Global gaming giant International Game Technology PLC (IGT) recorded what it describes as among the highest revenue and profit levels in company history in 1Q21 on the back of a surging lottery division.
Total revenue of US$1.02 billion was 25% higher year-on-year and 15% higher than in 4Q20 with the companys Global Lottery segment driving all of the growth.
According to IGTs 1Q21 results announcement, Global Lottery saw revenue of US$749 million for the quarter, up 48% year-on-year and more than enough to make up for a 14% year-on-year decline in Global Gaming revenue to US$266 million. Global Gaming was, however, slightly improved from US$255 million in 4Q20 as the US casino market continues to reopen.
IGT reported net income of US$92 million for the period versus a net loss of US$248 million a year earlier, with Adjusted EBITDA of US$450 million more than 72% higher than 1Q20 EBITDA of US$261 million.
Adjusted EBITDA in the Global Lottery segment alone was US$447 million.
We delivered some of our strongest profit results ever during the first quarter, fueled by robust player demand and significant, structural cost savings,saidIGTs CEO, Marco Sala.
Our Global Lottery segment achieved record same-store sales levels on impressive increases around the world. The Global Gaming segment is demonstrating swift, progressive recovery, including accelerated momentum for Digital & Betting activities. We expect to return to 2019 levels for key financial metrics this year.
IGT also revealed that it has now completed the sale of its Italy B2C gaming business, with proceeds to be used to partially fund full redemption of 850 million 4.75% Senior Secured Euro Notes dueFebruary 2023.