IGT reports revenue, earnings down in first quarter
Slot machine giant International Game Technology said Tuesday revenue and earnings fell in the first quarter despite double-digit increases from the company’s social gaming business.
IGT, which is in the process of being acquired by lottery provider GTECH Holdings in a $6.4 billion transaction, said its net income of $35 million in the quarter that ended Dec. 31 was a 56 percent decline from a year ago. Earnings per share of 14 cents was a 55 percent decline.
In the quarter, overall revenue was $450.6 million, a 17 percent decrease.
IGT CEO Patti Hart said in a statement that “market challenges remain in the land-based casino business.”
However, IGT’s interactive gaming business — primarily through its Double Down Casino product — grew revenue 23 percent to $91.5 million in the quarter. The average daily users on Double Down Casino, primarily played through Facebook, increased 11 percent.
GTECH and IGT hope to complete the merger by April.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Find him on Twitter: @howardstutz
