Everi Holdings, a provider of land-based and digital casino products as well as player loyalty solutions, saw a first-quarter net income of $4.6 million. This occurred amidst a 5.6 percent year-on-year decline in revenue, which amounted to $189.3 million, as per a press release issued on Wednesday.
When evaluated sequentially, the company experienced a notable 142.1 percent increase in net income, despite a slight 1.4 percent quarter-on-quarter decrease in revenue.
The company highlights that its games revenues totaled $97.1 million, marking a decrease from the previous year’s figures. However, these revenues remained essentially unchanged on a quarterly sequential basis, reflecting the ongoing transition to its new family of cabinets and content.
“Approximately half of the decline in the installed base during the quarter is attributable to the Company’s proactive decisions not to replace cabinets in lower-performing locations,” it explained in a press release.
Randy Taylor, Chief Executive Officer of Everi, said, “We are making progress on the steps necessary to complete our proposed merger with IGT’s Global Gaming and PlayDigital businesses later this year or in early 2025.”
“We are excited about the significant growth opportunities we believe this combination will unlock. This transaction will bring together a comprehensive and complementary product set focused on our customers and their diverse needs, which we believe will deliver substantial long-term value to our shareholders,” he added.
Everi’s CEO acknowledged that “During the first quarter, our games segment continued to make progress in our transition to our newest family of cabinets and new and innovative content to support these cabinets. While this transition has been slower than anticipated, we are gaining momentum with these efforts and expect our progress will continue to accelerate throughout the back half of the year.”
