IGT Revenue Falls Ahead of Proposed Everi Merger
International Game Technology has announced small declines for Q4 and the full year of 2024 – its last as an independent public company. It was a year of enormous change for IGT, for so long a titan of the gambling industry and a self-styled global leader in gaming. The most momentous development was the agreement … Continued The post IGT Revenue Falls Ahead of Proposed Everi Merger appeared first on Esports Insider.
International Game Technology has announced small declines for Q4 and the full year of 2024 – its last as an independent public company.
It was a year of enormous change for IGT, for so long a titan of the gambling industry and a self-styled global leader in gaming.
The most momentous development was the agreement of a $6.3 billion merger of its gaming business with Everi, the fintech and games supplier.
Senior IGT figures are confident that the merger, on schedule to be completed in 2025, will proceed smoothly. This comes off the back of a class action lawsuit in 2024.
Revenue for Q4 was $691 million, a decrease of four percent on the previous year. Overall revenue for 2024 was $2.5 billion, just one percent down year on year. Full-year adjusted EBITDA of $1.1 billion represented a drop of four percent year on year.
However, IGT pointed out that it registered record sales revenue in the previous year. And, the company’s net debt fell in 2024 from $5.1 billion to $4.7 billion.
IGT Confident It Will Be Ready for New Era
IGT has been a multinational giant of gaming technology throughout the last digitally driven decade.
But 2025 will see the company, in its current form, be delisted. The company formed by the merger with Everi and including IGT’s gaming and digital capabilities will be taken private.
The lottery business element of IGT will remain public, but under a new name.
Vince Sadusky, CEO of IGT, said: “2024 was a year of momentous transformation with the conclusion of our strategic review, and the announced sale of our gaming and digital business for $4.05 billion in cash.”
Sadusky, who will be CEO of the spun-off lottery business, said of the prospects for 2025: “Anything that has to do with gaming and digital, we’ve done the internal work on separation. So we feel very confident about being prepared for day one.”
Max Chiara, CFO of IGT, said of the previous year: “We delivered solid financial results in 2024, including robust cash flow generation to invest in the business, reduce debt, and return capital to shareholders.”
One immediate milestone is the decision on IGT’s bid for a contract extension with the Italian lottery, which is due by March 17. Chiara reported that the process was proceeding smoothly.
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