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IGT DELIVERS Q3/2011 RESULTS

Wednesday July 27,2011 : Interactive business will be an important contributor to revenue and earnings growth in the coming years.
 
Land-based and online gaming company International Game Technology (IGT) delivered the results of its fiscal third quarter ending June 30, 2011 this week.
 
Key Performance Indicators (compared to Q3/2010) for the period include:
 
-  Total revenues increased 3 percent to $489 million (Q3/2010: $475 million), of which 55 percent was generated from gaming operations and 45 percent from product sales.
 
-  Consolidated gross profit for the quarter increased 8 percent to $289 million (Q3/2010: $268 million), due to improved product sales volume.
 
-  Operating income for the third quarter was $141 million (Q3/2010: $120 million), an increase of 17percent attributed to higher revenues, lower cost of sales and flat operating expenses.
 
For the nine months ended June 30, 2011, total revenues decreased 2 percent to $1.42 billion, gross profit improved 2 percent to $841 million and operating income increased 19 percent to $389 million.
 
With specific reference to the company's interactive division over the review period, Patti Hart, chief executive officer, IGT said:
 
"In comparison to last year, our Interactive business grew revenue over 20 percent and increased gross profit nearly 30 percent.
 
"The acquisition of Entraction is expected to enhance our interactive market position by adding poker, bingo and sports betting to our industry-leading online casino products. This is a clear example of our plan to prioritize higher growth opportunities in a responsible manner. We believe that our interactive business will be an important contributor to revenue and earnings growth in the coming years.
 
"In summary, we are generating strong operating cash flow. Improving our gaming operations and product sales businesses, harvesting opportunities internationally and continuing to execute against our plan of becoming a full-service global partner in the interactive space."

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Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

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Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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