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IGT ups FY24 result expectations after first quarter revenue reaches nearly $1.07 billion

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International Game Technology (IGT) has announced that its revenue topped $1.07 billion for the first quarter of the year, up by 1 percent yearly, with strong growth in its Global Lottery segment.

According to the group’s most recent financial results, the group is now upgrading its outlook for FY24. Full-year revenue is now expected to reach $4.4 billion, while second quarter income is expected to come in around $1.05 billion.

The first quarter results encompass global lottery revenue of $661 million, up 6 percent ‘on significantly higher product sales’. The group indicates terminals in Canada and ‘software upgrades in Singapore and Germany’.

Gaming and Digital revenue fell by $30 million yearly, to $406 million, with lower product sales and fewer unit shipments, however the group saw a 10 percent increase in iGaming revenue – to $48 million.

While the US and Canada made up the majority of the group’s revenue, at $660 million (down 1 percent yearly), while the Rest of World revenue was also down 1 percent yearly, to $150 million, and 16 percent quarterly.

Operating income for the group was flat, at $256 million, despite Global Lottery seeing a 8 percent uptick, to $258 million. Gaming and Digital income fell by 3 percent, to $81 million.

Speaking of the results, the CFO of IGT, Max Chiara, noted “We delivered a record organic profit performance in the first quarter, if we exclude Separation & divestiture costs”.

Vincent Sadusky, CEO, IGT
Vincent Sadusky

The group’s CEO Vince Sadusky further noted that “We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi”.

At the end of February, IGT announced the Global Gaming and PlayDigital businesses would be combining with Everi, to create a ‘comprehensive Global Gaming and FinTech Enterprise’.

The deal values the combined businesses at approximately $6.2 billion. IGT’s shareholders continue to hold 100 percent of the Global Lottery business after the merger.

The deal is expected to close in late 2024 and early 2025.

Kelsey Wilhelm
Kelsey Wilhelmhttps://agbrief.com
Kelsey Wilhelm is a broadcast, print journalist and editor based in Asia for over 15 years. Focused on content creation, management, cross-cultural exchange and interviews for multi-lingual productions. Writing focus on gaming, business, politics, culture and heritage, events and celebrities, subcultures, music, film, art and fashion. Some of Kelsey's specialties are: editing, writing, copy creation, multi-lingual content production, cross-cultural exchange, content creation and management for Asian markets.

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