Latest News
INTERNATIONAL GAME TECHNOLOGY PLC REPORTS SECOND QUARTER 2022 RESULTS
- Revenue of $1.02 billion, down 2% as reported and up 3% at constant currency, led by 23% growth in Global Gaming
- Operating income of $228 million; operating income margin of 22% at high end of outlook on substantial increase in Global Gaming profitability and resilience in Global Lottery margin
- Adjusted EBITDA of $409 million, in line with prior year’s record level at constant currency as Global Gaming performance offsets Lottery discrete benefits in the prior year; 40% adjusted EBITDA margin remains among the highest in Company history
- Recognized a non-operating expense of $150 million representing the probable loss associated with legal proceedings related to Double Down Interactive LLC and its social gaming business sold in 2017
- Diluted EPS from continuing operations of $(0.02); Adjusted diluted EPS from continuing operations of $0.57, up 78% from the prior year
- Compelling shareholder returns with $135 million deployed for cash dividends and share repurchases year-to-date
- Tightening full-year 2022 revenue outlook to reflect currency movements and perimeter impact from previously announced divestiture; reconfirming operating income margin outlook as fundamentals remain strong
International Game Technology PLC reported financial results for the second quarter ended June 30, 2022. Today, at 8:00 a.m. EDT, management will host a conference call and webcast to present the results; access details are provided below.
“Strong customer and player demand for IGT’s products and solutions drove some of our strongest profit results ever in the second quarter and first half of the year,” said Vince Sadusky, CEO of IGT. “Our business profile is supported by significant recurring revenue streams backed by long-term contracts and resilient end markets, providing a solid foundation on which to grow. We are laser focused on executing our strategic objectives and creating compelling value for our stakeholders.”
“Our first half results set us firmly on the path to achieving our 2022 financial targets,” said Max Chiara, CFO of IGT. “Rigor on costs and incremental revenue opportunities allow us to maintain our full-year operating income margin outlook despite unfavorable currency movements and macroeconomic challenges. At the same time, we are returning significant capital to shareholders via dividends and share repurchases.”
Overview of Consolidated Second Quarter 2022 Results
|
Quarter Ended |
Y/Y |
Constant |
|||
|
All amounts from continuing operations |
June 30, |
||||
|
2022 |
2021 |
||||
|
($ in millions) |
|||||
|
GAAP Financials: |
|||||
|
Revenue |
|||||
|
Global Lottery |
648 |
725 |
(11) % |
(4) % |
|
|
Global Gaming |
330 |
274 |
21 % |
23 % |
|
|
Digital & Betting |
43 |
42 |
1 % |
4 % |
|
|
Total revenue |
1,021 |
1,041 |
(2) % |
3 % |
|
|
Operating income (loss) |
|||||
|
Global Lottery |
230 |
300 |
(23) % |
(16) % |
|
|
Global Gaming |
57 |
1 |
NM |
NM |
|
|
Digital & Betting |
8 |
9 |
(11) % |
(10) % |
|
|
Corporate support expense |
(29) |
(26) |
(11) % |
(26) % |
|
|
Other(1) |
(39) |
(40) |
3 % |
2 % |
|
|
Total operating income |
228 |
244 |
(7) % |
1 % |
|
|
Operating income margin |
22 % |
23 % |
|||
|
Net cash provided by operating activities |
196 |
249 |
(21) % |
||
|
Cash and cash equivalents |
673 |
639 |
5 % |
||
|
Earnings per share – diluted |
$(0.02) |
$(0.48) |
96 % |
||
|
Non-GAAP Financial Measures: |
|||||
|
Adjusted EBITDA |
|||||
|
Global Lottery |
330 |
414 |
(20) % |
(13) % |
|
|
Global Gaming |
87 |
35 |
145 % |
150 % |
|
|
Digital & Betting |
12 |
13 |
(7) % |
(6) % |
|
|
Corporate support expense |
(20) |
(21) |
4 % |
(14) % |
|
|
Total Adjusted EBITDA |
409 |
442 |
(7) % |
(1) % |
|
|
Adjusted EBITDA margin |
40 % |
4 % |
|||
|
Adjusted earnings per share – diluted |
$0.57 |
$0.32 |
78 % |
||
|
Free cash flow |
117 |
176 |
(34) % |
||
|
Net debt |
5,722 |
6,312 |
(9) % |
||
|
(1) Primarily includes purchase price amortization |
|
Note: Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided at the end of this |
Key Highlights:
- Recently completed acquisition of iSoftBet, a leading iGaming content provider and third-party aggregator, greatly expanding the Company’s proprietary content library and providing a world-class game aggregation platform
- Won “Lottery Supplier of the Year” at 2022 SBC Awards North America in July
- Introduced high-performing Money Mania wide area progressive game to commercial gaming jurisdictions following a successful launch in tribal casinos
- Signed agreement with NUSTAR Resort & Casino to deploy IGT ADVANTAGE™ casino management system and a variety of leading games and cabinets
- Announced expanded sports betting partnership with SuperBook® Sports to Tennessee, the fourth state where IGT’s PlaySports platform is powering the SuperBook Sports mobile betting app
- Awarded a gold medal sustainability rating from EcoVadis, a leading sustainability rating agency
- Recently released 2021 Sustainability Report which outlines the Company’s demonstrated environmental, social, and governance (ESG) performance
Financial Highlights:
Consolidated revenue of $1.02 billion, down 2% as reported, or up 3% at constant currency, from $1.04 billion in the prior year
- Global Lottery revenue of $648 million compared to $725 million in the prior-year period, which included $70 million in prior-year benefits primarily from the closure of gaming halls in Italy
- Global Gaming revenue increases 21%, or 23% at constant currency, to $330 million, driven by strong U.S. & Canada replacement unit demand, higher average selling prices, and increased installed base yields
- Digital & Betting revenue of $43 million, stable with the prior year, as iCasino growth in the U.S. is partially offset by softness in other markets; North America sports betting market gross gaming revenue impacted by lower hold levels
Operating income of $228 million, down 7% as reported, or up 1% at constant currency, from $244 million in the prior-year period
- Global Lottery operating income down, primarily due to about $60 million related to prior-year benefits referenced above
- Global Gaming rises on higher revenue and profit flow through, partially offset by increased supply chain costs
- Digital & Betting operating income of $8 million was relatively stable with the prior year
Adjusted EBITDA of $409 million matches prior year’s record level at constant currency; Adjusted EBITDA margin of 40% remains among the highest in Company history
Net interest expense of $75 million compared to $91 million in the prior year, driven by lower average debt balances and interest rates
During the second quarter, the Company recognized a pre-tax non-operating expense of $150 million ($114 million after tax) representing the probable loss associated with ongoing litigation (Benson v. Double Down Interactive LLC, No. 2:18-cv-00525 (W.D. Wash.)) and associated claims related to Double Down Interactive LLC and its social gaming business sold in 2017 by International Game Technology, a wholly-owned subsidiary of the Company
Income tax benefit of $11 million compared to a provision of $32 million in the prior year, primarily driven by recognition of the non-operating expense mentioned above and foreign exchange losses in the prior year with no tax benefit
Income from continuing operations of $34 million versus a loss from continuing operations of $39 million in the prior-year period, driven by income tax benefit, gains in foreign exchange, and lower debt retirement costs
Net loss attributable to IGT PLC of $4 million compared to net income of $306 million in the prior year due to gain on sale and income from discontinued operations in the prior-year period
Net loss from continuing operations attributable to IGT PLC per diluted share of $0.02 compared to a net loss from continuing operations attributable to IGT per diluted share of $0.48 in the prior year, on higher net income; adjusted net income per diluted share increased 78% to $0.57
Net debt of $5.7 billion compared to $5.9 billion at December 31, 2021; Net debt leverage of 3.5x was stable compared to December 31, 2021
Cash and Liquidity Update
- Total liquidity of $2.1 billion as of June 30, 2022; $0.7 billion in unrestricted cash and $1.5 billion in additional borrowing capacity
- Executed amendment and extension of revolving credit facilities in July 2022
- Increased liquidity by $150 million to $1.83 billion and rebalanced EUR/USD mix to match operational exposure
- Extended maturities to July 2027
- Lowered interest margin and added ESG provision to allow for further potential reductions
- Raised annual permitted restricted payments basket from $300 million to $400 million at current credit rating; potential to increase to $550 million
Other Developments
The Company’s Board of Directors declared a quarterly cash dividend of $0.20 per common share
- Ex-dividend date of August 15, 2022
- Record date of August 16, 2022
- Payment date of August 30, 2022
Repurchased 750,000 shares for $15 million in the second quarter at an average price of $20.48 per share; 2.2 million shares repurchased for $54 million on a year-to-date basis at an average price of $24.89 per share
The Company expects to close on the sale of its Italian proximity payments/commercial services business in mid-to-late September
Tightening Full-year Revenue Outlook for Currency Rates and Business Disposition; Introducing Third Quarter 2022 Outlook
Full Year
- Revenue of $4.1 billion – $4.2 billion
- Lowered high end of range by $100 million
- Reflecting changes in currency rates and impact from sale of Italian proximity payments/commercial services business in Q3’22
- Operating income margin of 20% – 22% remains unchanged
- Cash from operations of $850 – $950 million
- Lowered high end of range by $50 million
- Primarily driven by a working capital investment in higher inventory levels to proactively manage supply chain disruptions
- Capital expenditures of approximately $350 million, lowered by $50 million to adjust for updated timing of spending
- Free cash flow outlook remains unchanged
Third Quarter
- Revenue of approximately $1.0 billion – $1.1 billion
- Operating income margin of 18% – 20% includes approximately 150 – 200 basis point impact from project-related expenses
Outlook assumptions
- EUR/USD exchange rate of 1.00 in the second half of 2022
- Impact from sale of Italian proximity payments/commercial services business in mid-to-late September 2022
- Operating income margin includes approximately 150 – 200 basis point impact from project-related and restructuring expenses expected in the second half of 2022
Here are this weeks latest slots releases compiled by European Gaming
BGaming invites players to roll back the years and turn up the heat with the all-new Hot Chilli Bells slot. The game combines the best-performing features of previous hits like the Wild from the Elvis Frog Series, the Expanding Wild from Fruit Million, and the ability to choose your paylines from the popular Burning Chilli X slot.
Kendoo, has launched its most feature-rich title to date with the release of jungle adventure slot Wild Cats Fire: Hold and Win. Set against an exotic jungle backdrop teeming with hidden treasures, the game delivers a visually stunning and immersive slot experience. Wild Cats Fire offers untamed excitement with 20 pay lines, a jackpot accumulation mechanic, and engaging features that keep players entertained with every spin.
Betsoft has released Fury Dragon – Hold & Win, a thrilling new video slot that brings the power and mystique of the East to life. This 5-reel, 3-row slot game immerses players in a fiery world of golden riches and fierce dragons, offering an exciting gameplay experience with every spin. Set against a backdrop of burnished gold and imperial red, Fury Dragon – Hold & Win invites players to seek the legendary Golden Dragon, whose fiery power can bring about incredible rewards.
El Gordo is dead—long live the slaughter. Nolimit City is back in the wild, wild west with Tombstone Slaughter, the latest chapter in the beloved Tombstone Universe a sequel to the wildly popular Tombstone R.I.P and Tombstone No Mercy. This one is slightly more special with its record breaking Max Win potential—the highest ever seen on a Nolimit City slot! This is yet another sequel that Nolimit City has decided to bless their fans with, following the release of xWays Hoarder 2 in 2025. And this is only the beginning..
As Chinese New Year approaches, Zillion Games is proud to present a selection of games that reflect the richness of this celebrated holiday: Golden Dragon Deluxe. Golden Dragon Deluxe invites you to meet the majestic Golden Dragon, a symbol of fortune and prosperity, in this thrilling slot with 25 win lines and a 95.25% RTP. Snow Dragon. Snow Dragon offers 25 paylines and three types of wild symbols, with thrilling features like Hold and Ring Mode, where respins lock valuable symbols for big rewards. During free spins, a giant shifting wild moves across the reels, activated by collecting 3 scatters in the base game!
Step into a land of magical thrills and captivating rewards in Mystic Multipliers, the latest slot game launch from Slammer Studios. Mystic Multipliers is packed full of Druid-enhanced slot game features including Cascading Reels, Free Spins and of course, enchanting Progressive Multipliers. This spell-binding slot invites players to explore a world of magic and mystery where eight or more matching symbols pay anywhere on the reels.
“Geilomat” is already available, an intentionally horrendous looking 5×4, 25 payline slot and the latest title from Hölle Games. A Geilomat (in German) is a machine that’s absolutely over the top bonkers, crazy, and yet somehow cool. It also must be completely tacky and very loud (colour and noisewise), so the Hölle team spent a lot of time making sure it looks appropriately awful- and they have really succeeded.
TaDa Gaming is rounding up the year with pots of gold and a wealth of wins in Money Pot. The feature loaded slot offers Scatters, Multipliers, Mystery Symbols, Jackpots and the Golden Lock & Respin feature, in a three reels, three rows, three fixed paylines release. Traditional Yuanbao ingots bring multipliers from 0.5x to 10x depending on their colour.
Booming Games are signing off the first month of the New Year in spectacular style, thanks to the launch of the brand spanking new slot: Jester Bells Bonanza. The latest arrival comes hot on the heels of this month’s Wild Wings of Phoenix Deluxe’s release, and the results are just as spectacular. Jester Bells Bonanza is a 6×5 game that pays anywhere, with plenty of tricks up its sleeve.
Gaming Corps is excited to announce the launch of the Gates of Hellfire slot. Prepare for a journey into the underworld’s darkest depths in a game, unlike any other slot on the market. The Gates of Hellfire slot uses a unique payment system, requiring players to defeat a sinister selection of demon enemies on the reels to secure wins, with a maximum prize of 5,000x the player’s stake up for grabs.
Scorching gameplay awaits in Blueprint Gaming’s latest instalment to its beloved game series, Cash Strike Hotstepper Megaways™, offering an array of mechanics further boosted by expanded reels, increasing the chance of lavish wins up to a fierce 50,000x the original bet. Returning to a classic 3×3 grid, a feast of fruit symbols adorn the matrix alongside iconic flaming gold coins, with each of the three reels showing up to five symbols at once and offering as many as 125 different wins per spin.
Red Rake Gaming presents Hawaiitopia, its new and exciting video slot that transports players to a tropical island full of excitement and wins. With innovative features, big multipliers and delightful fruits, Hawaiitopia provides a unique gaming experience. Thanks to its 7×7 format, Cascading Reels and Cluster Wins, each spin presents a chance to win. By lining up 5 or more consecutive identical symbols, either horizontally or vertically, players can land successive wins that gradually accumulate to make up the final win.
Right in time for the Season of Love, Amusnet is glad to unveil its newest Online Casino portfolio addition, Diamond Plus – Valentine’s Edition. The game offers a different perspective on one of the company’s most popular video slots, Diamond Plus. It will be available throughout the entire year, ready to bring some romance to everyone who needs it. The dazzling new game release combines a visually pleasing environment, enchanting ambient music, and a variety of vibrant symbols across the 5 reels and 10 fixed paylines.
The post Week 5/2025 slot games releases appeared first on European Gaming Industry News.
Approval from the Nevada Gaming Commission paves the way for Kambi to provide its premium sports betting solutions in Las Vegas and across the Silver State
Kambi Group plc (“Kambi”), the home of premium sports betting solutions, has received approval for its Nevada gaming licence applications, marking a significant step towards launching in one of the world’s most iconic betting markets. The Nevada Gaming Commission approved Kambi’s application for Manufacturer & Distributor Licenses and an Information Services License, following a unanimous recommendation by the Nevada Gaming Control Board (“NGCB”) earlier this month.
The licences will enable Kambi to provide its industry-leading sportsbook technology and services to nonrestricted gaming establishments in Las Vegas and across the state of Nevada for the first time. With limited B2B competition in the state due to the high regulatory requirements, Nevada presents Kambi with future growth opportunities in line with its strategy to expand its footprint across the Americas.
Kambi has been at the forefront of the regulated US sports betting industry since 2018, processing the first legal online wager outside of Nevada following the repeal of PASPA. This latest achievement underscores the company’s dedication to delivering world-class sportsbook solutions while adhering to the highest standards of regulatory compliance and corporate probity.
Werner Becher, CEO of Kambi, said: “Securing approval for our licences in Nevada is an important milestone for Kambi and a testament to our market-leading technology, regulatory expertise and corporate integrity. Nevada is widely known as the gold standard for betting and gaming regulation, insisting on a standard that few companies can meet, and is therefore recognition of Kambi’s unwavering commitment to excellence. We would like to thank both the Commission and NGCB for their thorough review and approval of our applications.”
The post Kambi Group plc secures licensing approval in Nevada appeared first on Gaming and Gambling Industry in the Americas.
Red Desert Games content developed by leading industry veterans set to further add to Light & Wonder’s innovative offering.
Red Desert Games launches its new and innovative slot content via the Light & Wonder content marketplace, through the Light & Wonder
Spark studio partner program.
Red Desert Games is an emerging slot studio founded by land-based and iGaming industry veterans. The young studio team members have over 100 years combined experience in the global slot industry and are now applying their substantial knowledge, experience, and deep passion for slots to create innovative and engaging content to delight and excite.
As part of this new agreement, iGaming content developed by Red Desert Games will be distributed exclusively across Canada and the USA to Light & Wonder’s extensive operator network and elsewhere around in other key regulated markets via Light & Wonder’s Infinity aggregation platform.
The addition of Red Desert Games to the Light & Wonder Spark studio partner program’s roster of premium game studios further cements Light & Wonder as one of the world’s leading content marketplaces. It demonstrates once again Light & Wonder’s ongoing commitment to diversifying its content offering, as well as providing an opportunity for independent studios to significantly boost their international reach.
Edgar Pau, Co-Founder of Red Desert Games said: “We are extremely excited to be selected by Light & Wonder to join their partnership program. Light & Wonder has an unrivalled footprint and is the perfect fit to distribute our range of innovative and engaging games to its global network.”
“We have been extremely impressed by the whole Light & Wonder team and our interactions to-date. Their product feedback, enthusiasm to work with us and recognition of the uniqueness of our content has given us encouragement that they are the right partner to launch us into the global market.”
Steve Mayes, Senior Director of Partners at Light & Wonder, added: We are delighted to welcome Red Desert to the Light & Wonder Spark studio partner program. Our program is committed to collaborating with the most forward-thinking and innovative new studios, and Red Desert’s distinctive game concepts, inventive mechanics, and meticulously crafted, visually captivating titles truly embody these values. We are excited to support their global expansion and look forward to a promising and successful journey together.
The post Red Desert Games Signs Deal with Light & Wonder appeared first on Gaming and Gambling Industry in the Americas.
Week 5/2025 slot games releases
Kambi Group plc secures licensing approval in Nevada
Red Desert Games Signs Deal with Light & Wonder
Michigan Lottery Achieves iCAP Re-certification for Responsible Online Gaming Practices
Playson Signs Agreement with Light & Wonder in Global Distribution Deal
WA.Technology makes its debut in Brazil’s regulated market
Saracen Casino Resort Chooses QCI Chatalytics to Enhance Casino Operations with Integrated AI Solutions
EGT Digital’s top-performing titles are live on the leading Colombian betting site Betplay
BETBY TO INTRODUCE INDUSTRY-FIRST AI-BASED FEED AT ICE BARCELONA
Esports Highlights: Trends to Watch in 2025
-
gaming2 years agoODIN by 4Players: Immersive, state-of-the-art in-game audio launches into the next generation of gaming
-
EEG iGaming Directory8 years ago
iSoftBet continues to grow with new release Forest Mania
-
News7 years ago
Softbroke collaborates with Asia Live Tech for the expansion of the service line in the igaming market
-
News6 years ago
Super Bowl LIII: NFL Fans Can Bet on the #1 Sportsbook Review Site Betting-Super-Bowl.com, Providing Free Unbiased and Trusted News, Picks and Predictions
-
iGaming Industry7 years ago
Rick Meitzler appointed to the Indian Gaming Magazine Advisory Board for 2018
-
News6 years ago
REVEALED: Top eSports players set to earn $3.2 million in 2019
-
iGaming Industry7 years ago
French Senator raises Loot Boxes to France’s Gambling Regulator
-
News7 years ago
Exclusive Interview with Miklos Handa (Founder of the email marketing solutions, “MailMike.net”), speaker at Vienna International Gaming Expo 2018
