British lottery and gaming machines innovator International Game Technology (IGT) reportedly recorded an overall loss of $94 million for the second quarter of the year owing to a downturn in business caused by the ongoing coronavirus pandemic.
According to a report from Inside Asian Gaming, the London-headquartered firm saw its adjusted company-wide earnings before interest, tax, depreciation and amortization for the three months to the end of June plummet by 63% year-on-year to $168 million as its overall revenues waned by 48% to hit approximately $637 million.
Widespread wilt:
IGT moreover experienced a 72% decrease year-on-year in second-quarter gaming revenues to $166 million due to the closure of casinos and gambling halls around the world alongside the shipment of fewer units and lower software and system sales. The source also detailed that the British behemoth’s lottery revenues for the three-month period diminished by 25% to $394 million owing to what it called ‘reduced traffic to points of sale and temporary game shutdowns in Italy.’
Online optimism:
IGT reportedly furthermore declared that every one of its business segments saw coronavirus-related revenue declines during the second quarter with the notable exception of digital, which experienced a 35% uptick. The firm’s Chief Executive Officer, Marco Sala, purportedly proclaimed that the financial results included a comparable 62% drop in revenues from international markets to $84 million although his operation held ‘ample resources to cover maturities through 2022’ including some $2.3 billion in total liquidity to ‘buffer against an economic downturn’.
Sala reportedly stated…
“Our second quarter results reflect the intense impact of global lockdowns caused by the pandemic. That said, thanks to strong North America lottery performance and our swift adoption of cost-saving and avoidance measures, we delivered better cash flow than we expected back in May. Our resilience is a direct consequence of the diversity of our global portfolio of products and solutions. The improving trends we are currently seeing are encouraging but we remain prudent with our planning.”