International Game Technology PLC, a leading player in global gaming, announced its financial performance for Q2 2023, signalling a healthy uptick in revenue and profit. Delivering engaging and responsible gaming experiences across multiple channels and segments, IGT is known for its player-driven approach and technological prowess. This has helped IGT shape robust relationships with governments and regulatory bodies in over 100 jurisdictions worldwide.
IGT’s Steady Financial Climb
In Q2 2023, IGT reported a 3% revenue surge, amounting to $1.06 billion, backed by impressive key performance indicators and robust player demand trends. This figure jumps to an 11% increase, considering the sale of Italy commercial services. The company’s operating income saw a 10% rise to $251 million, leading to an operating income margin hike of 150 basis points across segments. Further, the company’s adjusted EBITDA increased by 8% to $443 million, pushing the adjusted EBITDA margin up by 190 basis points to 42%.
“We achieved the high end of our outlook by executing key strategic initiatives and growing demand for IGT’s compelling content and solutions,” says Vince Sadusky, CEO of IGT. “We are solidly on track to deliver on our 2025 objectives and remain focused on unlocking the intrinsic value of IGT’s market-leading businesses.”
Key Contracts and Awards
IGT has made significant strides in the gaming sector. The company secured a 10-year brand licensing extension with Sony Pictures Television, which grants IGT exclusive rights to the popular Wheel of Fortune® brand. Additionally, IGT bagged a 20-year license as part of a consortium to operate certain lottery games for the Minas Gerais State Lottery in Brazil. The company’s achievements were further recognized at the 2023 SBC Awards North America, where it was named “Sportsbook Supplier of the Year”.
Implications for the iGaming Industry
IGT’s performance carries considerable implications for the iGaming industry:
- First, it illustrates the industry’s resilience, showcasing how a player-centric approach and commitment to innovation can yield positive financial results.
- Second, IGT’s successful licensing and consortium deals underline the growing acceptance of iGaming among traditional entertainment powerhouses and regulatory bodies.
- Lastly, the recognition IGT received at industry awards highlights the scope for companies to differentiate themselves through excellence in service and diversity in a competitive market.
According to Max Chiara, CFO of IGT, “Our year-to-date performance showcases the strong cash generation of the business. We have a solid foundation to build from as we continue to invest in our growth objectives, further reduce debt, and return capital to shareholders.“
The performance of IGT in Q2 2023 signifies the company’s unwavering commitment to service, integrity, and responsibility, setting an example for the iGaming industry at large.