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International Game Technology Reports First Q1 2024 Earnings

Read about International Game Technology's (NYSE: IGT) first-quarter 2024 earnings report, highlighting revenue growth in the lottery division, promising results in iGaming, and CEO Vince Sadusky's optimism about the company's future prospects.
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Branimir Ivanov | Senior News Contributor

Updated: May 15, 2024

THE IGT DEVELOPMENT

International Game Technology (NYSE: IGT), a global leader in gaming and lottery solutions, commenced the year with a solid first-quarter performance driven primarily by the growth in its lottery business. Despite a slight dip in gaming and digital revenue compared to the previous year, the company's lottery revenue saw a notable increase.

According to the earnings report released by IGT, the first-quarter revenue for 2024 stood at $1.07 billion. This figure reflects a mixed performance, with gaming and digital revenue experiencing a 7% decline from the previous year, while lottery revenue surged by 6%.

The company's gaming and digital division, though experiencing a slight decrease in revenue, surpassed expectations, reporting a 24% operating income margin. This margin indicates a strong operational efficiency within the division.

IGT's CEO, Vince Sadusky, expressed optimism about the company's future performance, stating, “We are upgrading our full-year 2024 revenue and profit goals, which reflect broad-based momentum across key performance indicators in the balance of the year.” He highlighted the ongoing progress in separating the Global Lottery from Gaming & Digital and the preparations for the proposed merger with Everi.

The merger with Everi, expected to close in late 2024 or early 2025, will see IGT's gaming & digital division combined with Everi, while the lottery division will remain separate.

Key Highlights from the Earnings Report:

1. Lottery Division Leads Revenue Growth:

  • IGT's global lottery revenue in the first quarter of 2024 reached $661 million, marking a 6% increase compared to the previous year.
  • The lottery division has shown consistent growth for six consecutive quarters.
  • Operating income for the global lottery division rose to $258 million, up 8% from the prior year.
  • Notable achievements include winning the “Lottery Product of the Year” award at ICE London 2024 and the International Gaming Awards for its multidimensional omnichannel games.

The success of IGT's lottery division can be attributed to several factors. The company's focus on innovation and the development of engaging lottery products have resonated well with consumers worldwide. Additionally, strategic partnerships with various state lotteries and licensing agreements have expanded IGT's market reach.

One significant milestone for IGT during the quarter was the licensing agreement with the Maryland Lottery for its Cash Pop game, indicating growing demand for IGT's lottery offerings. Moreover, strong lottery sales in states like Georgia and New Jersey underscore the effectiveness of IGT's distribution network and product portfolio.

IGT's commitment to enhancing the player experience has been recognized by industry experts, as evidenced by the multiple awards received for its lottery products. The “Lottery Product of the Year” award at ICE London 2024 and the International Gaming Awards reflect IGT's dedication to innovation and quality in its lottery offerings.

2. iGaming Shows Promising Results:

  • Despite a 7% decline in gaming and digital revenue, iGaming revenue grew by 10% in the first quarter.
  • Strong performance in the US market was highlighted, with Global Gaming Revenue (GGR) reaching an all-time high in March.
  • Successful games included Wheel of Fortune Triple Extreme Spin with BetMGM and Fort Knox Cats at the FanDuel Casino.
  • IGT plans to introduce new online slots, including Cash Eruption, Cleopatra, and Fortune Coin brands, throughout the year.

The growth of iGaming revenue demonstrates IGT's ability to adapt to changing consumer preferences and capitalize on the expanding online gaming market. The success of popular titles like Wheel of Fortune Triple Extreme Spin and Fort Knox Cats underscores the strength of IGT's gaming content and its appeal to players across different platforms.

Furthermore, IGT's strategic partnerships with leading online gaming operators have facilitated its expansion in the digital gaming space. The company's collaboration with BetMGM and FanDuel Casino has enabled it to reach a broader audience and drive revenue growth in the iGaming segment.

As the iGaming market continues to evolve, IGT remains committed to innovation and product development. The introduction of new online slots such as Cash Eruption, Cleopatra, and Fortune Coin brands reflects IGT's ongoing efforts to enhance its gaming portfolio and maintain its competitive edge in the industry.

3. Positive Outlook and Growth Prospects:

  • IGT anticipates consistent revenue growth, higher margins, and enhanced profitability for the full year.
  • The merger with Everi is expected to further strengthen the company's position in the gaming industry.
  • New iLottery and retail games are in the pipeline, with Cash Pop gaining popularity and multi-state jackpot games seeing a resurgence.

Looking ahead, IGT remains optimistic about its growth prospects and expects to achieve strong financial performance for the full year. The anticipated merger with Everi is poised to create synergies and unlock value for shareholders by combining the strengths of both companies.

 

“We are upgrading our full-year 2024 revenue and profit goals, which reflect broad-based momentum across key performance indicators in the balance of the year.”

 

What To Expect in the Future

Additionally, IGT's focus on innovation and product development will continue to drive revenue growth across its lottery and gaming divisions. The rollout of new iLottery and retail games, along with the resurgence of multi-state jackpot games, is expected to further bolster the company's revenue streams and strengthen its market position.

In conclusion, despite challenges in certain segments, International Game Technology's first-quarter performance underscores its resilience and strategic initiatives for future growth. With a robust lottery division and promising prospects in iGaming, the company remains well-positioned to capitalize on evolving market trends and drive shareholder value.

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