LONDON - International Game Technology PLC (NYSE:IGT), a global leader in gaming, has announced the appointment of Nick Khin as its President, Global Gaming. Khin, who has been with IGT since 2013, previously held the position of Chief Operating Officer and Senior Vice President, Gaming.
In his new role, Khin will oversee IGT's Global Gaming business unit, which encompasses the development and distribution of gaming products and services, including technology, sales, games and hardware, manufacturing and services, and systems.
Vince Sadusky expressed confidence in Khin's appointment, citing his consistent track record in leading IGT to release top-performing games and his respected leadership within the industry. Khin's extensive experience, which spans over 23 years, includes senior executive roles in Las Vegas, London, and Sydney, as well as contributions to IGT's corporate strategy and mergers and acquisitions.
IGT is recognized for delivering responsible gaming experiences across various channels and regulated segments, including Lotteries, Gaming Machines, Sports Betting, and Digital platforms. The company is known for its investment in innovation, player insights, operational expertise, and advanced technology to provide gaming experiences that engage players and drive business growth. IGT operates with a significant local presence in over 100 jurisdictions worldwide and employs approximately 11,000 people.
International Game Technology PLC (IGT) has made significant strides in its financial performance. The company reported an impressive revenue of over $2 billion and a 23% operating margin for the first half of 2024.
IGT also announced the sale of its Gaming and Digital business to private equity firm Apollo for $4.05 billion, a move that deviates from a previous plan for a spin and merger with Everi Holdings (NYSE:EVRI).
The company's global lottery business saw a 2% revenue increase in the first half of the year, and it achieved record operating income and adjusted EBITDA before separation and divestiture costs. IGT plans to maintain its leverage around current levels and use the proceeds from the sale to Apollo to repay debt and return capital to shareholders.
However, IGT has withdrawn its full-year financial outlook due to the planned sale and expects to report Gaming and Digital results as discontinued operations starting in the third quarter.
InvestingPro Insights
Amid the strategic leadership changes at International Game Technology PLC (NYSE:IGT), the company's financial metrics and market performance provide a broader context for understanding its current position in the gaming industry. According to InvestingPro data, IGT boasts a market capitalization of approximately $4.32 billion, reflecting its substantial presence in the global gaming market. The company's price-to-earnings (P/E) ratio stands at 19.21, suggesting that investors are willing to pay a premium for IGT's earnings compared to the broader market. This is further supported by an adjusted P/E ratio of 16.35 for the last twelve months as of Q2 2024, indicating a more favorable valuation when considering non-recurring items.
InvestingPro Tips highlight that analysts expect IGT to experience sales growth in the current year, demonstrating confidence in the company's ability to expand its revenue streams. This aligns with the company's focus on innovation and player engagement, which are critical factors in driving sales in the gaming sector. Additionally, the company's solid free cash flow yield, as implied by its valuation, suggests that IGT is generating sufficient cash from its operations, which could be used for further investment, debt reduction, or returning value to shareholders. Notably, IGT has maintained its dividend payments for 10 consecutive years, underlining a commitment to providing consistent shareholder returns.
For readers interested in a deeper analysis, there are 9 additional InvestingPro Tips available, offering insights into IGT's earnings revisions, stock price volatility, and liquidity concerns, among others. These tips can be found at https://www.investing.com/pro/IGT, providing a comprehensive view of the factors that may influence the company's performance in the near term.
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