IGT Revenue Slightly Down in 2024 But Business Remains Strong

Gaming leader IGT has published its Q4 and FY 2024 report, outlining a slowdown in revenue and debt reduction successes.

The Company’s Financials Remain Strong Despite Fluctuations

In Q4, the company reported revenue of $651 million, down 4% year-on-year. Despite that, instant ticket and draw game sales remained strong. The company posted income from continuing operations of $116 million with an associated margin of 17.9%.

The fourth quarter saw the company generate adjusted EBITDA of $290 million, down 8% YOY. EBITDA margin for the period stood at 44.5%, reflecting the strong performance of IGT’s core business.

As for the full-year results, the company posted revenue of $2.512 billion, slightly down from $2.529 billion in FY 2023. Income from continuing operations for the period stood at $271 million with an associated margin of 10.8%.

The year saw IGT deliver adjusted EBITDA of $1.17 billion, down 4% YOY. Adjusted EBITDA margin was 46.6%.

For 2024, IGT reported consolidated cash from operations of $1.03 billion, including $689 million from continuing operations. IGT also reported a consolidated free cash flow of $659 million, with over 80% generated by continuing operations.

In terms of liquidity, the company reported $1.9 billion as of December 31. This included $584 million in unrestricted cash and $1.4 billion in additional borrowing capacity.

IGT Highlighted Several Key Achievements

The company highlighted a few major developments in 2024 and the beginning of 2025, which strengthened its business. These included, among others, the $4.05 billion sale of the Gaming & Digital business to Apollo Global Management in a deal expected to close this year.

In 2024, the company struck a seven-year agreement with the Colorado Lottery. Recently, the company executed a 10-year lottery contract in Luxembourg. In addition to that, IGT extended its lottery agreements in several US markets, including Tennessee, North Carolina, Mississippi and Virginia. In Europe, it extended its deals with the national lotteries in Lithuania and Germany.

Another noteworthy development was the announcement of a quarterly cash dividend of $0.20 per common share, with a record date of March 11 and a payment date of March 25.

IGT Published FY 2025 Guidance

IGT used the opportunity to introduce its full-year guidance, saying that it expects its strong core business to provide the foundation for a successful 2025. The company said that it expects revenue of between $2.55 billion and $2.65 billion for the period, as well as adjusted EBITDA of $1.1 billion to $1.15 billion.

The company forecasted $450 million in capital expenditures, which would reflect its increased investments in contract wins, extensions and upcoming bids.

Executives Applauded the Results

IGT’s chief executive officer, Vince Sadusky, commented on 2024, calling it a year of “momentous transformation” because of the sale of the Gaming & Digital division. He predicted that the company’s strong position would continue to drive shareholder returns in 2025.

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.

Vince Sadusky, CEO, IGT

IGT’s chief financial officer, Max Chiara, was pleased with the solid results, saying that the core business provides a solid foundation as the company heads into its next CapEx cycle.