LONDON - International Game Technology PLC (NYSE: NYSE:IGT), a global leader in gaming, and casino technology firm Acres Manufacturing Company have settled their legal disputes as of April 12, 2024. The resolution, confirmed in the United States District Court of Nevada, puts an end to the patent and breach of contract litigations concerning cashless wagering systems in gaming.
Nick Khin, IGT's COO of Gaming, expressed satisfaction with the outcome, stating the settlement allows both companies to redirect their resources toward innovation in the cashless gaming sector. Echoing this sentiment, John Acres, CEO of Acres, expressed enthusiasm for moving past the disputes and focusing on creating new gaming experiences that enhance player enjoyment and casino profitability.
IGT is known for delivering gaming experiences across various channels and regulated segments, including lotteries, gaming machines, sports betting, and digital platforms.
Acres, recognized for its expertise in casino loyalty and technology, is the creator of Foundation, a casino management platform that allows real-time data collection from slot machines and direct interfacing with slot machine credit meters.
This settlement marks the end of a series of disputes between the two companies, enabling them to concentrate on future collaborations and advancements in the gaming industry. The terms of the agreement between IGT and Acres have not been disclosed.
This news is based on a press release statement.
InvestingPro Insights
As International Game Technology PLC (NYSE: IGT) resolves its legal disputes with Acres Manufacturing Company, the company's financial metrics and market performance provide a broader context for investors. According to real-time data from InvestingPro, IGT's market capitalization stands at $3.97 billion, with a P/E ratio of 20.89 based on the last twelve months as of Q4 2023. The company has shown resilience with a gross profit margin of 48.99% and an operating income margin of 24.39% during the same period.
Despite recent stock price volatility, which is a point of consideration for investors, IGT has maintained dividend payments for 10 consecutive years, signaling a commitment to returning value to shareholders. The company's dividend yield is currently 3.74%, a figure that is particularly attractive for income-focused investors. Furthermore, IGT's stock is trading near its 52-week low, presenting a potential opportunity for value investors to consider the stock, especially in light of analysts' predictions that IGT will remain profitable this year.
For those seeking more in-depth analysis, there are additional InvestingPro Tips available, including insights on sales growth expectations and earnings revisions by analysts. With the current focus on innovation in cashless gaming technology, these insights could prove invaluable. Interested investors can access these tips and take advantage of a special offer using the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
As IGT navigates the post-settlement landscape, the InvestingPro platform offers a comprehensive suite of tools and data to help investors make informed decisions. With the next earnings date set for May 14, 2024, and the fair value estimated at $27.03 by InvestingPro, stakeholders have a wealth of information to consider as they assess IGT's potential in their investment strategies.
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