IGT revenues down 6% amid mounting losses in Q3 2017

al gaming company IGT has announced a 6% constant currency drop in its year-on-year revenue for the third quarter of 2017.

Publishing its third quarter update the company announced consolidated revenues of $1,221m in constant currency down from the $1,266m reported during the same quarter of 2016. IGT attributed this decline in revenue to the effects of the sale of Double Down Interactive and new lottery concession amortisation.

Operating income fell substantively during the period from a plus figure of $164m to a loss figure of $556m, while net debts decreased from $7,937m to $7,335m during the same period.

Adjusted earnings before interest taxation depreciation and amortisation remained largely unchanged, but adjusted operating income fell by 10% from $286m to $258m during the three month period.

Revenue for North America Gaming & Interactive was $262 million compared to $317 million in the third quarter of 2016, while North America Lottery revenue during the Q3 period remained in line with the $307m reported during the same period of 2016.

Product sales revenue in North America also grew by 20% rising to $91m during the reporting period.

IGT’s revenue from its Italian facing operations dropped from $426m in the third quarter of 2016 to $418m during the period ending 30th September.

However it wasn’t all losses for the global gaming brand, with international revenues increasing by 9% to $234m, gaming service revenues jumping 36% to $59m and international product sales rising by 5% to $87m.

IGT CEO Marco Sala remained bullish in his assessment of the quarter, saying: "Our strong third quarter performance reflects the scope and balance of our business.

"Our largest global Lottery operations are growing steadily and acceptance of our newest gaming machines is expanding around the world. The significant increase in Gaming and Lottery product sales demonstrates clear interest in our systems and technology solutions. We expect our sustained investment in innovation, led by a customer-first, player-centric focus, to drive continued momentum in both Lottery and Gaming."