IGT ‘transformed’ as revenues up

International Game Technology CEO Vince Sadusky says the company is “on a solid path to delivering our long-term goals” after its latest results report.

In the final quarter of 2022, there was a 21 per cent increase year-on-year in global gaming revenue, with lottery also providing a seven per cent boost.

The revenue of US$1.1bn for Q4 was also helped by a record contribution from PlayDigital. A 24 per cent increase in operating income for the quarter took that figure to $230m.

As for the full 2022 financial report, revenue of $4.2bn showed a three per cent increase and there was also record operating income of $922m.

Net debt was reduced by $771m and so IGT says it expects full year 2023 revenue of between $4.1bn and $4.3bn, with an operating margin of up to 23 per cent. It also expects Q1 2023 revenue to be around $1bn.

Sadusky said: “We achieved all our financial goals last year while strengthening product leadership positions across our Global Lottery, Global Gaming, and PlayDigital activities.

“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.

“It has also enabled record capital returns to shareholders in 2022. We enter 2023 from a position of strength with good momentum across business segments.”