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IGT slips to 2Q20 loss on 48% global revenue decline

Global gaming giant International Game Technology (IGT) slipped to an operating loss of US$94 million in 2Q20 on a 48% decline in revenues due to the impact of COVID-19 on the industry.

The company reported group-wide revenues of US$637 million for the quarter, down from the US$1.23 billion in revenues recorded 12 months earlier, with Adjusted EBITDA down 63% to US$168 million.

Not surprisingly, the company said there were declines across all business segments with the exception of digital, which saw a 35% increase.

Global gaming revenue declined 72% to US$166 million, driven by the closure of casinos and gaming halls, fewer unit shipments, and lower systems and software sales compared to the prior year, IGT said, while global lottery revenue was down 25% to US$394 million on reduced traffic to points of sale and temporary game shutdowns in Italy.

Both segments, however, saw trends improve each month as venues re-opened and COVID-19 restrictions eased.

IGT’s results included a 62% decline in revenue from international markets to US$84 million.

“Our second quarter results reflect the intense impact of global lockdowns caused by the pandemic,” said IGT CEO Marco Sala.

“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. Our new organizational structure enhances our readiness to adapt to changes in market conditions.”

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