IGT, short for International Game Technology, has published its financial report for the second quarter of 2023, ending June 30, 2023. This also concludes the financials of the first half of the current year. IGT said in its report that it had recorded an increase in profit and revenue with a marginal decrease in debt as compared to the same quarter from the last year.
Total revenue increased by 3% from $1,021 million to $1,055 million. This is largely due to a jump in PlayDigital, figures for which were $43 million in the previous year’s quarter. That has changed to $59 million. Global Gaming has also increased from $330 million to $373 million, a 13% for 2023-Q2 when compared with 2022-Q2. The only decline in revenue recorded is in the Global Lottery.
That is a 4% loss which IGT assumes to recover in the times to come. Revenue from the segment is dancing around $624 million against $648 million.
Total Operating Income has gone up by 10%. The point is at $251 million. Operating Income increased in all the three above-mentioned departments. Corporate Support Expense stands on the higher side at $30 million, and other expenses are at $38 million.
According to the gaming news, Vince Sadisky from IGT has credited the success to the execution of key strategic initiatives along with the rising demand for its solutions and content. The Chief Executive Officer of IGT has further expressed confidence in the venture, stating that the team is in line with delivering the objectives of 2025 while unlocking the intrinsic value of its business.
Max Chiara, the Chief Financial Officer of IGT, has said that the financials reflect a strong generation of cash for the business, adding that they will continue to invest in their growth objectives based on the foundations that they have built in their lifetime. Max has also expressed confidence in raising the outlook for 2023 based on the recently published report. The outlook majorly pertains to operating margin and revenue for 2023.
Debt for IGT has slipped down to $5,355 million from $5,722 million. The 6% reduction for the second quarter of 2023 against the same in 2022 sets the roadmap for the next quarter. IGT believes that it can bring it further down.
Some other notable developments for IGT include securing a 10-year license extension with Sony Pictures Television. This gives the exclusive rights to IGT for Wheel of Fortune and also non-exclusive rights to the content for free-to-play social casinos. IGT has deployed IGT ADVANTAGE at the Rio Hotel & Casino, which is the award-winning system that has been deployed under an agreement. The 2023 Women in Gaming gave IGT an award for Diversity & Inclusion.
Overall, one can assume that IGT had a pretty great second quarter in 2023. Except for a few hiccups that should be resolved in the next quarter, IGT is on track to surpass its previous expectations for the full year.