{"id":41791,"date":"2020-05-19T07:50:09","date_gmt":"2020-05-19T07:50:09","guid":{"rendered":"https:\/\/gaming-awards.com\/NEWS\/?p=41791"},"modified":"2020-05-19T07:50:09","modified_gmt":"2020-05-19T07:50:09","slug":"igt-announce-q1-results","status":"publish","type":"post","link":"https:\/\/gaming-awards.com\/NEWS\/igt-announce-q1-results\/","title":{"rendered":"IGT Announce Q1 Results"},"content":{"rendered":"<p style=\"text-align: left;\"><span style=\"font-size: 10.5pt; font-family: 'Verdana','sans-serif'; color: #222222;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-27659\" src=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2015\/08\/IGT-new-logo-300x117.jpg\" alt=\"\" width=\"300\" height=\"117\" srcset=\"https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2015\/08\/IGT-new-logo-300x117.jpg 300w, https:\/\/gaming-awards.com\/NEWS\/wp-content\/uploads\/2015\/08\/IGT-new-logo.jpg 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>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.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 10.5pt; font-family: 'Verdana','sans-serif'; color: #222222; background: white;\">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. <\/span><span style=\"font-size: 10.5pt; font-family: 'Verdana','sans-serif'; color: #222222;\">The company also reported adjusted EBITDA of $309 million, down 26 percent from 2019.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 10.5pt; font-family: 'Verdana','sans-serif'; color: #222222; background: white;\">IGT had to take drastic measures to ensure the supplier was on a good footing once the pandemic passed and so <\/span><span style=\"font-size: 10.5pt; font-family: 'Verdana','sans-serif'; color: #222222;\">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.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-size: 10.5pt; font-family: 'Verdana','sans-serif'; color: #222222;\">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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":27659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,11,8,18],"tags":[],"class_list":["post-41791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gaming","category-headlines","category-latest","category-n-america"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IGT Announce Q1 Results - iGaming Post<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gaming-awards.com\/NEWS\/igt-announce-q1-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IGT Announce Q1 Results - iGaming Post\" \/>\n<meta property=\"og:description\" content=\"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. 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