"IGT's G2E 2024 portfolio emphasizes our expansion on exciting game themes and leading-edge solutions that have propelled IGT Global Gaming's growth in key categories such as premium MLP, WAP, video poker, VLT and systems," said Nick Khin, IGT President, Global Gaming. "From extending the Wheel of Fortune brand to additional product categories, to new Tiger and Dragon, Prosperity Link and Whitney Houston Slots themes, and our radically modernized IGT ADVANTAGE X solution, our G2E portfolio caters to our cus ...

IGT PlaySports and FanDuel Group team up for retail sports betting through 2028LONDON, Sept. 26, 2024 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) announced today that it recently renewed a multi-year retail sports betting agreement with FanDuel, North America's premier online gaming company and an operating unit within Flutter Entertainment plc (NYSE: FLUT). Under the terms of the agreement, IGT PlaySports™ will continue as the exclusive retail sports betting platform provider for ...

With a vibrant "Wheel of Fortune Zone" as the centerpiece of its G2E booth, IGT will exhibit how its new Wheel of Fortune-branded solutions can create that famous WHEEL-OF-FORTUNE! fun and fervor across an entire gaming floor."In introducing the Wheel of Fortune brand to our video poker, ETG and VLT product portfolios, we're giving our customers incremental opportunities to expand the reach the of player-favorite brand and its jackpot-paying legacy," said Nick Khin, IGT President, Global Gaming. "IGT's G2E ...

LONDON, Sept. 19, 2024 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) announced today that Shondra DeLoach-Perea, IGT Vice President Field Services, Call Centers and Technology Operations, has been named a recipient of Global Gaming Women's (GGW) 2024 "Patty Becker Pay it Forward Award." The annual award program honors women in the gaming industry who have contributed to GGW's initiatives and helped support women in their organization and community.IGT Executive Shondra DeLoach-Perea ...

IGT builds on success of Powerbucks™ with new omnichannel wide area progressive game for Canada, further differentiates Company as omnichannel innovation leaderLONDON, Sept. 4, 2024 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) announced today that it recently launched its second omnichannel Wide Area Progressive ("WAP") game for Canada, Money Mania slots. The game is currently available on British Columbia Lottery Corporation's ("BCLC") PlayNow.com site and at 22 BCLC-governed casin ...

Company will deliver premier instant ticket games to lottery players in Portugal LONDON , Aug. 22, 2024 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE:IGT) today announced that its subsidiary, IGT Global Solutions Corporation, has signed a three-year primary instant ticket printing and related services contract with longtime partner Santa Casa da Misericórdia de Lisboa ("SCML"), Portugal's national lottery. The contract was awarded following a competitive procurement.Under the terms of the ...

LONDON, Aug. 7, 2024 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) announced today that Nick Khin has been appointed as IGT President, Global Gaming. Khin previously served as IGT Chief Operating Officer and Senior Vice President, Gaming, since 2015.In his role as IGT President, Global Gaming, Khin is responsible for managing the IGT Global Gaming business unit, including studios, technology, sales, games and hardware, manufacturing and services, and systems. Khin reports to IGT CEO ...

Atlantis Casino Resort Spa and Monarch Casino Resort Spa are the latest gaming venues to power retail and mobile sports betting with IGT PlaySports technology LONDON, Aug. 5, 2024 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE: IGT) announced today that it expanded its sports betting footprint in Nevada and Colorado through an IGT PlaySports™ technology and services agreement with Monarch Casino & Resort, Inc. (Nasdaq: MCRI). Per the agreement, the award-winning IGT PlaySports platform and ...

Financial Performance - Total revenue for Q2 2024 was $1,049 million, a slight decrease of 0.6% compared to $1,055 million in Q2 2023[14] - Net income attributable to IGT PLC for Q2 2024 was $42 million, down 8.7% from $46 million in Q2 2023[14] - Operating income for the first half of 2024 was $486 million, a decrease of 3.9% compared to $506 million in the same period of 2023[14] - As of June 30, 2024, total comprehensive income was $45 million, compared to $90 million for the same period in 2023, reflecting a decrease of 50%[22] - Net income for the six months ended June 30, 2024, was $42 million, down from $82 million for the same period in 2023, representing a decline of 48%[22] - Total revenue for the three months ended June 30, 2024, decreased by $6 million to $1,049 million, primarily due to lower gaming terminal sales volumes[91] - Total revenue for the six months ended June 30, 2024 was $2,117 million, a slight increase of $1 million or 0% compared to the prior year[119] Assets and Liabilities - Cash and cash equivalents decreased to $438 million as of June 30, 2024, down from $572 million at the end of 2023[12] - Total assets decreased to $10,042 million as of June 30, 2024, compared to $10,465 million at the end of 2023[12] - Total liabilities decreased to $8,166 million as of June 30, 2024, down from $8,513 million at the end of 2023[12] - The company’s total shareholders' equity decreased to $1,877 million as of June 30, 2024, down from $1,952 million at the end of 2023[12] - Total debt as of June 30, 2024, was $5,547 million, a decrease from $5,671 million at December 31, 2023[51] Cash Flow - The company reported a net cash provided by operating activities of $463 million for the first half of 2024, an increase from $345 million in the same period of 2023[19] - The Company used $180 million in net cash for investing activities during the six months ended June 30, 2024, a decrease of $10 million from $190 million in the prior year[156] - Cash flows used in financing activities totaled $433 million for the six months ended June 30, 2024, an increase of $129 million compared to $303 million in the same period of 2023[157] - Non-cash adjustments to net income for the six months ended June 30, 2024, were $376 million, down from $479 million in the prior year[154] - Changes in operating assets and liabilities resulted in cash outflows of $126 million for the six months ended June 30, 2024, compared to $292 million in 2023[155] Expenses - Research and development expenses for Q2 2024 were $53 million, a decrease of 11.7% from $60 million in Q2 2023[14] - Operating expenses for the three months ended June 30, 2024, included a $9 million increase in cost of services, primarily due to additional payroll and benefit costs[95] - Selling, general and administrative expenses decreased by $9 million, or 4%, primarily due to a reduction in outside service costs and incentive compensation[97] - Research and development expenses decreased by $7 million, or 12%, primarily due to higher capitalization of software development activities[98] - Separation and divestiture costs for the three months ended June 30, 2024, were $26 million, primarily related to activities necessary for the Transaction Agreements[99] Dividends and Shareholder Returns - Dividends declared for the three months ended June 30, 2024, were $40 million, unchanged from the same period in 2023[22] - The Company declared a quarterly cash dividend of $0.20 per share in both the first and second quarters of 2024[63] - The Board declared a quarterly cash dividend of $0.20 per share, totaling approximately $40 million, payable on August 27, 2024[64] Segment Performance - The Gaming & Digital segment generated $436 million in revenue for the three months ended June 30, 2024, compared to $432 million in the same period of 2023[71] - The operating income for the Gaming & Digital segment for the three months ended June 30, 2024, was $103 million, compared to $89 million in the same period of 2023[71] - Total service revenue for the three months ended June 30, 2024 was $586 million, a decrease of $2 million or 0% compared to the prior year[105] - Total service revenue in the Gaming & Digital segment increased to $250 million, a 2% increase from the prior year[111] - Lottery products revenue increased by $11 million, or 20%, from $57 million in 2023 to $69 million in 2024, primarily due to terminal and software deliveries[134] Future Outlook and Transactions - The company plans to divest its Gaming & Digital businesses to Apollo Global Management, which may impact future financial performance[7] - IGT Gaming is set to be acquired in an all-cash transaction valued at approximately $6.3 billion, with the Parent expected to receive about $4.05 billion in cash[77] - The Proposed Transaction with Everi is valued at $6.3 billion, with the Parent expected to receive approximately $4.05 billion in gross cash proceeds for IGT Gaming[86] - The transaction with Everi is expected to close by the end of the third quarter of 2025, subject to regulatory approvals[78] - The Company expects to present the operating results and cash flows of the IGT Gaming disposal group as discontinued operations starting in Q3 2024[79] Tax and Interest - The effective income tax rate for the three months ended June 30, 2024, was 45.7%, down from 48.9% in the same period of 2023[59] - Provision for income taxes decreased by $15 million, or 17%, primarily due to a lower valuation allowance related to U.S. business interest expense limitation carryforward[103] - Provision for income taxes decreased by $33 million, or 19%, from $173 million in 2023 to $141 million in 2024, driven by lower valuation allowances and tax liabilities[130] - Interest expense for the three months ended June 30, 2024, was $78 million, slightly up from $77 million in the same period of 2023[52] - Interest expense, net increased by $1 million to $73 million, primarily due to higher borrowings on the Revolving Credit Facilities[101]

International Game Technology PLC (NYSE:IGT) Q2 2024 Earnings Conference Call July 30, 2024 8:00 AM ET Company Participants James Hurley - Senior Vice President, Investor Relations Vince Sadusky - Chief Executive Officer Max Chiara - Chief Financial Officer Conference Call Participants Jeffrey Stantial - Stifel Barry Jonas - Truist Securities Chad Beynon - Macquarie David Katz - Jefferies Joe Stauff - Susquehanna David Hargreaves - Barclays Operator Thank you for standing by, and welcome to the Internationa ...