International Game Technology PLC Announces New Digital & Betting Business Segment And Provides Investor Day Update
LONDON, Sept. 8, 2021 /PRNewswire/ -- International Game Technology PLC (NYSE: IGT) ("IGT" or the "Company") today announced that it has established a dedicated Digital & Betting business segment, comprising its iGaming and sports betting activities that were previously part of the Global Gaming segment. As a result, beginning with the third quarter of FY2021, IGT will report results under three business segments: Global Lottery, Global Gaming and Digital & Betting. The IGT iLottery business will remain part of the Company's Global Lottery segment.
Enrico Drago will serve as CEO, Digital & Betting, reporting to Marco Sala, CEO of IGT, effective immediately. Drago, 44, previously had oversight of the IGT iGaming, iLottery and sports betting businesses as Senior Vice President, PlayDigital.
"IGT has established strong leadership positions and driven dynamic growth across its iGaming and sports betting businesses. With significant growth expected to continue, we have decided to establish a dedicated Digital & Betting business segment," said Marco Sala, CEO of IGT. "These businesses have become strategically important to IGT as they afford us the opportunity to leverage the global reach and strong customer relationships of our Global Gaming segment. The new structure gives us more flexibility in our product and solutions portfolio and enables better appreciation of the intrinsic value of these activities."
In advance of its third quarter 2021 earnings call, the Company expects to provide a recast of its historical financials to reflect the new segment disclosure.
In addition, due to the increased restrictions and ongoing uncertainty surrounding COVID-19 and its Delta variant, IGT has decided to hold its Investor Day event virtually and has moved its date to November 16, 2021. More information on the event will be forthcoming.
Prior to his appointment as CEO, Digital & Betting, Enrico Drago served as Senior Vice President of PlayDigital from July, 2018, leading a fast-growing and award-winning portfolio of digital gaming/lottery and sports betting products, platforms and services. He has also served as Vice Chairman of De Agostini S.p.A., since June, 2021. As of June 30, 2021, De Agostini S.p.A. held approximately 50.40 percent of IGT's ordinary shares and approximately 64.98 percent of the voting rights attaching to IGT's ordinary shares. Drago also has served as an advisor for Nina Capital, a leading European venture capital firm focused on health technology companies, since 2019. He is the son of Marco Drago, a member of IGT's Board of Directors and the Chairperson of De Agostini S.p.A.
In 2014, Enrico Drago joined IGT as Chief Operating Officer for subsidiary Lottomatica, overseeing the Italian business strategy and operations. In 2017, he took on the role of Senior Vice President Global Interactive, Sports Betting and Licenses. Prior to joining IGT, he led teams for Inditex Italia, which he joined through a leadership program for high-potential managers. Drago was selected as the Italy Chief Operating Officer for brands Bershka, Pull & Bear, Zara Home, Oysho, Stradivarius and Massimo Dutti and appointed as Inditex Italia Managing Director in 2011. Prior to his roles with Inditex Italia, Drago worked with Puig Beauty and Fashion.