IGT Announce Q1 Results
Technology provider to land based casino operations worldwide, International Game Technology (IGT) has announced it has reduced its outlook on profits for 2020 due t the COVID-19 pandemic.
The company said during a Q1 results call that during the first quarter revenues were down by 18% to $940 million as casinos were closed around the world. IGT said its operating loss was $197 million compared to a profit of $178 million in Q1 of 2019. The company also reported adjusted EBITDA of $309 million, down 26 percent from 2019.
IGT had to take drastic measures to ensure the supplier was on a good footing once the pandemic passed and so CFO Max Chiara said that the firm had a to cap salaries and reduce those on higher levels along with furloughing staff and hiring freezes.
It also said that costs were saved by cutting marketing, outside services and travel. IGT says that they are confident of surviving this pandemic with liquidity of $2.2 billion available to them.
