Future of IGT’s Global Gaming and PlayDigital Divisions under Discussion
LISTEN TO THIS ARTICLE:International Game Technology (IGT), a global supplier of casino technology and solutions, has announced that its board of directors is subjecting the company’s Global Gaming and PlayDigital divisions to a strategic evaluation.
The company has informed investors and stakeholders that a number of options are being considered for the divisions, including a sale, merger, or spin-off, as well as retaining them and investing more. The aim is to maximize the company’s value.
Marco Sala, IGT’s executive chair, explained that IGT is hoping to reorganize the business “around core product verticals [while] monetizing non-core assets, reducing structural costs and significantly improving its credit profile” over the past three years.
We believe the intrinsic value of IGT’s market-leading businesses and diversified cash flow profile is not currently reflected in our stock price, and the timing is right to assess opportunities that may enhance value for IGT’s shareholders.
Vince Sadusky, the company’s CEO, highlighted IGT’s expertise in verticals such as lottery, iGaming, and sports betting and emphasized the company’s commitment to further growth. He added that the outcome of the evaluation “will not impact IGT’s position “to deliver on its long-term growth and profit targets.”
IGT’s board of directors said that no decisions have been made and that there is no fixed timeline for the evaluation. Furthermore, they highlighted that there is no guarantee that the evaluation will result in a transaction. The company stated that it will not provide any further updates “unless and until it determines that further disclosure is appropriate or required.”
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