International Game Technology PLC Reports First Quarter 2021 Results

International Game Technology PLC ("IGT") (NYSE: IGT) today reported financial results for the first quarter ended March 31, 2021. Today, at 8:00 a.m. EDT management will host a conference call and webcast to present the results; access details are provided below.

"We delivered some of our strongest profit results ever during the first quarter, fueled by robust player demand and significant, structural cost savings," said Marco Sala , CEO of IGT . "Our Global Lottery segment achieved record same-store sales levels on impressive increases around the world. The Global Gaming segment is demonstrating swift, progressive recovery, including accelerated momentum for Digital & Betting activities. We expect to return to 2019 levels for key financial metrics this year."

"With the recovery in our business in full swing, we are delivering strong operating leverage which, when coupled with invested capital discipline, drove strong cash flows in the quarter," said Max Chiara , CFO of IGT . "This enabled us to accelerate our debt retirement strategy and gives us confidence in a return to pre-pandemic leverage levels by the end of the current year."

Overview of Consolidated First Quarter 2021 Results

All amounts from continuing operations	Quarter Ended		Y/Y Change (%)	Constant Currency Change (%)
	March 31,
	2021	2020
(In $ millions, unless otherwise noted)
GAAP Financials:
Revenue
Global Lottery	749	505	48%	42%
Global Gaming	266	310	(14)%	(16)%
Total revenue	1,015	814	25%	20%

Operating income/(loss)
Global Lottery	337	144	133%	121%
Global Gaming	(19)	(6)	(208)%	(177)%
Corporate support expense	(19)	(13)	(50)%	(32)%
Other ⁽¹⁾	(39)	(343)	89%	89%
Total operating income/(loss)	260	(218)	NA	NA

Net cash provided by operating activities	251	26	NM

Cash and cash equivalents	748	1,449	(48)%

Non-GAAP Financial Measures:
Adjusted EBITDA
Global Lottery	447	243	84%	74%
Global Gaming	19	31	(39)%	(35)%
Corporate support expense	(16)	(13)	(26)%	(10)%
Total Adjusted EBITDA	450	261	72%	64%

Free cash flow	204	(60)

Net debt	7,069	7,170	(1)%

⁽¹⁾ Primarily includes purchase price amortization and goodwill impairment

Note: Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided at the end of this news release

Key Highlights:

Achieved among highest revenue and profit levels in Company history, fueled by Global Lottery
Delivered strong cash flow driven by performance and invested capital discipline; return to pre-pandemic leverage expected by end of the year
Achieved ~1/3 of $200M+ 2021 OPtiMa savings targets during the first quarter
Sequential improvement in Global Gaming as industry recovers from pandemic-driven restrictions; growth in Digital & Betting continues with 85% year-over-year increase in revenue in the quarter
Successfully refinanced ~$1.0 billion in 6.25% Notes due 2022 with $750 million 4.125% Notes due 2026 and draws on revolving credit facilities
Signed seven-year contract extension with Jamaica Lottery; four-year iLottery contract extension with Kentucky Lottery; two-year contract extension with Mexico Lottery

Financial highlights:

Consolidated revenue of $1,015 million , up 25% from the prior year

Global Lottery revenue of $749 million , up 48%, driven by 32.4% growth in same-store sales
Global Gaming revenue totals $266 million , versus $310 million in the prior year; up sequentially from $255 million in Q4'20 as U.S. gaming markets continue to recover

Operating income of $260 million , compared to operating loss of $218 million in the prior year

Global Lottery same-store sales growth translates into high profit flow-through
Benefits from OPtiMa structural cost-savings
Goodwill impairment of $296 million in prior-year period

Net interest expense of $94 million compared to $100 million in the prior year

Provision for income taxes of $148 million , compared to a benefit from income taxes of $1 million in the prior year

Higher valuation allowances on deferred tax assets in the current period
Income taxes paid of $4 million versus $11 million in the prior year

Net income attributable to IGT was $92 million versus a net loss attributable to IGT of $248 million in the prior-year period

After-tax goodwill impairment of $296 million in prior-year period
Higher non-cash foreign exchange gains, primarily on Euro-denominated debt instruments, in the current period

Net income per diluted share of $0.38 compared to a net loss per diluted share of $1.28 in the prior year

Adjusted EBITDA of $450 million compared to $261 million in the prior-year period; Global Lottery achieves among the highest segment-level Adjusted EBITDA

Net debt of $7.07 billion compared to $7.32 billion at December 31, 2020; Net debt to LTM Adjusted EBITDA of 5.40x, down from 6.39x at December 31, 2020, driven by strong financial results and cash flow generation

Cash and Liquidity Update

Total liquidity of $2.1 billion as of March 31, 2021 ; $748 million in unrestricted cash and $1.4 billion in additional borrowing capacity

Other Developments

As previously announced, completed sale of Italy B2C gaming businesses on May 10, 2021 ; net proceeds to partially fund full redemption, by make-whole call, of €850 million 4.75% Senior Secured Euro Notes due February 2023
In March 2021 , issued $750 million 4.125% Notes due 2026, as previously announced

Net proceeds used to fund redemption of 6.25% Notes due 2022
Lowest USD-denominated coupon ever issued by the Company

Recast historical financial information for Q2'20 and Q3'20 included at the end of this release

Conference Call and Webcast:

May 11, 2021, at 8:00 a.m. EDT

Live webcast available under "News, Events & Presentations" on IGT's Investor Relations website at www.IGT.com ; replay available on the website following the live event

Dial-In Numbers

US/ Canada toll-free dial-in number: +1 844 842 7999
Outside the US/ Canada toll-free number: +1 612 979 9887
Conference ID/confirmation code: 6783961
A telephone replay of the call will be available for one week

US/ Canada replay number: +1 855 859 2056
Outside the US/ Canada replay number: +1 404 537 3406
ID/Confirmation code: 6783961

Note: Certain totals in the tables included in this press release may not add due to rounding

Comparability of Results

All figures presented in this news release are prepared under U.S. GAAP, unless noted otherwise. Adjusted figures exclude the impact of items such as purchase accounting, impairment charges, restructuring expense, foreign exchange, and certain one-time, primarily transaction-related items. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables in this news release. Constant currency changes for 2021 are calculated using the same foreign exchange rates as the corresponding 2020 period. Management uses non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate the Company's financial performance. Management believes these non-GAAP financial measures reflect the Company's ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of business trends. These constant currency changes and non-GAAP financial measures should however be viewed in addition to, and not as an alternative for, the Company's reported results prepared in accordance with U.S. GAAP.

About IGT
IGT (NYSE:IGT) is the global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivalled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit www.IGT.com .

Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the "Company") and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as "aim," "anticipate," "believe," "plan," "could," "would," "should," "shall", "continue," "estimate," "expect," "forecast," "future," "guidance," "intend," "may," "will," "possible," "potential," "predict," "project" or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company's control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company's annual report on Form 20-F for the financial year ended December 31, 2020 and other documents filed from time to time with the SEC, which are available on the SEC's website at www.sec.gov and on the investor relations section of the Company's website at www.IGT.com . Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company's business. Nothing in this news release is intended, or is to be construed, as a profit forecast or to be interpreted to mean that the financial performance of International Game Technology PLC for the current or any future financial years will necessarily match or exceed the historical published financial performance of International Game Technology PLC, as applicable. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.

Non-GAAP Financial Measures
Management supplements the reporting of financial information, determined under GAAP, with certain non-GAAP financial information. Management believes the non-GAAP information presented provides investors with additional useful information, but it is not intended to nor should it be considered in isolation or as a substitute for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. The Company encourages investors to review its financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Adjusted EBITDA represents net income (loss) from continuing operations (a GAAP measure) before income taxes, interest expense, foreign exchange gain (loss), other non-operating expenses, depreciation, impairment losses, amortization (service revenue, purchase accounting and non-purchase accounting), restructuring expenses, stock-based compensation, litigation expense (income), and certain other non-recurring items. Other non-recurring items are infrequent in nature and are not reflective of ongoing operational activities. For the business segments, Adjusted EBITDA represents segment operating income (loss) before depreciation, amortization (service revenue, purchase accounting and non-purchase accounting), restructuring expenses, stock-based compensation, litigation expense (income) and certain other non-recurring items. Management believes that the non-GAAP measures just mentioned are useful in providing period-to-period comparisons of the results of the Company's ongoing operational performance.

Net debt is a non-GAAP financial measure that represents debt (a GAAP measure, calculated as long-term obligations plus short-term borrowings) minus capitalized debt issuance costs and cash and cash and equivalents. Cash and cash equivalents are subtracted from the GAAP measure because they could be used to reduce the Company's debt obligations. Management believes that net debt is a useful measure to monitor leverage and evaluate the balance sheet.

Free cash flow is a non-GAAP financial measure that represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing IGT's ability to fund its activities, including debt service and distribution of earnings to shareholders.

Constant currency is a non-GAAP financial measure that expresses the current financial data using the prior-year/period exchange rate (i.e., the exchange rates used in preparing the financial statements for the prior year). Management believes that constant currency is a useful measure to compare period-to-period results without regard to the impact of fluctuating foreign currency exchange rates.

A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this release. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.

Contact:
Phil O'Shaughnessy , Global Communications, toll free in U.S./ Canada +1 (844) IGT-7452; outside U.S./ Canada +1 (401) 392-7452
Francesco Luti , +39 3485475493; for Italian media inquiries
James Hurley , Investor Relations, +1 (401) 392-7190

Select Performance and KPI data: ($ in millions, unless otherwise noted)				Constant
	Q1'21	Q1'20	Y/Y Change	Currency
GLOBAL LOTTERY	Q1'21	Q1'20	(%)	Change (%) ⁽¹⁾
Revenue
Service
Operating and facilities management contracts	695	454	53%	47%
Upfront license fee amortization	(52)	(48)	(9)%	—%
Operating and facilities management contracts, net	643	406	58%	52%
Other	83	66	24%	15%
Total service revenue	725	472	54%	47%

Product sales	23	32	(28)%	(30)%
Total revenue	749	505	48%	42%

Operating income	337	144	133%	121%
Adjusted EBITDA ⁽¹⁾	447	243	84%	74%

Global same-store sales growth (%)
Instant ticket & draw games	27.4%	(4.8)%
Multi-jurisdiction jackpots	94.7%	(30.0)%
Total	32.4%	(7.2)%

North America & Rest of world same-store sales growth (%)
Instant ticket & draw games	20.9%	0.3%
Multi-jurisdiction jackpots	94.7%	(30.0)%
Total	27.8%	(3.5)%

Italy same-store sales growth (%)
Instant ticket & draw games	52.2%	(19.8)%


⁽¹⁾ Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein

				Constant
	Q1'21	Q1'20	Y/Y Change	Currency
GLOBAL GAMING	Q1'21	Q1'20	(%)	Change (%) ⁽¹⁾
Revenue
Service
Terminal	90	106	(16)%	(16)%
Systems, software, and other	86	77	11%	8%
Total service revenue	175	184	(5)%	(6)%

Product sales
Terminal	62	53	17%	14%
Other	29	73	(61)%	(62)%
Total product sales revenue	91	126	(28)%	(30)%
Total revenue	266	310	(14)%	(16)%

Operating loss	(19)	(6)	(208)%	(177)%
Adjusted EBITDA ⁽¹⁾	19	31	(39)%	(35)%

Installed base units
Casino	48,230	48,911	(1)%
Casino - L/T lease ⁽²⁾	1,135	917	24%
Total installed base units	49,365	49,828	(1)%

Installed base units (by geography)
US & Canada	34,138	35,065	(3)%
Rest of world	15,227	14,763	3%
Total installed base units	49,365	49,828	(1)%

Yields (by geography) ⁽³⁾ , in absolute $
US & Canada	$32.27	$33.72	(4)%
Rest of world (ex-Italy)	$2.58	$6.55	(61)%
Total yields (ex-Italy)	$22.93	$25.67	(11)%

Global machine units sold
New/expansion	884	119	NM
Replacement	3,521	3,563	(1)%
Total machine units sold	4,405	3,682	20%

US & Canada machine units sold
New/expansion	620	36	NM
Replacement	2,276	2,036	12%
Total machine units sold	2,896	2,072	40%


⁽¹⁾ Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein
⁽²⁾ Excluded from yield calculations due to treatment as sales-type leases
⁽³⁾ Excludes Casino L/T lease units due to treatment as sales-type leases

				Constant
	Q1'21	Q1'20	Y/Y Change	Currency
GLOBAL GAMING (Continued)	Q1'21	Q1'20	(%)	Change (%) ⁽¹⁾
Rest of world machine units sold
New/expansion	264	83	218%
Replacement	1,245	1,527	(18)%
Total machine units sold	1,509	1,610	(6)%

Average Selling Price (ASP), in absolute $
US & Canada	$13,900	$14,300	(3)%
Rest of world	$13,700	$13,600	1%
Total ASP	$13,800	$14,000	(1)%

Gaming Systems Revenue	30	44	(32)%



CONSOLIDATED
Revenue (by geography)
US & Canada	542	447	21%	21%
Italy	348	202	72%	58%
Rest of world	124	166	(25)%	(29)%
Total revenue	1,015	814	25%	20%

Digital & Betting Revenue ⁽²⁾	58	32	85%	78%


⁽¹⁾ Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein
⁽²⁾ Included within consolidated revenue

International Game Technology PLC
Consolidated Statements of Operations
*($ in millions and shares in thousands, except per share amounts)*
*Unaudited*

	For the three months ended
	March 31,
	2021	2020
Service revenue	901	656
Product sales	114	158
Total revenue	1,015	814

Cost of services	441	415
Cost of product sales	73	92
Selling, general and administrative	186	164
Research and development	55	61
Goodwill impairment	—	296
Restructuring	—	4
Total operating expenses	755	1,032

Operating income (loss)	260	(218)

Interest expense, net	94	100
Foreign exchange gain, net	(145)	(70)
Other expense, net	25	—
Total non-operating (income) expenses	(27)	30
Income (loss) from continuing operations before provision for (benefit from) income taxes	287	(248)
Provision for (benefit from) income taxes	148	(1)
Income (loss) from continuing operations	138	(247)
Income from discontinued operations, net of tax	11	13
Net income (loss)	149	(234)
Less: Net income attributable to non-controlling interests from continuing operations	59	15
Less: Net loss attributable to non-controlling interests from discontinued operations	(2)	(1)
Net income (loss) attributable to IGT PLC	92	(248)

Net income (loss) from continuing operations attributable to IGT PLC per common share - basic	0.39	(1.28)
Net income (loss) from continuing operations attributable to IGT PLC per common share - diluted	0.38	(1.28)
Net income (loss) attributable to IGT PLC per common share - basic	0.45	(1.21)
Net income (loss) attributable to IGT PLC per common share - diluted	0.44	(1.21)
Weighted-average shares - basic	204,857	204,435
Weighted-average shares - diluted	206,504	204,435

International Game Technology PLC
Consolidated Balance Sheets
*($ in millions)*
*Unaudited*

	March 31,	December 31,
	2021	2020
Assets
Current assets:
Cash and cash equivalents	748	907
Restricted cash and cash equivalents	184	199
Trade and other receivables, net	912	846
Inventories	167	169
Other current assets	489	480
Assets held for sale	808	839
Total current assets	3,308	3,440
Systems, equipment and other assets related to contracts, net	1,018	1,068
Property, plant and equipment, net	128	132
Operating lease right-of-use assets	274	288
Goodwill	4,679	4,713
Intangible assets, net	1,531	1,577
Other non-current assets	1,622	1,774
Total non-current assets	9,252	9,552
Total assets	12,560	12,992

Liabilities and shareholders' equity
Current liabilities:
Accounts payable	1,201	1,126
Current portion of long-term debt	375	393
Other current liabilities	804	847
Liabilities held for sale	174	250
Total current liabilities	2,554	2,615
Long-term debt, less current portion	7,441	7,857
Deferred income taxes	430	333
Operating lease liabilities	256	266
Other non-current liabilities	330	360
Total non-current liabilities	8,458	8,816
Total liabilities	11,012	11,431
Commitments and contingencies
IGT PLC's shareholders' equity	835	777
Non-controlling interests	714	784
Shareholders' equity	1,548	1,561
Total liabilities and shareholders' equity	12,560	12,992

International Game Technology PLC
Consolidated Statements of Cash Flows
*($ in millions)*
*Unaudited*
	For the three months ended
	March 31,
	2021	2020
Cash flows from operating activities
Net income (loss)	149	(234)
Less: Income from discontinued operations, net of tax	11	13
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities from continuing operations:
Deferred income taxes	100	(23)
Depreciation	82	86
Amortization of upfront license fees	55	50
Amortization	49	56
Loss on extinguishment of debt	24	—
Debt issuance cost amortization	6	5
Stock-based compensation	4	(13)
Goodwill impairment	—	296
Foreign exchange gain, net	(145)	(70)
Other non-cash items, net	—	(5)
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Trade and other receivables	(86)	279
Inventories	4	(15)
Accounts payable	115	(195)
Other assets and liabilities	(95)	(178)
Net cash provided by operating activities from continuing operations	251	26
Net cash (used in) provided by operating activities from discontinued operations	(36)	132
Net cash provided by operating activities	215	157

Cash flows from investing activities
Capital expenditures	(48)	(85)
Proceeds from sale of assets	6	6
Other	—	11
Net cash used in investing activities from continuing operations	(42)	(69)
Net cash used in investing activities from discontinued operations	(10)	(14)
Net cash used in investing activities	(51)	(83)

Cash flows from financing activities
Principal payments on long-term debt	(1,387)	(432)
Payments in connection with the extinguishment of debt	(22)	—
Payments of debt issuance costs	(6)	—
Net proceeds from short-term borrowings	—	110
Net receipts from financial liabilities	9	51
Net proceeds from Revolving Credit Facilities	432	988
Proceeds from long-term debt	750	—
Dividends paid	—	(41)
Dividends paid - non-controlling interests	(69)	(16)
Return of capital - non-controlling interests	(11)	—
Capital increase - non-controlling interests	10	2
Other	(5)	(2)
Net cash (used in) provided by financing activities	(301)	660

Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents	(137)	734
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(36)	(10)
Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period	1,129	894
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period	956	1,618
Less: Cash and cash equivalents and restricted cash and cash equivalents of discontinued operations	24	18
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period of continuing operations	932	1,600

Supplemental Cash Flow Information
Interest paid	166	182
Income taxes paid	4	11

International Game Technology PLC
Net Debt
*($ in millions)*
*Unaudited*

	March 31,	December 31,
	2021	2020
6.250% Senior Secured U.S. Dollar Notes due February 2022	—	1,004
4.750% Senior Secured Euro Notes due February 2023	992	1,038
5.350% Senior Secured U.S. Dollar Notes due October 2023	61	61
3.500% Senior Secured Euro Notes due July 2024	583	610
6.500% Senior Secured U.S. Dollar Notes due February 2025	1,092	1,092
4.125% Senior Secured U.S. Dollar Notes due April 2026	743	—
3.500% Senior Secured Euro Notes due June 2026	873	913
6.250% Senior Secured U.S. Dollar Notes due January 2027	744	744
2.375% Senior Secured Euro Notes due April 2028	581	608
5.250% Senior Secured U.S. Dollar Notes due January 2029	743	743
Senior Secured Notes	6,413	6,813

Euro Term Loan Facility due January 2023	624	1,044
Euro Revolving Credit Facility B due July 2024	137	—
U.S. Dollar Revolving Credit Facility A due July 2024	267	—
Long-term debt, less current portion	7,441	7,857

Euro Term Loan Facility due January 2023	375	393
Current portion of long-term debt	375	393

Total debt	7,817	8,250

Less: Cash and cash equivalents	748	907
Less: Debt issuance costs, net - Revolving Credit Facilities due July 2024	—	24
Net debt	7,069	7,319

Note: Net debt is a non-GAAP financial measure

International Game Technology PLC
Reconciliation of Non-GAAP Financial Measures
*($ in millions)*
*Unaudited*

	For the three months ended March 31, 2021
			Business
	Global	Global	Segment	Corporate	Total IGT
	Lottery	Gaming	Total	and Other	PLC
Income from continuing operations					138
Provision for income taxes					148
Interest expense, net					94
Foreign exchange gain, net					(145)
Other non-operating expense, net					25
Operating income (loss)	337	(19)	318	(58)	260
Depreciation	47	35	83	(1)	82
Amortization - service revenue ⁽¹⁾	55	—	55	—	55
Amortization - non-purchase accounting	8	1	9	1	10
Amortization - purchase accounting	—	—	—	39	39
Stock-based compensation	1	1	2	2	4
Adjusted EBITDA	447	19	466	(16)	450

Cash flows from operating activities - continuing operations					251
Capital expenditures					(48)
Free Cash Flow					204

⁽¹⁾ Includes amortization of upfront license fees

International Game Technology PLC
Reconciliation of Non-GAAP Financial Measures
*($ in millions)*
*Unaudited*

	For the three months ended March 31, 2020
			Business
	Global	Global	Segment	Corporate	Total IGT
	Lottery	Gaming	Total	and Other	PLC
Loss from continuing operations					(247)
Benefit from income taxes					(1)
Interest expense, net					100
Foreign exchange gain, net					(70)
Operating income (loss)	144	(6)	138	(356)	(218)
Goodwill impairment	—	—	—	296	296
Depreciation	46	40	85	—	86
Amortization - service revenue ⁽¹⁾	50	—	50	—	50
Amortization - non-purchase accounting	7	1	8	1	9
Amortization - purchase accounting	—	—	—	47	47
Restructuring	—	1	1	3	4
Stock-based compensation	(4)	(5)	(9)	(4)	(13)
Adjusted EBITDA	243	31	274	(13)	261

Cash flows from operating activities - continuing operations					26
Capital expenditures					(85)
Free Cash Flow					(60)

⁽¹⁾ Includes amortization of upfront license fees

Recast Historical Financial Information

Recast data reflects the treatment of IGT's Italian B2C gaming machine, sports betting, and digital gaming businesses as discontinued operations.

Select Performance and KPI data: ($ in millions, unless otherwise noted)

GLOBAL LOTTERY	Q2'20	Q3'20
Revenue
Service
Operating and facilities management contracts	416	525
Upfront license fee amortization	(48)	(52)
Operating and facilities management contracts, net	367	474
Other	70	76
Total service revenue	438	549

Product sales	22	20
Total revenue	460	570

Operating income	107	196
Adjusted EBITDA ⁽¹⁾	221	309

Global same-store sales growth (%)
Instant ticket & draw games	(7.1)%	10.6%
Multi-jurisdiction jackpots	(24.2)%	(14.3)%
Total	(8.5)%	8.7%

North America and Rest of world same-store sales growth (%)
Instant ticket & draw games	3.5%	15.0%
Multi-jurisdiction jackpots	(24.2)%	(14.3)%
Total	0.6%	12.1%

Italy same-store sales growth (%)
Instant ticket & draw games	(40.5)%	(3.5)%


⁽¹⁾ Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein

GLOBAL GAMING	Q2'20	Q3'20
Revenue
Service
Terminal	25	81
Systems, software, and other	59	82
Total service revenue	84	163

Product sales
Terminal	44	49
Other	12	34
Total product sales revenue	56	83
Total revenue	140	247

Operating loss	(111)	(50)
Adjusted EBITDA ⁽¹⁾	(36)	(8)

Installed base units
Casino	48,704	48,280
Casino - L/T lease ⁽²⁾	930	1,102
Total installed base units	49,634	49,382

Installed base units (by geography)
US & Canada	34,800	34,584
Rest of world	14,834	14,798
Total installed base units	49,634	49,382

Yields (by geography) ⁽³⁾ , in absolute $
US & Canada	$8.69	$26.79
Rest of world	$0.49	$4.31
Total yields	$6.21	$19.88

Global machine units sold
New/expansion	1,443	818
Replacement	1,538	2,853
Total machine units sold	2,981	3,671

US & Canada machine units sold
New/expansion	1,382	667
Replacement	1,330	2,007
Total machine units sold	2,712	2,674

Rest of world machine units sold
New/expansion	61	151
Replacement	208	846
Total machine units sold	269	997

Average selling price (ASP), in absolute $
US & Canada	$14,700	$13,800
Rest of world	$14,000	$12,100
Total ASP	$14,600	$13,300

Gaming systems revenue	23	31


⁽¹⁾ Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein
⁽²⁾ Excluded from yield calculations due to treatment as sales-type leases
⁽³⁾ Excludes Casino L/T lease units due to treatment as sales-type leases

CONSOLIDATED	Q2'20	Q3'20
Revenue (by geography)
US & Canada	369	443
Italy	150	246
Rest of world	80	127
Total revenue	600	816

Digital & Betting Revenue ⁽¹⁾	43	48


⁽¹⁾ Included within consolidated revenue

International Game Technology PLC
Consolidated Statements of Operations
*($ in millions and shares in thousands, except per share amounts)*
*Unaudited*

	For the three months ended
	June 30, 2020	September 30, 2020
Service revenue	522	713
Product sales	78	104
Total revenue	600	816

Cost of services	361	418
Cost of product sales	67	83
Selling, general and administrative	168	179
Research and development	31	48
Restructuring	43	—
Other operating expense, net	1	1
Total operating expenses	672	730

Operating (loss) income	(72)	87

Interest expense, net	96	101
Foreign exchange loss, net	74	149
Other expense, net	28	6
Total non-operating expenses	198	256

Loss from continuing operations before benefit from income taxes	(271)	(170)
Benefit from income taxes	(3)	(41)
Loss from continuing operations	(268)	(129)
(Loss) income from discontinued operations, net of tax	(15)	26
Net loss	(282)	(102)
Less: Net income attributable to non-controlling interests from continuing operations	—	25
Less: Net (loss) income attributable to non-controlling interests from discontinued operations	(3)	1
Net loss attributable to IGT PLC	(280)	(128)

Net loss from continuing operations attributable to IGT PLC per common share - basic and diluted	(1.31)	(0.75)
Net loss attributable to IGT PLC per common share - basic and diluted	(1.37)	(0.62)
Weighted-average shares - basic and diluted	204,748	204,857

International Game Technology PLC
Consolidated Statements of Cash Flows
*($ in millions)*
*Unaudited*

	For the three months ended
		June 30, 2020	September 30, 2020
Cash flows from operating activities
Net loss		(282)	(102)
Less: (Loss) income from discontinued operations, net of tax		(15)	26
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation		88	91
Foreign exchange loss, net		74	149
Amortization		52	53
Amortization of upfront license fees		51	54
Loss on extinguishment of debt		28	—
Debt issuance cost amortization		5	5
Stock-based compensation		1	1
Deferred income taxes		(13)	(70)
Other non-cash items, net		4	1
Changes in operating assets and liabilities, excluding the effects of dispositions and acquisitions:
Trade and other receivables		(192)	81
Inventories		10	(3)
Accounts payable		175	(25)
Other assets and liabilities		111	(18)
Net cash provided by operating activities from continuing operations		127	191
Net cash provided by operating activities from discontinued operations		40	95
Net cash provided by operating activities		168	285

Cash flows from investing activities
Capital expenditures		(54)	(65)
Proceeds from sale of assets		(1)	1
Other		—	2
Net cash used in investing activities from continuing operations		(55)	(62)
Net cash used in investing activities from discontinued operations		(6)	(1)
Net cash used in investing activities		(61)	(63)

Cash flows from financing activities
Principal payments on long-term debt		(790)	(579)
Net payments of short-term borrowings		(35)	(83)
Payments in connection with the extinguishment of debt		(25)	—
Payments of debt issuance costs		(20)	(2)
Net (payments of) receipts from financial liabilities		(14)	59
Proceeds from long-term debt		750	—
Dividends paid - non-controlling interests		(76)	(45)
Capital increase - non-controlling interests		—	1
Other		(4)	(3)
Net cash used in financing activities		(213)	(650)

Net decrease in cash and cash equivalents and restricted cash and cash equivalents		(106)	(428)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		18	38
Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period		1,618	1,530
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period		1,530	1,140
Less: Cash and cash equivalents and restricted cash and cash equivalents of discontinued operations		19	19
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period of continuing operations		1,511	1,121

Supplemental Cash Flow Information:
Interest paid		49	141
Income taxes paid		7	20

International Game Technology PLC
Reconciliation of Non-GAAP Financial Measures
*($ in millions)*
*Unaudited*

	For the three months ended June 30, 2020
	Global Lottery	Global Gaming	Business Segment Total	Corporate and Other	Total IGT PLC
Loss from continuing operations					(268)
Benefit from income taxes					(3)
Interest expense, net					96
Foreign exchange loss, net					74
Other non-operating expense, net					28
Operating income (loss)	107	(111)	(4)	(69)	(72)
Depreciation	50	37	87	—	88
Amortization - service revenue (1)	51	—	51	—	51
Amortization - non-purchase accounting	7	2	9	1	10
Amortization - purchase accounting	—	—	—	42	42
Restructuring	5	35	40	3	43
Stock-based compensation	—	—	—	1	1
Other (2)	—	—	—	1	1
Adjusted EBITDA	221	(36)	184	(20)	164

Cash flows from operating activities - continuing operations					127
Capital expenditures					(54)
Free Cash Flow					73

⁽¹⁾ Includes amortization of upfront license fees

⁽²⁾ Primarily includes transaction-related costs

	For the three months ended September 30, 2020
	Global Lottery	Global Gaming	Business Segment Total	Corporate and Other	Total IGT PLC
Loss from continuing operations					(129)
Benefit from income taxes					(41)
Interest expense, net					101
Foreign exchange loss, net					149
Other non-operating expense, net					6
Operating income (loss)	196	(50)	146	(59)	87
Depreciation	51	40	91	—	91
Amortization - service revenue (1)	54	—	54	—	54
Amortization - non-purchase accounting	8	2	10	1	11
Amortization - purchase accounting	—	—	—	42	42
Stock-based compensation	—	—	—	1	1
Other (2)	—	—	—	1	1
Adjusted EBITDA	309	(8)	301	(13)	287

Cash flows from operating activities - continuing operations					191
Capital expenditures					(65)
Free Cash Flow					126

⁽¹⁾ Includes amortization of upfront license fees

⁽²⁾ Primarily includes transaction-related costs

View original content to download multimedia: https://www.prnewswire.com/news-releases/international-game-technology-plc-reports-first-quarter-2021-results-301288342.html

SOURCE International Game Technology PLC

News Provided by PR Newswire via QuoteMedia

gaming investing topic: gaming investing

NorthStar Gaming Announces Revocation of Management Cease Trade Order

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") is pleased to announce that effective May 16, 2025, the Ontario Securities Commission has revoked the temporary management cease trade order ("MCTO") it had previously granted to the Company on May 8, 2025 under National Policy 12-203 Management Cease Trade Orders, as the Company successfully completed the filing of its annual audited financial statements, management's discussion and analysis, and related certifications for the year ended December 31, 2024 (collectively, the "Annual Filings") on May 14, 2025.

The revocation of the MCTO means members of management are no longer prevented from trading the Company's securities. All of the Annual Filings are available under the Company's profile on SEDAR+ at www.sedarplus.ca.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

NorthStar Gaming Reports Year-End 2024 Results

Annual Revenue Growth of 57%, Gross Margin up 91%

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announced its financial results for the three months and year ended December 31, 2024. The Company also announced that it will discuss the results on an investor webinar to be held Thursday, May 15, 2025 at 11:00am (please see below for details). All dollar figures are quoted in Canadian dollars.

"We delivered strong financial results in 2024, highlighted by 57% growth in revenue and a 91% increase in gross margin. At the same time, we held marketing expense to a 10% increase and reduced G&A expense, demonstrating the continually improving operating leverage built into our business model," said Michael Moskowitz, Chair and CEO of NorthStar. "Equally important, our team rolled out innovations in both our sportsbook and casino that have further differentiated NorthStar Bets as a premium offering and helped drive the retention of, and engagement with, our loyal customers."

Restatement of Results

The comparative results for the three months and twelve months ended December 31, 2023 have been restated in the financial statements and management's discussion & analysis ("FY2024 MD&A") for the year ended December 31, 2024 to include additional merchant fees and player bonus expenses which were not captured in the previously published financial statements (note 2 of the Financial Statements for the year ended December 31, 2024). The Company's payment processor deducted the additional merchant fee from the daily remittances to the Company, and the deductions were not accounted for by the Company. These additional fees were identified as part of the year-end reconciliation of the amount due from the payment processor, and the financial statements and FY2024 MD&A have been adjusted accordingly. These restatements did not impact the cash balances reported for the years ended December 31, 2022, 2023, or 2024. However, they did result in adjustments to the reported current asset balances for those periods.

Financial Highlights for the Fourth Quarter Ended December 31, 2024 ("Q4 2024"):

Total Wagers¹ at Northstarbets.ca were $303.0 million in Q4 2024, a 42% increase compared to $213.3 million in Q4 2023.
Gross Gaming Revenue² at Northstarbets.ca was $10.0 million in Q4 2024, a 31.6% increase from $7.6 million in Q4 2023.
Revenue² was $9.5 million in Q4 2024, a 51% increase from $6.3 million in Q4 2023. Revenue in Q4 2024 includes $1.5 million of managed services revenue, which compares to $0.2 million in Q4 2023.
Gross Margin was $3.6 million, a 71% increase from $2.1 million in Q4 2023, while the Gross Margin percentage increased to 38.1%, up from 33.6% in Q4 2023.
Profit/(loss) before marketing and other expenses¹ was $0.6 million in Q4 2024 compared to a loss of $2.5 million in Q4 2023, indicating that gross margin is now sufficient to cover the Company's overhead expenses.

Financial Highlights for the Year Ended December 31, 2024 ("FY 2024"):

Total Wagers² at Northstarbets.ca were $980.0 million in FY 2024, a 51% increase compared to $648.8 million in the year ended December 31, 2023.
Gross Gaming Revenue² at Northstarbets.ca was $34.0 million in FY 2024, a 51% increase from $22.5 million in FY 2023.
Revenue² was $29.6 million in FY 2024, a 57% increase from $18.8 million in FY 2023. Revenue in FY 2024 includes $2.3 million of managed services revenue, which compares to $0.5 million in FY 2023.³
Gross Margin was $10.5 million, marking a 91% increase from $5.5 million in FY 2023, with the Gross Margin increasing to 35.7%, up from 29.3% in FY 2023.
Profit/(loss) before marketing and other expenses¹ was $0.1 million in FY 2024 compared to a loss of $6.7 million in YTD 2023, an improvement of $6.8 million.

"Early in 2025, we completed our most significant fund-raising to date, with a $43.4 million debt financing. This capital gives us a long runway on which to continue our trajectory of growth in wagering, gross margins and improving operating leverage. This was a milestone event for our business," added Mr. Moskowitz.

2024 Operating Highlights:

Completed the inaugural Blackjack Championship tournament, an innovative online competition that helped drive the acquisition of new high-value players and engagement for existing customers while increasing Blackjack wagering activity.
Implemented a series of enhancements to the NorthStar Bets platform, highlighted by streamlined navigation in both the Casino and Sportsbook sections, a doubling of Casino game selection since the start of 2024, personalized prop bets and intelligent parlay suggestions.
Introduced the "NorthStar Elite" program and branded tables to help secure the loyalty and satisfaction of our most active players and reinforcing the Company's positioning as a premium offering.
Launched "Sports Insights 2.0," a robust suite of enhancements to our content vertical that includes a redesigned home page, comprehensive team and player statistics, injury and player news feeds, added coverage of popular sports and strengthened casino content.
Gained significant traction outside the Ontario market with managed services revenue from Northstarbets.com site, owned by the Abenaki Council of Wolinak, increasing from $0.5 million in FY 2023 to $2.3 million in FY 2024.
Outpaced the industry growth rates reported by iGaming Ontario in 2024 in both Total Wagers (51% for NorthStar vs. 33% for the industry) and Gross Gaming Revenue (51% for NorthStar vs. 31.5% for the industry).

Outlook

"We expect our consistent pattern of year-over-year revenue increases to continue throughout 2025, based on our ongoing success in attracting and engaging high-value players," said Mr. Moskowitz. "We will maintain disciplined control over costs so that incremental gross margin falls primarily to the bottom line. As we continue to focus on operational excellence, we remain confident that we have the capital necessary to reach profitability based on our current business platform."

FY 2024 Corporate Update Webinar

On May 15, 2025, Michael Moskowitz will present an in-depth Corporate Update, including a discussion of the Company's FY 2024 Earnings, current operations and strategic priorities. All investors and other interested parties are invited to register for the webinar at the link below.

Date: Thursday, May 15, 2025
Time: 11:00 am EDT
Register: Webinar Registration

Management will be available to answer your questions following the presentation on the webinar platform. You may also submit your question(s) beforehand in the registration form linked above.

Extension of Strategic Marketing Agreement

The Company also announced that its wholly owned subsidiary, NorthStar Gaming (Ontario) Inc. ("NorthStar Ontario"), has extended its strategic partnership with Playtech Software Limited ("Playtech Software") through the renewal of their previously announced strategic marketing agreement. Under the agreement, Playtech Software contributes services designed to accelerate NorthStar Ontario's player acquisition strategy in the province. The agreement was first implemented in June 2023 and has since been renewed several times. Pursuant to the latest renewal, Playtech Software will reimburse marketing expenses valued at a total of up to $1.5 million over a 3-month period through to March 31, 2025. Playtech Software will be compensated through a share of revenue from the income generated in connection with the marketing initiatives to which it contributes. The Transaction between Playtech and NorthStar Ontario is exempted from Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions.

"We are very pleased to renew the marketing services agreement with Playtech Software," said Michael Moskowitz, Chair and CEO of NorthStar. "The agreement serves to extend our marketing budget and has contributed to our tremendous growth in Ontario. Playtech plc continues to be a valuable strategic partner and we look forward to further collaboration."

Continuous Disclosure

Further to a review by the staff of the Ontario Securities Commission (the "OSC") of the Company's continuous disclosure, the FY2024 MD&A includes enhanced disclosures with respect to:

the Company's regulatory framework, licensing regimes applicable to its business operations and the legal authorizations necessary to conduct its business operations;
specific risk factors relating to the Company's business operations which include risks relating to operating in a heavily regulated industry, cyber security risks and risks relating to conflicts of interest with respect to directors and officers of the Company; and
the relationship between the Abenaki Council of Wolinak and the Company as well as its subsidiary, Slapshot Media Inc.

Such amended disclosure is being included in the FY2024 MD&A to address comments received from the OSC on its management's discussion & analysis, for the period ended September 30, 2024, and to improve the Company's disclosure.

As a result of having to include such enhanced disclosure after the OSC review, the Company will be placed on the public list of Refilings and Errors in accordance with OSC Staff Notice 51-711 (Revised) - Refilings and Corrections of Errors for a period of three (3) years.

Additional Information

For additional information, please refer to the Company's condensed consolidated financial statements for the year ended December 31, 2024, and the corresponding FY2024 MD&A. These documents are available on SEDAR+ at www.sedarplus.ca, and on the Company's corporate website at www.northstargaming.ca.

About NorthStar

NorthStar proudly owns and operates NorthStar Bets, a Canadian-born casino and sportsbook platform that delivers a premium, distinctly local gaming experience. Designed with high-stakes players in mind, NorthStar Bets Casino offers a curated selection of the most popular games, ensuring an elevated user experience. Our sportsbook stands out with its exclusive Sports Insights feature, seamlessly integrating betting guidance, stats, and scores, all tailored to meet the expectations of a premium audience.

As a Canadian company, NorthStar is uniquely positioned to cater to customers who seek a high-quality product and an exceptional level of personalized service, setting a new standard in the industry. NorthStar is committed to operating at the highest level of responsible gaming standards.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Non-IFRS Financial Measures [/ Reconciliation of Non-IFRS Measures to IFRS Measures]

Throughout this document, management uses certain non-IFRS financial measures and supplementary financial measures to evaluate the performance of the Company. The terms "Gross Gaming Revenue" "Total Wagers" and "Profit/(Loss) before marketing and other expenses" are non-IFRS financial measures. These measures are not recognized measures under International Financial Reporting Standards ("IFRS") and do not have a standardized meaning prescribed by IFRS and are, therefore, not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective and to discuss NorthStar's financial outlook. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of the Company's financial information reported under IFRS. We believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including industry metrics, in the evaluation of companies in our industry. Management also uses non-IFRS measures and industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation.

Total Wagers

Total Wagers are calculated as the total amount of money bet by customers in respect of bets that have settled in the applicable period. Total Wagers does not include free bets or other promotional incentives, nor money bet by customers in respect of bets that are open at period end. Total Wagers is used to provide investors with supplemental measures of our operating performance and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures.

Gross Gaming Revenue

Gross Gaming Revenue is calculated as dollar amounts bet by customers less the dollar amounts paid out to the customers in respect of such bets which have settled in the applicable period.

Reconciliation of Non-IFRS Measures to IFRS Measures

In Q4 2024, the Company reported $10.0 million of Gross Gaming Revenue ($34.0 million in FY 2024) and has provided a reconciliation to the most comparable IFRS financial measure (Revenue) as follows: $ Millions (unaudited)	Unaudited Three months ended		Year ended
	Dec 31, 2024	Dec 31, 2023	Dec 31, 2024	Dec 31, 2023
Gross gaming revenue from wagered games	$10.0	$ 7.6	$ 34.0	$22.5
Bonuses, promotional costs and free bets	(2.0)	(1.5)	(6.7)	(4.2)
Sub-total Gaming revenue	8.0	6.1	27.3	18.3
Other revenue from managed services	1.5	0.2	2.3	0.5
Revenue	$ 9.5	$ 6.3	$ 29.6	$ 18.8

Operating Results

Marketing expenses are a key driver of the business but are completely discretionary. Management considers "Profit/(Loss) before marketing and other expenses" to be a good indication of the extent to which the business' Gross Margin is in excess of its overhead costs, and therefore offsetting some portion of marketing expenses, reflecting improving economies of scale.

$ Millions (unaudited)	Unaudited Three months ended		Year ended
$ Millions (unaudited)	Dec 31, 2024	Dec 31, 2023	Dec 31, 2024	Dec 31, 2023
Revenue	$ 9,478	$ 6,275	$ 29,556	$ 18,845
Cost of Revenues	5,868	4,167	19,013	13,317
Gross Margin	3,610	2,108	10,543	5,528
General and administrative expenses	3,033	4,452	10,453	12,277
Profit/(Loss) before marketing and other expenses (1)	577	(2,344)	90	(6,749)
Marketing	5,249	5,472	15,456	14,094
Loss before other expenses (1)	(4,672)	(7,816)	(15,366)	(20,843)
Other expenses	(1,070)	149	3,645	6,547
Net loss	$ (3,602)	$ (7,965)	$ (19,011)	$ (27,390)

(1) These measures are not defined by IFRS, do not have standard meanings and may not be comparable with other industries or companies.

Cautionary Note Regarding Forward-Looking Information and Statements

This communication contains "forward-looking information" within the meaning of applicable securities laws in Canada ("forward-looking statements"), including without limitation, statements with respect to the following: expected performance of the Company's business, the Company's growth plans being fully funded, expansion into new markets and future growth opportunities, and expected benefits of transactions. The foregoing are provided for the purpose of presenting information about management's current expectations and plans relating to the future and allowing investors and others to get a better understanding of the Company's anticipated financial position, results of operations, and operating environment. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. This forward-looking information is based on management's opinions, estimates and assumptions that, while considered by NorthStar to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, among others, the following: risks related to the Company's business and financial position; risks associated with general economic conditions; adverse industry risks; future legislative and regulatory developments; the ability of the Company to implement its business strategies; and those factors discussed in greater detail under the "Risk Factors" section of the Company's most recent annual information form, which is available under NorthStar's profile on SEDAR+ at www.sedarplus.ca. Many of these risks are beyond the Company's control.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents NorthStar's expectations as of the date specified herein, and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

For further information:

Company Contact:

Corey Goodman
Chief Development Officer 647-530-2387
investorrelations@northstargaming.ca

Investor Relations:
RB Milestone Group LLC (RBMG)
Northstar@rbmilestone.com

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

NorthStar Gaming Announces Receipt of Management Cease Trade Order

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announces that its principal regulator, the Ontario Securities Commission, has granted its request for a management cease trade order ("MCTO") effective May 8, 2025.

As previously announced on April 29, 2025, the Company applied for the MCTO due to a delay in filing its annual audited financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2024 (the "Annual Filings") which were required to be filed by April 30, 2025.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

NorthStar Gaming Announces Delay of Annual Filings

NorthStar Gaming Holdings Inc. (TSXV: BET) (OTCQB: NSBBF) ("NorthStar" or the "Company") today announces an anticipated delay in the filing of its annual audited financial statements, management's discussion and analysis and related certifications for the financial year ended December 31, 2024 (collectively, the "Annual Filings"). The Company does not expect to file its Annual Filings by the regular filing deadline of April 30, 2025, as required, due to an unanticipated delay relating to the audit of the Annual Filings. The Company is working diligently with its auditor to finalize the Annual Filings and expects to file the Annual Filings no later than May 15, 2025.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

International Game Technology PLC Reports First Quarter 2021 Results

1. Roblox (NYSE:RBLX)

2. Take-Two Interactive Software (NASDAQ:TTWO)

3. Electronic Arts (NASDAQ:EA)

4. Tencent Holdings (OTC Pink:TCEHY,HKEX:0700)

5. Unity Software (NYSE:U)

6. Playtika (NASDAQ:PLTK)

7. Corsair Gaming (NASDAQ:CRSR)

8. Inspired Entertainment (NASDAQ:INSE)

9. PLAYSTUDIOS (NASDAQ:MYPS)

10. MotorSport Games (NASDAQ:MSGM)

Investor Insight

Overview

Financial Performance

Company Highlights

Key Brands

NorthStarBets.ca

NorthStarBets.com

Management Team

Michael Moskowitz – CEO and Chairman

Corey Goodman – Chief Development Officer, Counsel and Corporate Secretary

Chin Dhushenthen – Chief Financial Officer

Barry Shafran – Lead Director

Vic Bertrand – Director

Brian Cooper – Director

Sylvia Prentice – Director

Dean MacDonald – Director

Chris McGinnis – Director

Alex Latner – Director, General Counsel, Playtech

Mike Cormack – Head of Content & Integrations

Latest News

Latest Press Releases

Related News

TOP STOCKS