In recent news, International Game Technology PLC (NYSE:IGT) has reached a settlement with Acres 4.0, Acres Manufacturing Company, and John Acres to end all ongoing litigation. This agreement was reached on April 12 in the United States District Court of Nevada. The specific terms of the settlement have not been disclosed yet, but it is known that the legal dispute primarily centered around US patents related to the use of financial transaction devices in cashless wagering systems in gaming systems as well as breach of contract claims in Nevada State Court.
IGT Chief Operating Officer, Nick Khin, expressed satisfaction with the resolution and stated that “IGT is pleased to reach a mutual agreement with Acres that resolves all disputes between us. This allows us to dedicate our collective resources where they are better served, driving continued innovation in the exciting and evolving cashless gaming space.”
Looking ahead, IGT is scheduled to report earnings on May 14. Analysts are anticipating revenue of $1.03B and earnings per share of $0.37 for the London-based company. In its last four reports, IGT surpassed revenue and EPS expectations in three instances. This settlement is expected to allow the company to focus on its core business functions and drive innovation within the cashless gaming sector.
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