Global gaming giant IGT saw its net income fall by 15% year-on-year to US$117 million in the three months to 31 March 2022, driven by a reduction in foreign exchange gains.
The lower income was in spite of a 4% increase in revenue to US$1.05 billion, with both the Global Gaming and Digital & Betting segments showing strong gains. Global gaming revenues grew by 42% to US$25 million and Digital & Betting by 24% to US$47 million, partially offset by a 9% decrease in Global Lottery revenue to US$680 million.
Adjusted EBITDA fell by 4% to US$433 million, including a 20% decline in Global Lottery to US$356 million. Digital & Betting saw Adjusted EBITDA grow by 63% to US$17 million while Global Gaming soared from US$8 million to US$81 million.
IGT said net debt of US$5.8 billion was slightly down on debt of US$5.9 billion as at 31 December 2021, with net debt leverage stable at 3.5x.
“The first quarter results clearly reflect the power of our portfolio,” said IGT’s CEO, Vince Sadusky. “The quarter’s strong margin profile highlights the long-term recovery of the gaming business as well as increased levels of lottery play from pre-COVID periods.
“The company’s initiatives around a simplified corporate structure have resulted in strong liquidity as we continue to invest in product development and return capital to shareholders.”
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