Good morning. Results season is in full swing, with IGT the latest to report its earnings, nearly topping $1.05 billion in revenue, with strong performance from its global lottery segment and an uptick from its Gaming & Digital arm. The CEO praised the spin-off of the segment, for some $4.05 billion in cash, as the group continually seeks growth. Meanwhile, in the Philippines, PAGCOR’s income increased by over 40 percent in 1H24, helping to compensate for the increase in expenses, which went beyond its expectations.
What you need to know
- IGT’s revenue relatively flat in 2Q24, at $1.05B, with a 1% yearly decline; Global Lottery fell 2%, while Gaming & Digital rose 1%.
- PAGCOR reported a 20 percent year-on-year rise in its expenses for the first half of 2024, mostly due to rising personnel and operating expenses.
On the radar
- New Zealand to allow online casinos starting in ‘early 2026’.
- Philippines Senate bill seeks to abolish POGO tax law.
- The Star addresses market speculation and price query.
- LET’s boss seeks to lift Ukrainian sanctions to avoid US/EU restrictions.
AGB Intelligence
RESULTS
IGT revenue flat in 2Q24, at $1.05B
International Gaming Technology (IGT) reported solid second-quarter earnings, with the company’s revenue nearing $1.05 billion. This was supported by Global Lottery revenue of $613 million, a slight yearly fall while Gaming and Digital revenue rose to $436 million. The group’s CEO lauds its constant investment for its success, while praising the sale of its Gaming and Digital business to Apollo Funds.
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