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IGT Reports 2020 First Quarter Results

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International Game Technology PLC (IGT) has reported its financial results for Q1 2020.

The Q1 2020 results reflect the impact of global COVID-19 restrictions. Revenue declines were evident in each business segment and across all primary revenue streams.

The consolidated revenue was $940 million, down 18% from the prior year. The company also reported an operating loss of $197 million, down from income of $178 million in the prior year. Adjusted EBITDA was $309 million, down 26% from the prior-year period.

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Net debt of $7.17 billion improved 3% from $7.38 billion at 31 December 2019; Net debt leverage of 4.47x, up from 4.31x at 31 December 2019, primarily due to lower EBITDA in the first quarter of 2020.

“After a solid start in the first two months of the year, we quickly shifted our focus to the global COVID-19 health crisis in March. The safety and well-being of our people, customers, and communities have been our highest priority since day one. We implemented robust business continuity plans and maintain service levels at our normal, high standards. I am grateful for the passion and perseverance the entire IGT team has demonstrated during these unprecedented times and I am confident IGT is well positioned to emerge from the crisis a stronger, even more competitive organization,” Marco Sala, CEO of IGT, said.

“We’ve taken swift actions across all non-essential costs and are now switching our focus to structural cost savings initiatives. At the same time, we have adopted strict measures to preserve liquidity in the current environment. Given the uncertainty created by COVID-19, we are withdrawing our previous financial outlook for 2020, but we are confident that with $2.2 billion of liquidity, we are geared with sound financial flexibility to weather the storm caused by the COVID-19 pandemic,” Max Chiara, CFO of IGT, said.

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Bragg Gaming Group to Attend the 2024 iGB Live in Amsterdam

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Bragg Gaming Group, a global iGaming technology and content provider, is set to showcase its top tier content and technology solutions at iGB Live 2024, taking place from July 16-19 in Amsterdam.

Powering leading iGaming brands in The Netherlands, the Czech Republic, and Croatia, Bragg is a leading PAM provider in The Netherlands with approximately 30% market share. The company offers modern and adaptable tech stack designed to meet complex regulatory requirements and enable the rapid deployment of custom, localised PAM solutions.

iGB Live is an exhibition and conference covering iGaming, including player acquisition, dedicated payments, sports betting, compliance, affiliation and binary/financial events. The IGB Live 2024 will unite operators, affiliate programmes and partners worldwide.

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Ocean Casino Resort Launches Cardless Gaming Feature

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Guests at Ocean Casino Resort, a premier luxury casino destination known for state-of-the-art gaming, now have an easier and more convenient way to play. The resort launched Cardless Gaming, an all-new, fully integrated mobile experience, available via the Ocean Casino Resort Mobile App. Debuting as a first for New Jersey, this feature is designed to put the entire resort’s experience at guests’ fingertips as a one-stop-shop.

“The Ocean Casino Resort Mobile App takes our gaming experience to a new convenient level for avid gamers and fun-goers by providing a cardless option directly to the palm of their hands. By continuously adapting to evolving player preferences and utilizing advancing technology, Ocean solidifies its reputation as the premier gaming experience on the East Coast,” John Forelli, SVP and Chief Information Officer for Ocean Casino Resort, said.

The elevated player experience begins by logging into the Ocean Casino Resort Mobile App. Under “Account,” guests can scroll down to the “Cardless Gaming” section to select play slots or play table games. For table games, the final step is to simply present the QR Code to the dealer or Pit Boss. For slots, players have to select “Cardless Login” on the machine’s display and scan a QR Code to connect and card-in. Physical cards will continue to be accepted for those who prefer it, and in the near future players will also have a Cashless option to utilize. Ocean Casino Resort’s mobile app can be downloaded via the Apple App Store or Google Play Store.

Ocean presents an unparalleled gaming experience, complete with three high-limit slot (The Cove) and table games venues (The Loft and High Limit Table Games), two guest lounges for Ocean Rewards cardmembers, as well as pathways and wayfinders throughout the casino floor for guests to easily navigate between games. Ocean’s high-energy casino features exclusive ocean views, 1750 of the most exciting slot machines and 125 action-packed table games across 135,000 square feet of gaming space.

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Flutter Entertainment Announces Two New Appointments to Board of Directors

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Flutter Entertainment announced the appointment of Christine M. McCarthy and Robert R. (Dob) Bennett to the Board of Directors, effective July 30, 2024. Ms. McCarthy will sit on the Audit Committee and Mr. Bennett will serve as a member of the Risk and Sustainability Committee.

“Christine and Dob’s extensive experience in the entertainment industry will be an invaluable asset to Flutter as we continue to extend our leading position as a global online sports betting and iGaming provider. We look forward to welcoming both Dob and Christine to the Board as non-executive directors and benefitting from their unique perspective and industry knowledge,” John Bryant, Chair of the Flutter Board, said.

Ms. McCarthy is an accomplished entertainment executive and held several senior leadership positions at The Walt Disney Company during her tenure, most recently as a Strategic Advisor. Prior to this, she served as Senior Executive Vice President and Chief Financial Officer. She joined Disney in 2000, as Senior Vice President and Treasurer, and also served as Executive Vice President, Corporate Real Estate, Alliances and Treasurer, prior to her role as CFO. She currently serves as a director of The Procter & Gamble Company and is the Chair of its Audit Committee and is a director of FM Global and the Chair of its Finance Committee.

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Mr. Bennett is the Managing Director of Hilltop Investments LLC, a private investment company. Previously, he served as President of Discovery Holding Company, a media and entertainment company and as President and Chief Executive Officer and Principal Financial Officer, at Liberty Media Corporation. Before that, Mr. Bennett worked at Tele-Communications Inc. and The Bank of New York. He currently serves as a director of HP Inc. and Liberty Media. Previously, he served as a director of Warner Bros. Discovery Inc., Sprint Corporation, Demand Media Inc., Discovery Holding Company, Liberty Interactive Corporation and Sprint Nextel Corporation.

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