IGT: Full-year 2024 revenue falls 1% to $2.51bn

International Game Technology (IGT) has released its Q4 & FY 2024 financial results, highlighting slight revenue declines year-over-year of 4% and 1%, respectively.

Revenue for the final quarter reached a figure of $651m, down 4% in comparison to results from the year prior, despite being up from the $587m reported by the supplier during Q3 2024.

Elsewhere, revenue for the full year reached a total of $2.51bn – representing a slight decline from the $2.53bn generated throughout the entirety of 2023.  

Q4 results 

Breaking down the operator’s results from 2024’s final quarter, revenue experienced a 4% year-over-year drop from $681m achieved in Q4 2023, with operating income following suit and falling by 9% in comparison to last year’s Q4, settling at $179m. Further, operating income margin also experienced a slight decline to 27.4% from the 29% reported in Q4 2023. 

Income from continuing operations, however, experienced a notable uptick of 60% – resting at $116m for the quarter. This positive result was juxtaposed by a decline year-over-year in adjusted EBITDA, which fell 8% to $290m. Net debt, on the other hand, was reduced by 7% to a figure of $4.7bn for the end of 2024.  

By jurisdiction, IGT has stated that a rise in US multi-state jackpot activity was driven by high-profit flow through same-store sales growth – while instant ticket and draw game sales in Italy grew by 7% year-over-year.  

FY 2024 results  

Regarding the organization’s FY2024 results, a slight decline of 1% from 2023’s $2.53bn revenue figure was, again, followed by a 9% fall year-over-year in operating income – which settled at $686m. Operating income margin also fell by 2.4% when compared to the end of 2023.  

Elsewhere, adjusted EBITDA also experienced a slight dip of 4% to $1.17bn, with adjusted EBITDA margin dropping from 48% at the end of 2023 to the current figure of 46.6%. Income, however, rose by 2% year-over-year, settling at $271m. Once again, strong same-store sales growth was primarily driven by a 4.1% increase in Italy throughout the year.

2025 expectations 

Following these latest results, IGT has also released its full year 2025 financial expectations, highlighting a predicted revenue figure of $2.55bn-$2.65bn for the year – with adjusted EBITDA expected to reach $1.10bn-$1.15bn.  

Good to know: IGT Gaming & Digital, alongside Everi, were acquired by Apollo for $6.3bn last year  

Highlights from the year 

Early in 2024, it was announced that Gil Rotem would be stepping into the role of President of IGT. This development, however, was somewhat overshadowed by the news of the Apollo acquisition, which is set to see the operator become a merged enterprise with Everi – with Hector Fernandez set to take over as CEO during Q4 2025.  

More recently, in January 2025, it was announced that IGT had been granted lottery recertification by the WLA, news which was closely followed by the announcement of an improved ESG score earlier this month.  

Commenting on these latest results, Vince Sadusky, IGT CEO, 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 $4.05 billion 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.” 

Will Underwood

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