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IGT posts net loss of $290 mln in 17Q2

Gaming supplier International Game Technology (IGT) posted a second-quarter net loss of $290 million, attributed mainly to a $220 million net foreign exchange loss.

The exchange loss occurred as a result of a new Italian lottery concession and the company’s $825 million sale of its Double Down social casino during the quarter ending June 30, 2017.

On an adjusted basis, IGT posted earnings of $31 million.

Revenue was $1.2 billion for the quarter ended June 30, 2017, down from $1.3 billion in the prior-year period.

Adjusted EBITDA was $424 million, reflecting strong lottery results and global gaming machine sales.

“Our second quarter results reflect strong key performance indicators for both our global Lottery and Gaming businesses,” said Marco Sala, CEO of IGT.

“Lottery growth is benefiting from innovation and effective sales and product marketing initiatives. In Gaming, the global installed base was up and unit sales of gaming machines were higher, as were average selling prices, all supported by strong demand for new cabinets.”

Global gaming product revenue increased 5 percent year-on-year in 17Q2, driven by a 25 percent growth in terminal sales, offset by lower system sales.

Global lottery same-store revenue grew 2.6 percent in the second quarter, on top of strong North America jackpot activity in the prior year period, said the company.

“Overall, we are pleased with the results of the first half, and we expect a more robust product offer to support stronger sales and profit levels in the second half of the year,” said Sala.

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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