IGT modernizes casino loyalty club prizing with Gift & Go deal

International Game Technology PLC announced that it recently signed an agreement with B2B gifting technology platform, Gift & Go. This relationship will provide casino operators who use the IGT ADVANTAGE casino management system the option to add Gift & Go's on-demand gifting technology platform to their slot machines' service window or secondary display via IGT's M5 content management technology. When deployed, Gift & Go enables players to conveniently participate in promotional gift programs and collect an array of goods that are fulfilled via Amazon Business.

"IGT's agreement with Gift & Go can provide incremental value to our IGT ADVANTAGE system customers by enabling players to get items from Amazon Business through casino loyalty club gifting programs," said Ryan Reddy, IGT SVP Global Video Poker, VLT, Systems and Payments. "We view this as a great way to enhance our systems solutions offering while helping our customers reduce product storage demands, labor requirements and capital allocations through a convenient and modern experience for their guests."

"Through our agreement with IGT, Gift & Go can integrate with the widely deployed IGT ADVANTAGE casino management system and help a diverse spectrum of casino operators significantly enhance their loyalty and continuity club gifting programs, which can help increase revenue and reduce player walk rate," said Jon Reuben, Gift & Go Co-CEO."The proven Gift & Go platform helps casino operators maximize player retention and replace legacy processes with automation, personalization and convenience that players genuinely appreciate."

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IGT slots pay out three jackpots over $1 million dollars in February

International Game Technology PLC announced that its Wheel of Fortune slots awarded two three-million-dollar plus jackpots in February. The same month, IGT’s Powerbucks slots minted a jackpot totaling more than one-million-dollars.

The following million-dollar-plus jackpots were awarded: On 4 February, a guest won $3,257,830 playing Wheel of Fortune Gold Spin Triple Gold at Bellagio in Las Vegas. On 18 February, a guest won $3,274,538 playing Wheel of Fortune High Roller at Carson Valley Inn in Minden, Nevada. 

On 28 February, in Ontario, Canada, an online Powerbucks slots player won CAD $1,320,483 playing Gong Xi Fa Cai. IGT Powerbucks slots have paid 47 jackpots of $1 million or more since their Canadian debut in 2016. Wheel of Fortune slots have minted over 1,100 millionaires and awarded over $3.4 billion in jackpots since their launch in 1996.

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IGT selling gaming business for €950 million

International Game Technology PLC today announced that its wholly-owned subsidiary Lottomatica Holding S.r.l. has signed a definitive agreement to sell 100% of the share capital of Lottomatica Videolot Rete S.p.A. and Lottomatica Scommesse S.r.l., the members of the IGT group which conduct its Italian B2C gaming machine, sports betting, and digital gaming businesses, to Gamenet Group S.p.A., a subsidiary of funds managed by an affiliate of Apollo Global Management, Inc. (together with its subsidiaries, a leading global alternative investment manager.

"The transaction enables IGT to monetize its leadership positions in the Italian B2C gaming machine, sports betting, and digital spaces at an attractive multiple to comparable Italian transactions, providing us with enhanced financial flexibility," said Marco Sala, CEO of IGT. "Aligning with our recent reorganization, the favorable rebalancing of our business and geographic mix reframes and simplifies our priorities while improving the Company's future profit margin, cash flow generation, and debt profile."

The transaction values the businesses being sold at an enterprise value of approximately €1.1 billion. The businesses being sold generated about €207 million in aggregated adjusted EBITDA1 in 2019, placing the transaction in the upper band of valuation ranges achieved by the most recent Italian benchmarks. The sale price is €950 million, with €725 million payable at closing, €100 million payable on December 31, 2021, and the remaining €125 million payable on September 30, 2022. The deferred payments are not subject to any conditions other than closing and are secured by an equity commitment letter from the Apollo-managed funds. IGT will use net proceeds from the transaction primarily to reduce debt.

The Board of Directors of IGT has unanimously approved the transaction, which remains subject to customary closing conditions, including regulatory approvals. IGT expects that the transaction will close in the first half of 2021.

Credit Suisse International is acting as lead financial advisor to IGT, UBS is acting as financial advisor and fairness opinion advisor to IGT and its Board of Directors, and White & Case and NCTM are advising IGT. Mediobanca, Paul, Weiss, Rifkind, Wharton & Garrison LLP and the Italian offices of Cleary, Gottlieb, Steen & Hamilton LLP and Latham & Watkins, LLP are advising the buyer.

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