International Game Technology (IGT) has reported a net loss of $838.7m for its 2020 financial year, after the closure of casinos and other restrictions caused by the novel coronavirus (Covid-19) pandemic led to a sharp drop in revenue.
Total consolidated revenue in the 12 months through to December 31 amounted to $3.12bn (£2.23bn/€2.57bn), down 22.7% from $4.03bn in the previous year, with IGT seeing declines across both its global lottery and global gaming businesses.
With IGT now split into two divisions – global gaming and global lottery – the latter made up most of the supplier’s revenue and was more resilient.
Global lottery revenue dropped 5.6% year-on-year to $2.16bn, though IGT said this decline demonstrated “remarkable resilience”, considering the impact that Covid-19 had on the segment. Global same-store sales remained stable, while double-digit North America same-store sales growth drove recovery in H2.
Services revenue accounted for $2.04bn of global lottery revenue, down 6.4% on last year, while the remaining $121.0m came from product sales, with this up by 10.0%.
Global gaming revenue fell 45.3% to $951.0m, with this part of the business the most hit by Covid-19. IGT noted the impact of pandemic-related casino closures and operating restrictions, but was slightly helped by a rise in digital and betting service revenue.
