IGT counts the cost of COVID in the Q1 with 17.9% drop in revenues

IGT's revenues fell to $ 940 million during the first quarter of 2020, a drop of 18% year-on-year that materializes with an operating loss of 197 million, a significant decrease in positive operating income of 178 million that was achieved in the first quarter of the previous year.

• The supplier's total net loss was 248 million, which includes a non-monetary goodwill impairment charge of 296 million.
• Adjusted EBITDA was $ 309 million, 26% less.

IGT attributed its revenue decline primarily to the global closure of casinos and gambling halls as a result of the COVID-19 pandemic, in addition to "widespread mobility restrictions." The provider is withdrawing its previous outlook for 2020 as a result of "COVID-19 uncertainty".

According to its business update, IGT has identified $ 500 million in cost savings to mitigate the effects of casino closings and reduced trade. This includes the temporary reduction of wages, the cancellation of 2020 wage increases, and permits.

Marco Sala, IGT CEO, said: "After a solid start in the first two months of the year, we quickly shifted our focus to the COVID-19 global health crisis in March. We implemented robust business continuity plans and maintained levels of service to our normal high standards. I am grateful for the passion and perseverance that the entire IGT team has demonstrated during these unprecedented times and I am confident that IGT is well positioned to emerge from the crisis as a stronger organization and even more competitive. "