IGT announces strategic review regarding PlayDigital and Global Gaming

June 8, 2023
By
Leer en Español

The company has retained financial and legal advisors while it considers a possible sale, merger or spin-off.

International Game Technology (IGT) has announced that its Board of Directors is undertaking a strategic review of its PlayDigital and Global Gaming segments. The company has reported that future options could include a sale, a merger or a spin-off.

IGT could also potentially maintain and invest further in both the PlayDigital and Global Gaming businesses. Deutsche Bank, Macquarie Capital and Mediobanca have been brought on as financial advisors, while both Sidley Austin and White & Case will serve as legal counsel.

Marco Sala, IGT Executive Chair, said, "Over the last three years, IGT has sharpened its strategic focus by reorganizing around core product verticals, monetizing non-core assets, reducing structural costs and significantly improving its credit profile.

“We believe the intrinsic value of IGT's 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."

IGT’s current listed price on the New York Stock Exchange is $27.57, with $28.65 showing as the highest price it has achieved within the last six months.

Vince Sadusky, IGT CEO, said, "We remain focused on the execution of our growth objectives and multi-year goals as we undertake this review and evaluation of strategic alternatives. Regardless of the outcome of this process, IGT is well-positioned to deliver on its long-term growth and profit targets."

No timeline has been allotted to the review, and no decision has been made. IGT has not made specific comment on whether evaluation of any alternatives will lead to transactions, and reported that it will not provide updates until required.

State-by-State

Product Spotlight

Konami

Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.

The top 5 properties that changed Las Vegas

Regular Gaming America contributor Oliver Lovat joins Tim Poole on the Huddle to discuss his 5 properties that changed Las Vegas - giving every resorts an influence rating out of 10. The question is: do you agree?

Peter Schoenke - Sports betting is here... but fantasy sports keeps growing

Peter Schoenke joins Tim Poole on the Huddle to discuss all things fantasy sports. His brand, RotoWire, is at the intersection of the affiliate and fantasy worlds, generating revenue from subscriptions, providing APIs to operators and via affiliate marketing. We discuss:


Within the states of Florida and California, Tribal gaming finds itself in a fascinating position. In Florida, only the Seminole Tribe, and Hard Rock, can provide mobile sports betting, with continued legal challenges f...

view-points
Viewpoints: Discussing the use of player loyalty programs
Industry experts answer Gaming America's burning questions on all things related to Tribal operators and player loyalty programs, including Rymax, CasinoTrac, OIGA, Mohegan and Choctaw Nation of Oklahoma.
52-54-fabio-ferreira
Sports betting regulation in Brazil: What can we expect?
Mattos Filho's Fabio Kujawski speaks to Gaming America about the uncertainty surrounding Brazil's roadmap to regulation and the need for a singular gaming authority.
companies-going-private
Going private: Gaming's new standard?
A state of neo-IPO: Gaming America investigates, as more and more companies come off the public market.
46-47-michael-hershman
Soloviev Group CEO: Moving to New York
The Soloviev Group, in collaboration with Mohegan, continues to wait on the NYGC for approval on its Freedom Plaza project. Gaming America spoke with Soloviev Group CEO Michael Hershman to learn more.