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International Game Technology reported a 56% drop in net income in the first financial quarter on total revenues that declined 17% to US$450.6 million—“primarily driven by declines in product sales,” the company said.
IGT, which is being acquired by GTECH for $6.4 billion, posted a profit of $35 million for the 12 weeks ended 31st December.
Earnings per share (NYSE: IGT) came in at 14 cents, a 55 percent decline.
As CEO Patti Hart acknowledged, “Market challenges remain in the land-based casino business.”
The bright spot was the Las Vegas-based slot giant’s interactive business, conducted primarily through its Double Down Casino, which grew revenue by 23% to $79 million. Average daily users on the site, which is available on Facebook, increased 11% to 1.9 million.
GTECH and IGT are looking to complete the merger by April.
