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


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 Wilhelm
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.