International Game Technology PLC (NYSE:IGT) has recently settled all ongoing litigation with Acres 4.0, Acres Manufacturing Company, and John Acres. The agreement was reached in the United States District Court of Nevada on April 12, but the specific terms of the settlement are yet to be disclosed.
The legal dispute primarily centered around United States 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.
International Game Technology Chief Operating Officer, Nick Khin expressed satisfaction with the resolution, stating, “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, International Game Technology (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.