IGT Revenue Dips in First Half

Land-based betting giant International Game Technology has reported their first-half 2019 financial results, showing a small dip in revenue during the period.

Key financial indicators for the first half ending June 30th, 2019 were:

• Total revenues of $2.38 billion, down 1.3% from last year
• Service revenue down 4% to $1.97 billion
• Product sales up 14.9% to $408.1 million
• Operating expenses down to $1.98 billion
• Operating income down 1% to $401.9 million
• Non-operating expenses up to $166.4 million

Even though the results appeared to be a mixed bag, IGT CEO Marco Sala was happy, noting: "We had a strong second quarter, with top-line growth driven by a sharp increase in gaming product sales and impressive gains in global lottery same-store revenues. Profits were up nicely in our North America Gaming and Italy segments. I am pleased with the broad-based improvement in key performance indicators for our main businesses.

"EBITDA in the quarter was the highest we achieved in three years and translated into substantial free cash flow for the first half," IGT chief financial officer Alberto Fornaro added. "Recent capital markets activity strengthens our financial structure, enhances flexibility, and positions us well for the coming years."