Sadusky: “Player demand trends remain encouraging and IGT’s suite of innovative products and solutions has never been better”
IGT – International Game Technology, has announced recording strong results in Q3 2022 with results released on Tuesday indicating that the company has recorded a 192 percent yearly rise in net income, to US$294 million. This follows an 8% rise in total revenue for the group during the period, year-on-year, reaching US$1.06 billion.
The group’s global gaming segment saw strong returns, registering a 31 percent yearly increase, to US$379 million, while seeing an uptick in profit of 107 percent, to US$65 million IGT attributes the increase to ‘significant increases in machine shipments, average selling prices, installed base yields, and intellectual property and multi-year poker site licenses’.
“IGT’s organization along three business segments enable our teams to be focused on developing and delivering best-in-class products and services,” said Vince Sadusky, CEO of IGT. “The accomplishments are evidenced in accelerated revenue and profit expansion in the third quarter, achieving the top-end of our margin outlook. Customer and player demand trends remain encouraging and IGT’s suite of innovative products and solutions has never been better. In addition, we reached the lowest debt leverage in the Company’s history, while returning a record $224 million in capital to shareholders so far this year.”
However, the global lottery segment continued to dominate the group’s revenue, at US$626 million, a yearly fall of 4 percent, with profit from the segment falling 10 percent yearly, to US$211 million. The results were ‘primarily driven by strong, multi-jurisdictional jackpot activity’, notes the company.
Digital and betting revenue increased by 27 percent yearly, to US$54 million, with profit from the sector falling by 5 percent, to US$12 million, primarily ‘driven by iCasino’ as well as contributions from the iSoftbet acquisition – which it acquired in July of this year, for 160 million euros (US$161 million) in cash, as well as new markets in North America and organic growth.
“Our strategy to innovate, optimize, and grow is fueling progress across the portfolio,” said Max Chiara, CFO of IGT. “Robust year-to-date cash flows and proceeds from the sale of the Italy proximity payments/commercial services business, in addition to proactive liability management, enabled us to reduce debt to the lowest level ever. This enhanced credit profile provides greater financial flexibility to execute on the broadened, balanced capital allocation strategy presented at the Investor Day last November.”
Key IGT Q3 2022 Highlights include.
- Completed acquisition of iSoftBet, a leading iGaming content provider and third-party aggregator, for approximately €160 million in cash in July 2022
- Successfully completed sale of Italian proximity payments/commercial services business in September 2022 for gross proceeds of €700 million
- Strengthened Lottery contract portfolio with four-year extension in New York and seven-year extension in Georgia as primary technology supplier, and a new 10-year instant ticket printing and services contract in Texas
- Signed agreement with Santa Casa de Misericórdia de Lisboa to deliver up to 7,200 Retailer Vue™ lottery terminals in Portugal
- Award-winning Resort Wallet™ and IGTPay™ cashless gaming solutions deployed enterprise-wide at Station Casinos properties in Las Vegas and at Indigo Sky Casino in Oklahoma
- Innovative products and solutions recognized with recent industry awards including “Best Slot Product” for Prosperity Link™ video slot game in the 2022 GGB Gaming & Technology Awards and “Land-Based Product of the Year” for PeakBarTop™ with Sports Betting at 2022 Global Gaming Awards Las Vegas
- Expanded IGT’s sports betting leadership in Washington State via multi-year contract with Nisqually Red Wind Casino, leveraging IGT’s full turnkey solution
- Recognized as the top-ranking gaming supplier by the All-In Diversity Project (AIDP)
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