It has been announced that one of the world’s largest gaming corporations; IGT, has showed the resilience of its product portfolio, particularly in the lottery sector, as the firm released its third quarter financial report.
The company will be hosting a conference call and webcast within the next 12 hours to present the results of the third quarter of this year, which show that cost reductions helped the firm through the worse of the recent and ongoing Covid-19 pandemic.
Although the firm has experienced an impact from the pandemic, staff are keeping a close eye on the industry and how it continues to be affected by the crisis.
However, throughout the third quarter, IGT saw strong player demand and improvements in its ‘most important markets’ with the release of new games and gaming systems being integrated at partner sites.
CEO of IGT Marco Sala commented on the news and Q3 report:
“The resilience of our portfolio, particularly in lottery, and benefits from our swift cost reduction initiatives are on full display in our third quarter results.
Strong player demand and a host of compelling new games, systems, and digital solutions led to a sharp, sequential improvement in our most important markets.
We continue to monitor the evolution and impact of the pandemic around the world. With a simplified organization firmly in place, we are creating a leaner, stronger IGT.”
According to reports, the company has been working on simplifying its organisation and operations to not only mitigate the impact of the pandemic, but to ensure sustainable growth going forward.
What’s more, as the gaming industry, both online and offline, started to recover in Q3, IGT was able to improve its liquidity through robust cash flow generation, meaning that the firm is still on course to meet cost reduction targets.
Reportedly, throughout the quarter the company saw plenty of activity in terms of new and existing business operations, including the signing of a two year extension to its New York Lottery contract, the launching of Resort Wallet at Resorts World Catskills and an over forty percent increase in digital and betting revenue.
In addition, IGT was also able to launch a full service US sports betting trading team that operates in-house and will work on its new partnerships with Boyd Gaming and the National Basketball Association.
CFO of IGT Max Chiara also shared comments on the company’s financials:
“Robust cash flow generation during the quarter and year-to-date periods have enabled us to improve our liquidity and reduce net debt.
We are on track to achieve our 2020 temporary cost-reduction targets and have identified a number of initiatives that will enable us to deliver over $200 million of structural savings over the next two years.
As a result, the improvement in our profitability should support our continued focus on reducing debt.”
For more information and specific details relating to IGT’s third quarter financials, see the link in the source below.