International Game Technology PLC (IGT) has significantly broadened its sports betting influence in Puerto Rico through a strategic multi-year collaboration with Ponce Plaza Hotel & Casino. This alliance marks a pivotal moment in Puerto Rico’s gaming landscape, as IGT introduces its cutting-edge PlaySports technology and services, enabling the launch of the region’s premier casino-branded retail and mobile sportsbook, PlayBets by Ponce Plaza.
Key Partnership Details:
Under the agreement, IGT will implement its state-of-the-art PlaySports technology, empowering Ponce Plaza to independently operate its sportsbook. The move positions Ponce Plaza as the first casino operator in Puerto Rico to venture into self-operated sports betting, enhancing the local sports fan experience both in the casino and on mobile platforms.
Stakeholder Perspectives:
Ramon Muñoz, General Manager of Ponce Plaza Hotel & Casino, expressed pride in being the trailblazer in Puerto Rico’s casino landscape: “Ponce Plaza Hotel & Casino has been serving the local community since 2008, and we could not be prouder to be the first casino operator in Puerto Rico to run and operate its own sportsbook.”
Joe Asher, IGT President of Sports Betting, emphasized the potential of sports betting not only as a tool for player acquisition but also as a means to elevate the overall guest experience at Ponce Plaza Hotel & Casino. The collaboration aims to provide sports enthusiasts with an unparalleled betting experience supported by a local operator known for trust and reliability.
IGT’s Q3 2023 Performance:
In the backdrop of this strategic move, IGT recently disclosed its Q3 2023 results, reporting a revenue of $1.06 billion, consistent with the previous year and quarters. A detailed breakdown reveals a 4% year-on-year decrease in global lottery contributions, amounting to $601 million, while global gaming experienced an 8% increase, reaching $409 million.
Notable achievements during this period include the extension of IGT’s lottery contract with the California Lottery and a substantial 10-year contract extension with the Kentucky Lottery Corporation. Despite a decline in earnings per share, IGT remains on track to meet its near and medium-term goals, leveraging its robust market assets.
The collaboration between IGT and Ponce Plaza marks a significant leap forward for Puerto Rico’s gaming industry. With the introduction of PlayBets by Ponce Plaza, the partnership not only pioneers independent casino-operated sports betting but also promises an immersive and secure betting experience for local sports enthusiasts. Against the backdrop of IGT’s resilient Q3 2023 performance, this strategic move positions both entities for sustained success, setting the stage for a new era in Puerto Rico’s gaming landscape.