International edition
September 26, 2021

The company said it would reduce reported revenue by us$ 3.3 million

IGT restates fiscal second quarter and cites Alabama bingo issues

(US).- International Game Technology said last week that it is lowering its reported fiscal second-quarter results because operations related to electronic bingo are under fire in the state of Alabama.

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GT 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.

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