Intl Game Tech (NYSE:IGT) Stock

Intl Game Tech

International Game Technology PLC is a gaming company that delivers entertaining and responsible gaming experiences for players across all channels. The company operates into single segment namely Gaming & Digital. Geographically, it derives a majority of revenue from the United States. The company also has its presence in Italy, Rest of Europe and Other countries.

International Game Technology Ordinary Shares

International Game Technology PLC

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Inception Growth Acquisition Ltd Warrants(15/10/2026)

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International Game Technology PLC ("IGT") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGT#NYSE">IGT</a>) announced today that IGT PlaySports&#x2122; technology is now powering retail sports betting at Silver Reef Casino Resort in Ferndale, Wash. This technology agreement builds on IGT PlaySports' leadership in the region, marking the 11th casino in Washington State to deploy the Company's award-winning sports betting platform, and the 10th casino in the State to leverage its trading advisory services.

News

IGT Powers Retail Sports Betting at Silver Reef Casino, Expanding Presence in Washington State

International Game Technology Signs Multi-Year Agreement With Red Earth Casino In Thermal To Displace Competing Casino Management System With IGT ADVANTAGE CMS

Truist Securities analyst Barry Jonas maintains Intl Game Tech (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGT#NYSE">IGT</a>) with a Hold and lowers the price target from $20 to $18.

Price Target

Analyst Ratings

Truist Securities Maintains Hold on Intl Game Tech, Lowers Price Target to $18

Stifel analyst Jeffrey Stantial maintains Intl Game Tech (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGT#NYSE">IGT</a>) with a Buy and lowers the price target from $26 to $22.

Stifel Maintains Buy on Intl Game Tech, Lowers Price Target to $22

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Shares of restaurant and lodging-related companies are trading higher following President Trump's decision to implement a 90-day pause on reciprocal tariffs for all countries except China.

International Game Technologies And Galaxy Gaming Announce Five-Year Licensing Agreement For Online Table Games

BofA Securities analyst disclosed views about the future of prediction <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color" rel="noreferrer noopener">markets for online sports betting</a>.
Since December 2024, prediction markets such as Kalshi, Crypto.com, and Polymarket have significantly impacted the U.S. sports betting industry, introducing an increasing variety of markets and betting options on a national scale, writes the analyst.
The analyst says that this trend, combined with an evolving regulatory environment, presents an area that both online sports betting (OSB) operators and investors should monitor closely.
Talking about the best scenario, the analyst writes that prediction markets can enhance the sports betting sector by attracting new customers, expanding the total addressable market (TAM), and creating a convergence between sports betting and financial technology.
The analyst sees opportunities for collaboration between these technologies, and the forthcoming regulatory guidance from the Commodities Futures Trading Commission (CFTC) in late March or early April could drive further interest in this nascent field.
Notably, on 2/5, the CFTC revealed plans for a roundtable discussion on prediction markets to gather input from key stakeholders as it works on refining its regulatory framework.
This event is anticipated to occur approximately 45 days after the February 5th announcement (specific date has not been confirmed) and the 90-day review period for Crypto.com's sports contracts will conclude in mid-April, adds the analyst.
The analyst notes that these events are expected to provide essential clarity on the regulatory landscape for sports-related prediction markets.
On the other hand, the analyst says that there is potential for legal challenges under CFTC regulations and the Wire Act.
On March 5, Nevada issued a cease-and-desist order to Kalshi, requiring them to stop offering event-based contracts on sports and elections by March 14 (extended at Kalshi&#8217;s request). California tribes have raised concerns about prediction markets impacting tribal sovereignty, notes the analyst.
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Photo by sutadimages on Shutterstock.

Analyst Color

Equities

Sports Betting

Trading Ideas

General

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BofA Analyst Highlights Regulatory Clarity As Key To Unlocking Potential Of Sports Prediction Market

International Game Technology&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGT#NYSE">IGT</a>)&nbsp;reported fourth-quarter adjusted earnings per share of 22 cents,&nbsp;missing the <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">street view of 37 cents</a>.
Quarterly sales of $651 million (down 4%) missed the <a href="https://www.benzinga.com/pressreleases/25/02/n43936004/international-game-technology-plc-reports-fourth-quarter-and-full-year-2024-results" target="_blank" rel="noreferrer noopener">analyst consensus of $657.84 million</a>.
Sales fell as elevated U.S. multi-state jackpot activity in the prior year offset strong instant ticket and draw game same-store sales growth across jurisdictions.
Also Read: <a href="https://www.benzinga.com/25/02/43920072/taiwan-semiconductor-poised-for-surge-goldman-sachs-predicts-rising-demand-for-taipei-traded-shares" target="_blank" rel="noreferrer noopener">Taiwan Semiconductor Poised For Surge, Goldman Sachs Predicts Rising Demand For Taipei-Traded Stock: Report</a>
Italy saw a 7.0% increase in same-store sales.
Operating income fell 9% to $179 million while operating income margin contracted to 27.4% from 29.0%.
Adjusted EBITDA declined 8% to $290 million. The adjusted EBITDA margin decreased to 44.5% from 46.4% in the previous period.
International Game Technology's long-term debt, which is less current, pegs at $5.15 billion as of the quarter end. As of Dec. 31, the company reported total liquidity of $1.9 billion, including $584 million in unrestricted cash and $1.4 billion in available borrowing capacity from undrawn credit facilities.
2024 was a year of momentous transformation with the conclusion of the company&#8217;s strategic review and the sale of its Gaming &amp; Digital business for&nbsp;$4.05 billion&nbsp;in cash,&nbsp;CEO Vince Sadusky noted.
Outlook:&nbsp;International Game Technology expects fiscal 2025 revenue of $2.55 billion-$2.65 billion, against the <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$2.55 billion estimate</a>.
Price Action:&nbsp;IGT stock closed lower by 1.00% at $17.77 Monday.
Also Read:
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<li><a href="https://www.benzinga.com/markets/emerging-markets/25/02/43917151/samsung-workers-get-pay-raise-and-stock-benefits" target="_blank" rel="noreferrer noopener">Samsung Workers Get Pay Raise And Stock Benefits</a></li>
</ul>

Earnings

Gaming

Guidance

International Game Technology Misses Q4 Earnings Estimates Amid Jackpot Slowdown

Outlook for Fiscal 2025 and Guidance Policy Strong, core recurring business provides solid foundation for 2025:
<ul>
<li>Revenue of $2.55 - $2.65 billion, up low-mid single digits
<ul>
<li>Global same-store sales up low-single-digits</li>
<li>Higher product sales, driven by sustainable instant ticket services growth</li>
<li>H1'25 impacted by an estimated $40 - $50 million from lower U.S. Multi-state Jackpot activity and associated LMA incentives, accounting for lower expected revenue in Q1'25 versus Q1'24</li>
</ul>
</li>
<li>Adjusted EBITDA of $1.10 - $1.15 billion
<ul>
<li>Flow-through of lower U.S. Multi-state Jackpot activity and associated&nbsp;LMA incentives referenced above</li>
<li>$25 million of increased investment in the business (contract&nbsp;rebids and extensions, cloud-based solutions, network optimization), which are mostly concentrated in H1'25 and are expected to deliver future capital expenditure efficiencies</li>
<li>Q1'25 Adjusted EBITDA down approximately $70 million, primarily on lower U.S. Multi-state Jackpot activity and associated LMA incentives, in addition to unfavorable product mix and investment in the business; in the balance of the year, Adjusted EBITDA is aligned with the prior year, including growth in H2'25</li>
</ul>
</li>
<li>Net cash used in operating activities of approximately $300 million
<ul>
<li>Includes €800 million (approximately $850 million) related to first two installments of Italy Lotto upfront license fee (reflects 100% consolidation of Italy joint venture; minority partner contributions representing their pro rata share are recorded in cash flows from financing activities)</li>
<li>Ex-Lotto license fee and compared to FY'24, cash flow performance impacted approximately one-third by the lower forecasted Adjusted EBITDA and two-thirds by the timing of certain working capital items</li>
</ul>
</li>
<li>Capital expenditures of approximately $450 million; reflects increased investments related to contract wins, extensions, and upcoming bids</li>
</ul>

Intl Game Tech Expects FY25 Revenue Of $2.55B-$2.65B Vs $2.55B Est

Earnings Misses

Intl Game Tech Q4 2024 Adj. EPS $0.22 Misses $0.37 Estimate, Sales $651.000M Miss $657.835M Estimate

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Earnings Scheduled For February 25, 2025

Contracts

International Game Technology's Subsidiary, IGT Global Solutions, Signed A Nine-year Contract Extension With The Tennessee Education Lottery. The Contract Extension Begins June 2027 And Runs Through June 2036

International Game Technology Announced That Its Subsidiary Signed A Seven-year Contract With The Thuringian State Lottery In Germany To Deploy Its Retail Central System Technology, Aurora, And Related Software Upgrades

Sports

IGT Bags 10-Year Contract To Deliver World-Class Lottery And iLottery Solutions In Luxembourg

Truist Securities analyst Barry Jonas maintains Intl Game Tech (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGT#NYSE">IGT</a>) with a Hold and lowers the price target from $23 to $20.

Truist Securities Maintains Hold on Intl Game Tech, Lowers Price Target to $20

The applicable waiting period under the HSR Act expired at 11:59 p.m., Eastern time, on November 20, 2024.&nbsp;
The expiration of the waiting period under the HSR Act satisfies an important condition necessary for the completion of the Proposed Transaction, which is expected to close by the end of the third quarter of 2025, and remains subject to other conditions and regulatory approvals.
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EVRI

IGT Reports Expiration Of HSR Act Waiting Period, In Connection With Proposed Deal Whereby IGT Gaming And Everi Will Be Simultaneously Acquired By Newly Formed Holding Company Owned By Apollo

Everi Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVRI#NYSE">EVRI</a>) ("Everi" or the "Company"), a premier provider of land-based and digital casino gaming content and products, financial technology, player loyalty solutions, and bingo, announced today that its stockholders have voted at a special meeting of Everi stockholders (the "Special Meeting") to approve the pending simultaneous acquisition of Everi and the Gaming &amp; Digital business of International Game Technology PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGT#NYSE">IGT</a>) by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) (the "Apollo Funds") through a merger. As previously announced, pursuant to the terms of the merger agreement, Everi stockholders will receive $14.25 per share in cash for every share of Everi common stock they own immediately prior to the effective time of the merger.

Everi Announces That Its Stockholders Have Voted To Approve The Pending Simultaneous Acquisition Of Everi And The Gaming & Digital Business Of International Game Technology By A Newly Formed Holding Company Owned By Funds Managed By Affiliates Of Apollo Global Management; Everi Stockholders Will Receive $14.25 Per Share In Cash For Every Share Of Everi Common Stock They Own Immediately Prior To The Effective Time Of The Merger

International Game Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGT#NYSE">IGT</a>) reported third-quarter adjusted earnings per share of 2 cents loss, <a href="https://www.benzinga.com/pressreleases/24/11/n41895864/international-game-technology-plc-reports-third-quarter-2024-results-reflecting-continuing-operati" target="_blank" rel="noreferrer noopener">missing the street view of 21 cents earnings</a>. 
Quarterly sales of $587 million (down 2%) missed the analyst consensus of $591.5 million.
Sales fell as there was elevated U.S. multi-state jackpot activity in the prior year. This apart, the quarterly revenues was weighed by $38 million restructuring charge associated with proactively optimizing general and administrative, and operating activities following transformational actions over the last several years.
In the quarter under review, the company announced the sale of Gaming &amp; Digital business to funds managed by affiliates of Apollo Global Management, Inc. for $4.05 billion in cash.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41895937/wall-street-futures-show-weakness-as-investors-look-to-lock-in-gains-after-strong-post-election-rally-bull-market-sentiment-remains-intact-says-wharton-economist" rel="noreferrer noopener">Wall Street Futures Show Weakness As Investors Look To Lock In Gains After Strong Post-Election Rally: &#8216;Bull Market Sentiment Remains Intact,&#8217; Says Wharton Economist</a>
Italy saw a 2.7% increase in same-store sales, and there was improvement in U.S. instant ticket and draw game trends, partially offset by customer allowance. Other service revenue grew due to non-wager-based service contracts in Europe.
Operating income fell 33% year-over-year to $110 million, while operating income margin contracted to 18.7% from 27.1%.
The company reported a gross profit of $263 million, down from $278 million in the prior year. The decline was due to high profit flow-through from U.S. multi-state jackpot activity last year, partially offset by a positive geographic mix this year.
Adjusted EBITDA for the company was $264 million, compared to $279 million in the prior year. The adjusted EBITDA margin decreased to 44.9%, from 46.4% in the previous period.
International Game Technology&#8217;s long-term debt, less current portion, as of quarter end pegs at $5.406 billion. As of Sept. 30, the company reported total liquidity of $1.9 billion, including $500 million in unrestricted cash and $1.4 billion in available borrowing capacity from undrawn credit facilities.
Outlook: International Game Technology expects Q4 revenue for continuing operations to range between $640 million and $690 million, above the $632.04 million estimate.
For fiscal year 2024, the company anticipates total revenue of $2.5 billion to $2.55 billion, compared with the $2.506 billion estimate.
Price Action: IGT shares are trading higher by 0.47% to $21.50 premarket at last check Tuesday.
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Image: Wikimedia

Markets

Movers

International Game Technology Misses Q3 Earnings Due To Restructuring Costs, Jackpot Sales Are Down

IGT Expects Q4 Revenue For Continuing Operations Of $640M - $690M, FY24 Revenue Of $2.50B - $2.55B (Est $2.506B)

Intl Game Tech (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGT#NYSE">IGT</a>) reported quarterly losses of $(0.02) per share which missed the analyst consensus estimate of $0.21 by 109.52 percent. The company reported quarterly sales of $587.00 million which missed the analyst consensus estimate of $591.50 million by 0.76 percent.&nbsp;

Intl Game Tech Q3 2024 Adj EPS $(0.02) Misses $0.21 Estimate, Sales $587.00M Miss $591.50M Estimate

Press Releases

Galaxy Gaming® and IGT PlayDigital Announce Five-Year Licensing Agreement for Table Game Content

Electronic Table Games Boom: The Next Big Play in the Casino Industry

Entertainment

IGT Celebrates World Premiere of RISE55 Cabinet at Indian Gaming Tradeshow & Convention 2025

IGT Wheel of Fortune Video Poker Makes Global Debut at Downtown Grand Hotel & Casino in Las Vegas

Notice of 2025 Annual General Meeting and 2024 Annual Report and Accounts

International Game Technology PLC to Host First Quarter 2025 Results Conference Call on Tuesday, May 13, 2025

Engine Capital Nominates Two Highly Qualified and Independent Candidates for Election to Lyft's Board of Directors at the 2025 Annual Meeting

IGT Wheel of Fortune DiamondRS Premium Wheel Cabinet Makes US Casino Debut

IGT and Red Earth Casino Sign Multi-Year Casino Management Systems Agreement

IGT PlaySports Introduces World-Class Retail Sports Betting to Silver Reef Casino Resort

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