IGT and Acres Reach Agreement, End Legal Dispute
International Game Technology (IGT) has announced a mutual agreement with Acres to settle all legal disputes between them.
IGT announces agreement with Acres. (Image source: Pixaby)
LISTEN TO THIS ARTICLE:The legal tussle started when IGT filed a claim alleging that Acres had violated at least four of its patents pertaining to cashless wagering with its Foundation casino management system.
The court proceedings involved a thorough examination of the technological system, focusing on its functional design, to determine if any patent violations took place.
In November, the claims made by IGT against Acres were dismissed by the US Patent and Trademark Office.
However, the two casino gaming developers have reached a resolution through a mutual agreement in the United States District Court of Nevada.
Although the terms of the settlement have not been made public, representatives from both companies have conveyed their approval of the resolution of the patent infringement lawsuit.
We are thrilled to put this matter behind us and work competitively with IGT to build exciting new gambling experiences that can increase both player enjoyment and casino profits.
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With IGT preparing to merge its Global Gaming and PlayDigital divisions with Everi, it's clear the company doesn't want to carry legal baggage into its next chapter. By resolving the dispute with Acres, IGT can focus better on its strategic initiatives and the smooth integration of its divisions with Everi.
IGT is pleased to reach a mutual agreement with Acres that resolves all disputes between us. This allows us to dedicate our collective resources where they are better served, driving continued innovation in the exciting and evolving cashless gaming space.
IGT Posts Strong Results in 2023
Last month, IGT released its fourth quarter and full-year 2023 results, revealing a group revenue of $4.3 billion for the year. The company achieved record Adjusted EBITDA figures of $1.8 billion in 2023, up from $1.7 billion, an increase of 7% from the previous year.
Additionally, operating income surpassed $1 billion in a year for the first time in 2023 and was up 9% from $922 million in 2022.
The company aims to achieve revenue of between $4.3 and $4.4 billion, with an operating income margin of around 20% in 2024.
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