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IGT Revenues Up

Wednesday July 25,2012 :  INTERACTIVE BUSINESS HELPS BOOST IGT THIRD QUARTER
 
Double Down acquisition starts to pay its way.
 
International Game Technology's third quarter results posted Tuesday show that the company's increasing presence in the online and interactive environment is starting to pay dividends, boosting revenues.
 
The primarily land casino supply company highlighted the following Q3 2012 numbers, comparing these with the same period in 2011:
 
* Revenues increased 9 percent to $533 million in the third quarter, primarily due to the interactive businesses and North America machine sales.
 
* Gaming operations revenues increased 13 percent to $301 million in the third quarter, primarily due to increases in the interactive businesses. Excluding the interactive businesses, revenues were flat.
 
* Revenue from product sales rose 5 percent to $231.6 million
 
* Net income fell 49 percent to $46.9 million.
 
* A 40 percent increase in total operating expenses to $207.1 million was mostly attributable to interactive operations.
 
* Gross margin decreased to 59 percent from 62 percent in the third quarter, primarily due to the inclusion of the interactive businesses and lower MegaJackpots yields.
 
* Excluding the positive impact from the interactive businesses, average revenue per unit per day in the third quarter was $50.20, down 4 percent sequentially and 7 percent over the prior year quarter, mainly due to lower MegaJackpots yields and a higher mix of lower-yielding units in the installed base.
 
* Double Down bookings per daily user were $0.25 in the third quarter compared to $0.24 in the second quarter subsequent to acquisition.
 
* Double Down monthly users were 5.2 million as of June 30, 2012, a decrease of 7 percent when compared to March 31, 2012.
 
Patti Hart, CEO of IGT, commented: “Our third quarter revenue growth and strong cash flows are reflective of our diverse business model. Against the backdrop of an inconsistent global economic recovery, we are generally pleased with this quarter’s results and remain on track to meet our fiscal year 2012 financial goals.
 
“The recent announcement of our $1 billion share repurchase is further evidence of our confidence in the outlook for IGT.”



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Box 24 Launches 3 New Slots - This week sees the addition of 3 New Games at Box24 Casino. Check them out they all seem pretty interesting.

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Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

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3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

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