• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

IGT posts US$1bln 2Q revenue, profit up 232pct q-o-q

Aug 04, 2021 Newsdesk Industry Talk, Latest News  


IGT posts US$1bln 2Q revenue, profit up 232pct q-o-q

Gaming and lottery provider International Game Technology Plc (IGT) reported on Wednesday second-quarter revenue of just above US$1.04 billion, up 2.6 percent from the previous quarter. The figure was up 73.5 percent from a year earlier.

The company said the increase in revenue was “fuelled by strong increases” in all its businesses.

IGT reported operating income of US$244 million for the period, which it said highlighted the “operating leverage” in its global lottery segment, and “excellent progress on structural cost savings”. The result was down 6.2 percent quarter-on-quarter but was an improvement on the US$72-million operating loss posted a year earlier.

IGT recorded a net profit of US$306 million for the three months to June 30, compared to a US$280-million loss in the prior-year period, according to Wednesday’s press release. Profit was up 232.6 percent from the US$92 million reported in the opening quarter of 2021.

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at US$442 million, up 169.5 percent from a year earlier, but a 1.7-percent decline sequentially.

The release quoted IGT’s chief executive, Marco Sala, as saying that the firm’s second-quarter results “highlight the vitality” of the group’s portfolio.

“Outstanding lottery performance, the progressive recovery in land-based gaming, and strong increase in digital and betting activities drove substantial revenue and profit growth, delivering adjusted EBITDA that is among the highest recorded in a quarterly period,” he stated.

Mr Sala added: “On the strength of the first half performance, we are raising our outlook for the year and now expect to exceed 2019 levels for key financial metrics this year.”

Revenue in the lottery segment was US$725 million, up 57.6 percent year-on-year, driven by 35-percent growth in same-store sales, said IGT. The result was a 3.2-percent decrease from the first quarter of 2021.

Revenue in the gaming segment rose by 125.7 percent year-on-year, to US$316 million, and was up 18.8 percent sequentially. Adjusted EBITDA in the gaming segment was US$49 million, up 157.9 percent sequentially, and an improvement on the negative US$36 million recorded in the second quarter of 2020.

The company stated it sold 6,335 gaming machine units globally during the reporting period, up from 2,981 in the prior-year quarter. That included 1,167 new units, and 5,168 replacements. The company said it sold 4,405 units in the first quarter this year.

IGT said it delivered a “record-level” US$380 million of free cash flow in the first half of 2021 and generated US$500 million in cash from continuing operations.

The company’s chief financial officer Max Chiara said the group’s free cash flow from and proceeds from recent asset sales “fuelled significant debt reduction in the first half.”

IGT completed in May the EUR950-million (US$1.15-billion) sale of a consumer-facing Italian gaming business.

The company reported a US$1.0-billion net debt reduction in the first six months of 2021, with net debt leverage improving from 6.4 times to 4.3 times, reaching a corporate target “six months early”.

“Our leverage profile improved substantially, reaching pre-pandemic levels well ahead of expectations, and improving our credit profile and overall financial condition,” said Mr Chiara.

The company’s net debt position stood at US$6.31 billion as at the end of the second quarter, down from US$7.07 billion as of March 31, 2021.


  • tweet
Related articles
  • IGT and Novomatic’s Greentube in patent licensing deal
    IGT and Novomatic’s Greentube in...

    Jan 19, 2023  

  • Gaming trade body AGEM elects new officers
    Gaming trade body AGEM elects new...

    Jan 13, 2023  

More news
  • Available Macau casino tables busy at tail of CNY hols
    Available Macau casino tables busy at...

    Jan 27, 2023  

  • Macau economy to see double-digit growth in 2023: AMCM
    Macau economy to see double-digit...

    Jan 27, 2023  


Latest News

Available Macau casino tables busy at tail of CNY hols

Available Macau casino tables busy at tail of CNY hols

Jan 27, 2023  

Some Macau casinos visited by GGRAsia on Thursday, actually had tables that were closed, notwithstanding strong consumer demand during Chinese New Year (CNY). The reasons for some tables being...
Read More
Macau economy to see double-digit growth in 2023: AMCM

Macau economy to see double-digit growth in 2023: AMCM

Jan 27, 2023  

Macau, APAC early gainers in China tourist return says Fitch

Macau, APAC early gainers in China tourist return says

Jan 27, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


384,600

Aggregate number of visitors to Macau during the first six days of the Chinese New Year holiday break



Most Popular

  • Available Macau casino tables busy at tail of CNY holsAvailable Macau casino tables busy at tail of CNY hols January 27, 2023
  • G2E Asia in-person for Macau in 2023, first time since 2019G2E Asia in-person for Macau in 2023, first time since 2019 January 27, 2023
  • Nearly 70k visitors to Macau on 6th day of CNY breakNearly 70k visitors to Macau on 6th day of CNY break January 27, 2023
  • 71pct of Sands China licence spend for venues says parent71pct of Sands China licence spend for venues says parent January 26, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us