IGT Shares Gain 16% After Posting 25% Increase in Q1 Revenue Source:
Streetwise Reports (5/11/21) International Game Technology Plc shares reached a new 52-week high after the company reported financial results for Q1/21 that included a 48% YoY increase in global lottery revenue.
End-to-end global gaming company International Game Technology Plc (IGT:NYSE) today announced financial results for the first quarter of 2021 that ended March 31, 2021.
The firm s CEO Marco Sala commented, We delivered some of our strongest profit results ever during the first quarter, fueled by robust player demand and significant, structural cost savings.Our Global Lottery segment achieved record same-store sales levels on impressive increases around the world. The Global Gaming segment is demonstrating swift, progressive recovery, including accelerated momentum for Digital & Betting activities. We expect to return to 2019 levels for key financial metrics this year.
IGT records 25% Q1 revenue growth following B2C sale Share
May 14, 2021
International Game Technology (IGT) has reported revenue growth of 25% for Q1 2021, attributed to structural cost savings, continued player demand and the sale of its Italian B2C business to
Gamenet Group.
Overall group revenue rose to $1.01bn (2020: $814m). Although the figure still represents a 11.3% decrease from the $1.14 billion in 2019, the group remains hopeful that it will be able to return to this level for key metrics by the end of the year.
Apollo Global Management’s subsidiary Gamenet for €950 million was a key factor underlying IGT’s first-quarter results.
IGT completes €950m sale of Lottomatica Italian B2C business to Apollo Global
11th May 2021
| By Robert Fletcher
International Game Technology (IGT) has finalised the sale of its Italian-facing B2C gaming businesses to Gamenet Group, a subsidiary of funds managed by private equity giant Apollo Global Management.
The agreement was worth €950m (£817.2m/$1.16bn), with €725m paid at closing. A further €100m is due on 31 December this year, while the other €125m is payable on 30 September next year.
The sale, agreed in December, includes 100% of the share capital of both the Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse businesses.
Walter Bugno, executive vice president of new business and strategic initiatives at International Game Technology Plc (IGT), has resigned from the firm “to pursue a new professional opportunity”. The announcement was made by the casino and lottery technology provider in a press release published on Monday.
Mr Bugno (pictured in a file photo) will continue in his current position until May 14, the announcement added.
IGT had announced in mid-2020 that Mr Bugno was taking on a new role, leading the firm’s “new business and strategic initiatives” group. Prior to the organisational reshuffle, Mr Bugno was chief executive, International, at IGT.
IGT confirms Walter Bugno’s executive departure Share
IGT Plc has confirmed that long-term executive
Walter Bugno has resigned from duties as the NYSE technology group’s Executive Vice President of New Business and Strategic Initiatives.
This morning, IGT notified investors that Bugno had chosen to end his 11-year tenure with the company to ‘
pursue new professional opportunities‘ and will resign from all leadership duties on 14 May.
A prominent figurehead of IGT’s executive team, Bugno joined the company in 2010 as Chief Executive of ‘
IGT International’ – the technology group’s new global gaming division formed from the multi-billion merger of