- Casino
- By State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Georgia
- Florida
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Massachusetts
- Maryland
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
- By State
- Slots
- Poker
- Sports
- Esports
IGT Might Take New Digital Arm Public
International Game Technology Plc (IGT), the casino equipment manufacturer and online content supplier, said that a public listing of the group’s newly-formed betting and digital businesses is under evaluation as part of a strategic review for future development.
IGT claimed that the realignment of its betting and digital segments into a new legal entity would be completed within 12 to 18 months in supporting documents. These documents were published at Tuesday’s investor day event. This move would be in support of “evaluation of a potential separate public listing of the business,” it said.
IGT Evolves Business Operations
IGT stated in September that it was creating a special digital and betting business segment. The segment will comprise its iGaming-related and sports betting activities. IGT now operates with three segments. The new betting and digital arm will be running alongside the global lottery, and its global gaming divisions. The company’s iLottery unit remains part of its global lottery segment.
IGT is creating a new management team to oversee the digital and gambling segment as part of its strategic review. Gil Rotem was elected president of iGaming earlier this month to lead the new initiatives.
The company explained that the separate listing would “further enhance its strategic flexibility.” IGT would, however, still retain a “controlling interest following the consummation of any such potential separate public listing.”
IGT To Buy Back Shares
Tuesday saw the company announce a $300 million multi-year share-buyback program. It is designed to enhance shareholders’ returns after it recently reinstated its quarterly cash distribution. The program, which is expected to last four years, begins on November 18. Funding for it will come from cash operations.
IGT stated it is expected to generate revenues in the range of $4.1billion to $4.3billion in 2022. It also said that capital expenditures would range between $400million to $450million.
Additionally, the gaming supplier said that it expects strong cash flow generation. The company estimates that cumulative cash from operations will be approximately US$4.0billion. Free cash flow will be about $2.4billion. This is between 2022-2025. In the next five years, the firm will reduce its leverage to between 2.5 and 3.5 times.
Marco Sala, CEO of IGT, stated that the company was confident it could deliver accelerating organic development, significant margin expansion, strong free cash flow and robust stakeholder value to “drive shareholder value” and increase shareholder returns over the next four years.
Erik brings his unique writing talents and storytelling flare to cover a wide range of gambling topics. He has written for a number of industry-related publications over the years, providing insight into the constantly evolving world of gaming. A huge sports fan, he especially enjoys football and anything related to sports gambling. Erik is particularly interested in seeing how sports gambling and online gaming are transforming the larger gaming ecosystem.
Previous Article
Business
November 18, 2021
DraftKings Inks Kansas Market Access Deal with Boot Hill Casino
Next Article
Business
November 18, 2021
Swedish Gaming Developer Lady Luck Moves to Acquire Revolver Gaming
Must Read
Business
October 30, 2024
Better Collective Cuts Team Due to Business Struggles
Business
October 31, 2024
MGM Posts Record Q3 Metrics, Reports Share-Buyback Progress
More Articles
Business
November 6, 2024
Kambi Maintains Growth Trajectory with Solid Q3 Results
Slots
November 5, 2024
Reflex Gaming and Yggdrasil Release Big Game Fishing TopHit
Casino
November 5, 2024
MetaWin Hit by $4M Cyber Heist, Most Funds Recovered
Poker
November 4, 2024
GGPoker Could Make High Stakes Game Invite Only
Business
November 1, 2024
RSI Posts Strong Q3 Report, Boosts FY Guidance
Business
October 31, 2024
MGM Posts Record Q3 Metrics, Reports Share-Buyback Progress
Industry
October 31, 2024
Isle of Man Regulator Responds to UN’s Laxity Accusations
Esports
October 31, 2024
Oddin.gg Introduces BetBuilder for Esports and eSims
Poker
October 31, 2024
Zynga Poker and Rob Riggle Team up for MTTs Poker Tourneys