IGT reports revenue and earnings both down for first quarter
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 for the quarter that ended on Dec. 31 was a 56 percent decline from one year ago. Earnings per share of 14 cents came in at a 55 percent decline.
For 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 — saw revenue grow by 23 percent to $91.5 million for 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.
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