IGT revenue and operating income down in FY2024 report, but net debt improves
Full-year revenue for 2025 is anticipated to be between $2.55bn and $2.65bn.
Key points:
– Instant ticket and draw games were a key area of growth for the company in 2024
– Income from continuing operations experienced a rise of 60% for Q4
IGT has released its financial figures covering the fourth quarter and full year of 2024.
Q4 2024
During the fourth quarter of last year, IGT revenue reached $651m, representing a decrease of 4% year-on-year. The supplier has mainly put this down to comparisons with record product sales revenue in the prior year.
Despite this decline in revenue, IGT has emphasised that instant ticket and draw game same-store sales experienced growth worldwide, with Italy for example up 7%.
Operating income was down 9% in Q4 2024 to a figure of $179m, while income from continuing operations was up 60% to $166m.
Looking at adjusted EBITDA, this figure decreased 8% to $290m. The negative impact of foreign currency rates, and the fact that in the prior year there were elevated product sales and a more favourable product mix, were some of the reasons given for this.
FY2024
For the full year of 2024, there was a slight drop in revenue of 1% year-on-year to $2.51bn. This is despite the fact that instant ticket and draw game sales in regions such as the US & Canada and Italy experienced growth.
Operating income, like in the fourth quarter, was down 9% to a value of $686m, while income from continuing operations was up 2% to $271m.
Adjusted EBITDA also declined across the whole of last year by 4% to $1.17bn, with adjusted EBITDA margin valued at 46.6% in FY2024, helped by its pure play lottery business.
IGT did improve its net debt, with the figure standing at $5.16bn in 2023, while in 2024 it was set at $4.78bn.
Comments
IGT CEO Vince Sadusky said: “2024 was a year of momentous transformation with the conclusion of our strategic review and the announced sale of our Gaming & Digital business for $4.05bn in cash.
“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.”
Good to know: IGT expects to close sale of Gaming & Digital business to Apollo Funds by the end of the third quarter of 2025
IGT CFO Max Chiara added: “We delivered solid financial results in 2024, including robust cash flow generation to invest in the business, reduce debt, and return capital to shareholders.
“Our core, recurring business has a compelling low-to-mid single digit growth profile and provides a solid foundation as we head into our next CapEx cycle aimed at securing our portfolio and extending its duration to more than eight years.”
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
