International Game Technology (IGT) says that its first quarter results were “In line with expectations”, with revenue falling by 12 percent yearly to $583 million as it focuses on its lottery business.
The group did not include results from its Gaming & Digital business, as it’s set to be acquired by funds managed by Apollo Management, expected to close by the third quarter of this year.
Income from continuing operations totaled just $8 million, down by 93 percent yearly, while adjusted EBITDA shrank to $250 million, from $327 million in the previous year.
Speaking of the results, Vince Sadusky, CEO of IGT noted that “Global sales of instant ticket and draw games continue to expand, driven by a steady pipeline of game innovation and portfolio optimization strategies”.
“While the world is currently faced with great uncertainty, we are excited about the initiatives we are working on to drive sustainable, long-term growth and shareholder value.”
The group notes that its EBITDA and lower operating income were influenced by the rebranding costs associated with separating its Lottery from its Gaming & Digital arm, alongside ‘incremental investments to drive sustainable long-term growth’. Higher jackpot flow-through in the US multi-state jackpots in the previous period also pushed down comparisons.
https://agbrief.com/news/usa/14/05/2025/igt-results-drop-in-1q25-but-are-in-line-with-expectations-as-company-focuses-on-lottery-segment/