International Game Technology PLC (IGT), a global iGaming company, reported its financial results for the fourth quarter and fiscal year ended December 31, 2022. The company announced that it has achieved all its financial goals and strengthened its position as a leading provider of gaming products and services of traditional value, not entering yet the crypto casino sector.
According to the report, IGT has achieved sector-leading ESG score from Moody’s ESG Solutions and was recognized as the top-ranking gaming supplier by the All-In Diversity Project (AIDP). The company has also joined the Science Based Targets initiative (SBTi), officially pledging to set targets to reduce greenhouse gas emissions.
In addition, IGT has won multiple Lottery facilities management contract extensions including a 20-year extension in Rhode Island, and a four-year extension in New York, seven years in Georgia, and three years in Missouri. It has also been named “Lottery Supplier of the Year” at 2022 SBC Awards North America.
Moreover, IGT has won several gaming industry awards including “Land-Based Product of the Year” at 2022 Global Gaming Awards, “Best Slot Product” at 2022 GGB Gaming & Technology Awards, and four awards including “Best Slot Machine” and “Best New Innovative Product” at The Casino Awards 2022.
“We achieved all our financial goals last year while strengthening product leadership positions across our Global Lottery, Global Gaming, and PlayDigital activities,” said Vince Sadusky, CEO of IGT. “Important strategic work executed over the last few years has transformed IGT into a company with higher growth prospects, a better profit profile, and a solid path to delivering on our long-term goals.“
The company’s consolidated revenue for the fourth quarter was $1.1 billion, a 4% increase from the prior-year period. Global Lottery revenue was $639 million, down 7% as reported and 3% at constant currency, while Global Gaming revenue increased 21% to $389 million.
Record PlayDigital revenue of $65 million was also reported, compared to $42 million in the prior year, propelled by iGaming with organic growth, market expansion, and contributions from the iSoftBet acquisition.
“We generated strong cash flow while funding increased investments for future growth,” said Max Chiara, CFO of IGT. “This, coupled with proceeds from sales of non-core businesses, allowed us to meaningfully reduce debt and leverage to the lowest levels ever. The Company’s enhanced credit profile and significant liquidity provide solid support and flexibility as we execute our multi-year plan.“
IGT’s success in 2022 has allowed the company to return record capital to shareholders, and it enters 2023 from a position of strength with good momentum across business segments.