PROVIDENCE – International Game Technology PLC lost $102 million in the third quarter, or 62 cents per diluted share, due primarily to the effects COVID-19, the company reported this week.
One year prior, the company earned a profit of $175 million, or 51 cents per diluted share.
Revenue totaled $982 million, a 15% decline year over year. This included North American revenue of $443 million, a decline from $538 million one year prior.
“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,” said Marco Sala, CEO of IGT. “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.”
The company noted that it had recently signed a new two-year extension with the New York Lottery, and was awarded seven-year contracts with both the Poland and Nebraska lotteries.
The company is currently seeking a 20-year extension of its contract to run the Rhode Island lottery. The company is filing in conjunction with Bally’s Corp., formerly known as Twin River Worldwide Holdings.
