International Game Technology (IGT - Analyst Report) will showcase its upcoming games and systems at the Indian Gaming 2013 Tradeshow and Convention from Mar 26-27 in Phoenix, Ariz. IGT will display its full product portfolio that not only includes traditional video slots but also mobile and interactive games.
IGT will exhibit a number of new games that include MegaJackpots bonus themes as well as CSI video slots and The Phantom of the Opera video slots. Under the Core gaming portfolio, IGT will unveil Dolly Parton video slots, Two Doors Down and Nine to Five Spinning Reels.
IGT will display its sbX system solutions along with IGT Cloud at the show. IGT Cloud helps casino operators to deploy sbX system solutions fast. sbX solutions also help operators to optimize casino properties by using IGT’s different casino management solutions and analytics. Moreover, it also gives access to IGT’s vast gaming library (more than 400 games).
IGT Cloud has been selected by a number of International casino providers such as Rivera, SALTO Hotel and Casino, Rank Group and Olympic Entertainment over the last 12 months. The popularity of the Cloud in the casino gaming industry is encouraging as it is expected to improve IGT’s top line going forward.
IGT is also gaining traction through its DoubleDown Casino, which has attracted lot of attention in recent times. With more than six million monthly active players, DoubleDown Casino is one of the top five revenue earning apps on Facebook (FB - Analyst Report). It also became the #6 top-grossing app on Apple’s (AAPL - Analyst Report) iPad in the first quarter of 2013. Moreover, average revenue per daily active user also improved from 28 cents to 30 cents in the last quarter.
In the upcoming show, DoubleDown Casino will display top-performing land-based games, including Da Vinci Diamonds and Cleopatra. DoubleDown Casino’s growing exposure to land-based operators (through DoubleDown Casino Partner Program) is a significant growth opportunity for IGT.
Through the program, IGT has partnerships with more than 40 casinos across the United States, which has helped the company to achieve significant customer base in the recent past. IGT has also tied-up with international operators in Belgium, United Kingdom, Italy and Denmark, which further expands its presence in the European regulated online casino market.
We believe that IGT’s innovative product pipeline provides it a significant competitive edge over its peers such as Bally Technologies (BYI - Snapshot Report), Aristocrat, and Konami Gaming.
Currently, IGT has a Zacks Rank #2 (Buy).