IGT revenues down 1 percent in 2019

International Game Technology (IGT) posted its financial results to the end of 2019, noting that consolidated revenue came in at US$4.79 billion, down 1 percent from 2018.

Similarly, operating income was US$637 million, down 2 percent from the prior year; and adjusted EBITDA was US$1.71 billion, down 1 percent.

The company noted that it had benefited from growth in global gaming product sales, sports betting, and commercial services in Italy, but was negatively impacted by higher gaming machine taxes in Italy and the conclusion of its Illinois lottery contract.

Union Gaming noted that “IGT posted strong 4Q19 results and delivered a sound fundamental outlook for 2020 but it wasn’t enough to keep investors interested…. Clearly, fundamentals are not a concern given the uncertainty around the potential global economic impacts from coronavirus, particularly with a rising number of confirmed cases in Italy — one of IGT’s core markets.”

IGT CEO Marco Sala commented, “In the full year, we grew global gaming product sales by more than 20 percent thanks to higher unit shipments and the success of our new games. Global lottery same-store revenue also rose. We are closely monitoring the impact of the Coronavirus outbreak. Apart from this, solid operational performance across products and regions should support continued momentum in 2020.”