IGT First Quarter Loss As Firm Mitigates Covid-19 Impact And Focuses On Safety

IGT First Quarter Loss As Firm Mitigates Covid-19 Impact And Focuses On Safety

International Game Technology, otherwise known as IGT, has today issued a public statement explaining its recent financial figures release from the first quarter of 2020.

Data shows how the company mitigated the impact of Covid-19 and focused its priorities on the safety and well-being of the people involved in its operations, along with customers and communities affected by the crisis.

Chief executive officer Marco Sala explained that the firm had a ‘solid start’ in the first two months of 2020 but quickly re-focused its priorities towards the ongoing pandemic:

“The safety and well-being of our people, customers, and communities have been our highest priority since day one. We implemented robust business continuity plans and maintain service levels at our normal, high standards. I am grateful for the passion and perseverance the entire IGT team has demonstrated during these unprecedented times and I am confident IGT is well positioned to emerge from the crisis a stronger, even more competitive organization.”

In each business segment of the report, revenue had undoubtedly declined due to the impact on business, whereby many segments were halted, which were the primary streams of revenue for the firm.

According to reports, IGT revenue was down almost twenty percent compared with the same period last year to $940, which was largely caused by the closures of casino establishments and gaming halls around the world.

In addition, there was reduced traffic to lottery point of sale stations, ultimately leading to lower lottery service revenue. However, there was growth for non-terminal lottery revenue.

Furthermore, as there were fewer shipments of gaming products during the three months of 2020 there were fewer gaming product sales.

The organisation currently shows an operating loss of almost 200 million dollars, which is down from over 170 million dollars worth of income in 2019.

In light of the ongoing Covid-19 pandemic, IGT has said that it is withdrawing its previous business outlook for the 2020 year and that the organisations top priorities is those who have been affected by the disease at this difficult time.

More information can be found on the official website here.

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