IGT has reported its financial results for the fourth quarter and full year of 2023, indicating an overall period of growth for the supplier, although this was limited to single-digit revenue growth.
Q423
In the fourth quarter of 2023, total revenue saw a 3% rise year-on-year to $1.1bn. While PlayDigital’s revenue saw a decrease of 10% during the quarter, global gaming saw an ever-so-slight increase, but global lottery was the main driver of overall growth, increasing 7% to $681m.
When looking at operating income, all three of those main verticals saw growth for the company, with global gaming being the most significant at 17%; total operating income thereby rose 11% to $256m.
For total adjusted EBITDA, this also saw a positive change, going up from $419m in Q4 2022 to $454m in Q4 2023. Again, global gaming saw the highest increase, specifically by 23%.
FY23
Revenue for the whole of 2023 increased 2% year-on-year to $4.3bn, with global gaming and PlayDigital improving their revenue by 9% each, though global lottery decreased by 2% – in sharp contract to Q4.
Operating income likewise saw improvements, going from $922m in 2022 to just over $1bn in 2023. All three main verticals increased,Online Casino Games though at 32%, PlayDigital saw the largest rise in operating income out of the three. Operating income for the year for PlayDigital was $65m and this was a record for it.
Total adjusted EBITDA for 2023 was set at $1.8bn, which was a record for the company, and also 7% up from 2022. This has mainly been put down to higher operating income and amortisation.
Net debt leverage improved to 2.9x, which is the lowest in the company’s history.