IGT hit ‘all 2023 financial goals’

IGT hit a record US$1bn in operating income in 2023, the company revealed in its end-of-year results. Adjusted EBITDA was also at a record level of $1.8bn, with an adjusted EBITDA margin of 41.3 per cent.

Total revenue for the year reached $4.3bn, up two per cent year-over-year.

The figures for just Q4 2023 showed revenue of $1.1bn driven by seven per cent Global Lottery growth. Operating income rose 11 per cent to $256m.

“We delivered a strong finish to the year in the fourth quarter, propelling full year 2023 profits to record levels,” said Vince Sadusky, CEO of IGT. “A compelling array of products and solutions fuelled broad-based momentum in key performance indicators, driving margin improvement across our Global Lottery, Global Gaming, and PlayDigital segments.

“We believe the recent determination to split the business and create separate lottery and gaming pure play companies, each with experienced management teams and simplified business models, better positions each company to service customers and create significant value for stakeholders.”

“We achieved all of our financial goals in 2023,” said Max Chiara, CFO of IGT. “Robust cash generation funded incremental investments in the business and shareholder returns, while driving leverage to historically low levels, putting IGT in a strong financial position as we enter 2024. This gives us confidence in further expanding our investment in the business to fund future growth.”