IGT Revenue Exceeds $1bn in Q1
International Game Technology (IGT) has reported a 24.7 per cent year-on-year rise in revenue to $1.02bn (£711.1m/€828.2m), from $814m, in the first quarter of 2021.
The revenue boost was driven by the performance of the firm’s global lottery division, which saw income rise by 48.3 per cent to $749m.
In comparison, the firm’s global gaming division reported a 14.2 per cent year-on-year decline to $266m across the three months to 31 March.
However, the firm reported that its digital and betting revenue rose 81.3 per cent year-on-year to $58m across the first quarter of 2021.
Broken down geographically, Italy saw the greatest revenue rise at 72.3 per cent to $348, the US and Canada saw revenue rise by 21.2 per to $542m and rest of world saw a 25.3 per cent decline in revenue to $124m.
IGT reported the installation of 4,405 gaming units during Q1, up 19.6 per cent year-on-year, with machine sales in the US and Canada up 39.8 per cent to 2,896. In the rest of world sales were down 6.3 per cent to 1,509.
IGT’s net profit came to $92m in the first quarter, compared to a $248m loss in 2020.
Commenting on the earnings call, IGT chief financial officer Max Chiara said: “With the recovery in our business in full swing, we are delivering strong operating leverage which, when coupled with invested capital discipline, drove strong cash flows in the quarter.
“This enabled us to accelerate our debt retirement strategy and gives us confidence in a return to pre-pandemic leverage levels by the end of the current year.”
The results were released alongside confirmation that IGT had completed the sale of its Italian-facing gaming businesses to Gamenet Group, a subsidiary of funds managed by an affiliate of Apollo Global Management.
The €950m (£817.2m/$1.16bn) deal saw €725m paid at closing, with a further €100m due on 31 December. The remaining €125m is payable on 30 September 2022.