Revenue of $1.14 billion includes significant increase in global gaming unit shipments and continued growth in global lottery same-store revenue
IGT released its financial report for year-on-year revenues. The gaming provider reported the company lost 5% in group revenues for the first quarter of 2019. Total revenues earned for the first three months were $1.14 billion. The 5% decline comes from several sectors of the company including lower revenues from gaming operations. $991 million of the total revenues came from service revenue. Product sales were also down for the first quarter by 4%.
IGT’s Italy business sector generated the majority of the revenues. Although this sector of the company generated $437 million, the total was still down by at least 10%. The Italian gaming service seen a 20% decline amounting to just $153 million. IGT says this was the result from increased taxes on all amusement games that offer prizes as well as video lottery terminals.
IGT’s second biggest sector, the North American Lottery fell flat as well earning $296 million. The North American Lottery service revenues remained pretty steady at $241 million even though it was offset with the decline in lottery product sales, which fell 13%. The Gaming and Interactive division seen a 2% increase in revenues totaling $239 million for Q1.