IGT’s Long-Term Partnerships Pay Off

November 2, 2018 by

IGT CEO Marco Sala has told reporters that their recent solid performance was in large part due to their long-term contracts, a statement he made after the company revealed their results for the third quarter.

In the three months leading up to the 30th of September, their operating income had grown to $200 million, which was up from a loss of $556 million from the same period in 2017. Their adjust EBITDA had also climbed 3% compared to last year up to $443 million, although revenue was down by 4% on a constant currency basis from $1.22 billion to $1.16 billion. Their net debt has also grown, now sitting at $7.57 billion, an increase of 3%.

IGT has further confirmed during an earnings call that it expects their adjust EBITDA will come in at the top range of guidance for the year, which they expect will be between $1.7 billion and $1.78 billion. Capital expenditure is also where it should be for this year.

Their latest partnership saw IGT joining up with William Hill US< where they will begin offering lottery services for sports betting, a deal that came not long after their joining up with Rhode Island Lottery. The operator is also looking to start expanding its betting services by deals made with the Mississippi Band of Choctaw Indians, as well as providing sports betting services to MGM within the state of New Jersey, and they are working with FanDuel within the same state.

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