IGT restates fiscal second quarter and cites Alabama bingo issues
IGT said it will go back and write down a us$ 53.1 million charge to account for the sinking value of its assets in Alabama.
As a result, the company said net income in the three months ended March 31 were uS$ 700,000, or break-even on a per-share basis. IGT had reported net income of 12 cents per share before the charges.
It also said it would reduce reported revenue by us$ 3.3 million. That means quarterly revenue was us$ 494.4 million, not us$ 497.7 million.
Most casino gambling is illegal in Alabama, but some counties make exceptions for bingo. Initially, those exceptions were to allow for the kind of bingo played in churches and other community centers, but the gaming industry has built electronic bingo casinos crammed with bingo machines that resemble slot machines. The issue was raised but not resolved during the state legislative session this year.
Bally’s Atlantic City to introduce new amenities for 45th anniversary
Nebraska's Lincoln, Grand Island casinos report record-breaking revenue in March
Mohegan appoints seasoned executive Joseph J. Hasson as Interim COO
1xBet confirms participation at SiGMA Americas event in Sao Paulo
Play’n GO expands BetMGM partnership to take its content live in Pennsylvania
Pragmatic Play expands Brazilian presence with PixBet integration
Las Vegas Sands beats analyst expectations with $2.96 billion first quarter revenue
SBC Digital Innovation – Casino event to explore key iGaming industry issues and trends on April 17
