2019 Resume: IGT shows growth in Q1 net profit
IGT is one of the most popular casino games providers and has been in action for years now, satisfying customers and giving them a chance to hit jackpots while accruing revenue for themselves. The way the gaming market operates shifts rapidly due to factors like changing social norms, regulatory bodies, and the rise of online gaming. It is crucial to outline the effect it has had on one of the major players in the industry, and here we discuss the 2019 Q1 net profit and other figures while considering IGTs steps to stay relevant and sustainable in an evolving market.
IGT Profits While Revenue Declines. Next Steps
International Game Technology published a net profit of $40.3 million over the first quarter. This Q1 is a massive shift from what we saw last year when the company issued a $103.2 million loss within 2018s initial three months.
Though there was another 5% drop in revenue, International Game Technology has gotten its profitability flying high within this period. Total revenue closed at $1.14 billion less than that of what they scored during the same period in 2018, $1.21 billion. Earnings before interest, taxes, depreciation, and amortization (EBITDA) chipped away 4% from the company. The results ended up $416.67 million compared to $436 million in 2018, Q1.
Italy was a wise investment for IGT and brought it about $437 million in the first quarter. Though this figure looks great, revenue dropped by 9.5% in Italy over Q1. Globally, revenue flew up to $172 million due to the Asian and other foreign markets divisions.
Amidst climbing gains, IGT still published not such high numbers. For instance, Q1 slot machine installations underwent a 17.4% dip. This figure does represent the shift from land-based gaming to online solutions.
IGT still succeeded in selling more slots than it did in the Q1 of 2018. Shipment paid for machines grew by 20%, which is a good sign for the business. However, its debt remains more or less the same at $7.71 billion.
Shareholders can still expect a net income per diluted share of $0.12 million, even though it is less than $0.15 million seen in 2018.
IGT New Progressive Product
Companies are quite enthusiastic in regards to the possibility of creating new projects within the interactive gaming sector. The land-based enterprise has been growing even though modestly it has been steady. The company’s partnership with famous brands within the industry like Hard Rock and Caesars is proof of how great it has so far.
The people at IGT have not been whiling away time because they will be introducing their cross-platform project – the Wide Area Progressive (WAP) to customers residing in New Jersey. Since IGT has placed its partners as a priority, Caesars and Hard Rock will be the first to get in on the pie. Resorts Casino and Mohegan Sun will, however, be on the same track, and that is wonderful for business.
IGT does not intend to bombard casino users with your typical titles, but there will be a few staple games on the platform. Gamers will try out the Crown of Egypt, MegaJackpots Siberian Storm, and Double Diamond. Though it doesn’t sound like a big deal right now, more products are going to be added, and progressive jackpots can procure significant sums for fortunate players.
Jackpot pool will begin at $500,000 and will continuously increase in response to consumer results and interest. As the game gains other incentives, new gamers will chip in even though every increase means someone’s loss. Enrico Drago, IGTs Head of Digital Product, has outlined how exactly this new product will hasten the company’s move into the digital sphere and increase its scalability.
The cross-platform has other ambitions aside from online gaming, which contain sports betting, an opportunity for greater success. It is even more significant now that stringent regulatory measures have been loosened up. IGT has already partnered up with companies in Mississippi, and everything seems to be going smoothly.
IGT Expanded Portfolio
IGT announced on the 13thof May 2019 that the company plans to supply gaming solutions to Asia at G2E Asia during mid-may at The Venetian Macao. It is supposed to demonstrate the company’s dedication to speed up growth in the region. Market-approved games for Asia and new tech that will modernize casino gameplay will be the forefront of their showcase.
Those who attended G2E Asia experienced an array of IGT designs at stand A801. The highlights included:
- Ying Cai Shen and Treasure Fury had multi-level, following themes related to Asia from the CrystalCurve cabinet.
- Star Stax and Fortune Coin from the CrystalCurve and CrystalDual cabinets respectively were featured. The two games have done well in other gaming markets internationally and have been tweaked to play favourably in Asia.
- Mistress of Egypt, Scarab, and Temple of Fire are entertaining core video games that run on CrystalDual 27 cabinet. Scarab is one of the best performers globally and spell-binds users with exciting mechanics that recycle after ten wagers.
There are new Random Number Generated blackjack, auto roulette, and baccarat on IGTs Dynasty Electronic Table Games that include side bets.
IGT ADVANTAGE Casino Management System, with its accompanying modular app and innovations for mobile gaming like Resort Wallet and Cardless Connect, will be available for Asian-based users.
IGT will display M5, HTML5-based CMS that gives operators the ability to provide customized, real-time promotions and bonuses.
IGT is one of the pioneers and is among major players in gaming. They allow players to have a go at popular games and play free slots on both land-based and virtual platforms — their scope of innovation spans from Gaming Machines, Lotteries to Social and Digital Gaming. IGT has a vast store of top-notch content, significant investment in new development, captures customer interest, experience in operations, and cutting-edge technology. Their gaming services are excellent at anticipating the needs of potential customers.
IGT posses a persisting local presence and good relations with regulators and governments in greater than 100 countries globally. They adhere to the best standards concerning service, honesty, and responsibility, with over 12,000 employees.
The market review was prepared by Jessica Mason, the editor-in-chief of igtslots.net – a non-official legal site that provides free IGT slot machines demos.