Barisonal International Game Technology PLC (NYSE:IGT) reached an agreement to settle all pending litigation with Acres 4.0, Acres Manufacturing Company, and John Acres, with the settlement becoming effective on April 12. The terms of the settlement have not been disclosed and the resolution was reached in the United States District Court of Nevada. The legal dispute involved United States patents related to the use of a financial transaction device in a cashless wagering system in a gaming system, as well as breach of contract claims in the Nevada State Court.
International Game Technology COO Nick Khin expressed satisfaction with the mutual agreement reached with Acres and stated that it would allow both companies to focus their resources on driving innovation in the cashless gaming space. The company is expected to release its earnings on May 14, with analysts predicting revenue of $1.03B and EPS of $0.37. IGT has exceeded revenue and EPS expectations in three out of its last four reports.
Overall, the settlement of the legal disputes between IGT and Acres is seen as a positive development for both parties, allowing them to move forward and continue to advance within the dynamic gaming industry.