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Most Recent Online Casino News

International Game Tech’s Earnings Nearly Double

International Game Technology said its first-quarter earnings almost doubled, helped by the sale of its online lottery business.

The Reno, Nev.-based slot-machine maker earned $176.3 million, or 50 cents a share, in the three months ended Dec. 31, compared with earnings of $91.6 million, or 26 cents a share, last year.

Excluding a $57.5 million gain related to the sale of IGT OnLine Entertainment Systems and other charges, the company earned $116.7 million, or 33 cents a share, in the latest quarter, beating the consensus earnings estimate of 29 cents a share compiled by Thomson First Call. Revenue was $608.1 million, up 24% from last year and higher than the $556.78 million analysts were expecting.

The record quarter was driven by the trend toward cashless slot machines in casinos, which are replacing coin hoppers with paper slips and saving on maintenance costs. Of the 46,100 units IGT sold worldwide in the first quarter, 16,400 units were cashless slots. In the year-ago quarter, IGT sold 29,700 units worldwide, 11,100 of them cashless slots.

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