game for Caesars Palace Online Casino and debuted its award-winning PeakBarTop cabinet with sports betting, providing players the market’s most advanced sports betting interface for land-based casinos
It also expanded its PlaySports technology footprint, including IGT’s trading advisory services, with deployments at Palace Casino Resort in Mississippi and St. Croix Casino in Wisconsin.
