Revenues Drop At IGT In 2024, Company on Track Though
IGT has hailed a transformational year for the iGaming company, although it saw a drop in its full-year revenues for 2024.
Key Facts:
- IGT is one of the biggest iGaming companies on the planet
- Business saw a 4% year-on-year fall in its revenues in 2024
- However, IGT claims to be on track for a more positive future
- 2024 saw IGT sell its gaming and digital division for $4.05 bn
The company said its revenues for the fourth quarter were $651 million, which represents a fall of 4% on the previous year.
IGT explained the slight drop in its fourth-quarter revenues due to comparisons with record product sales revenue that it recorded in the prior year.
The firm also stressed that the current year period represents the second-highest quarter for product sales revenue in the history of the company.
Operating income for the fourth quarter was $179 million according to the latest IGT financial results, which is compared to $197 million in the prior year.
Momentous Transformation
Even though IGT saw a drop in revenues in the last quarter of 2024, the company feels the year overall was a positive one with a lot of changes to the business.
Vince Sadusky, the chief executive of IGT, pointed out that the firm’s strategic review came to an end last year, while it also announced the sale of the gaming and digital side of the business for just over $4 billion in cash.
The CEO described 2024 as a year of “momentous transformation” for IGT.
In a statement, he said: “Our unmatched capabilities in developing world-class Lottery solutions and innovative game content support several important investments to drive long-term growth and shareholder returns.”
“We are well-positioned to continue strengthening our global lottery leadership.”
IGT’s highlights of 2024 include the company being awarded a seven-year facilities management contract with Colorado Lottery, while the company has also executed a 10-year contract in Luxembourg in the lotteries department.
Robust Cash Flow
IGT’s last few months of 2024 may have seen a small decline in revenues, but chief financial officer Max Chiara was also pleased with the company’s performance overall.
He said in a statement: “We delivered solid financial results in 2024, including robust cash flow generation to invest in the business, reduce debt, and return capital to shareholders.”
“Our core, recurring business has a compelling low-to-mid single-digit growth profile and provides a solid foundation as we head into our next CapEx cycle aimed at securing our portfolio and extending its duration to more than eight years.”
IGT also recently confirmed that the company has earned an environmental, social and governance (ESG) score of 4.3 out of 5.0 from FTSE Russell.
This is up from 4.2 and puts the firm in the 97th percentile within the Travel and Leisure sector of FTSE Russell’s ESG Scores.
