Powering some of the best online casinos NZ has to offer, IGT has stated that its magnificent second quarter is due to the strength of its portfolio. Revenue for 2021 Q2 is now over $1 billion, a staggering 74% increase from the $600 million it recorded for the same period last year.
The company, well known for offering games at great online casinos NZ sites, has a Global Lottery segment responsible for the second-best income the business has ever enjoyed. And profit levels are primarily driven by powerful player demand.
The Continuation of Progressive Recovery
Takings for the segment went up 58%, from $460 million in 2020 to $725 million in 2021 because of same-store sales growth of 35%.
IGT’s global gaming section which includes servicing the best online casinos NZ offers, saw proceeds coming in at $316 million, up 12% from 2020 and 19% sequentially as per ongoing trends in recovery. Global gaming is steadily returning to profitability and accounts for the impressive recovery rate IGT is experiencing. The company has let it be known that betting and digital profit increased by 41% in Q2.
IGT attributes its operating loss of $72 million versus its operating income of $244 million to multiple causes. The high profit yield of its Global Lottery same store growth in sales plays a part, as does the firm’s high-margin Lottery sales in Italy, its strict approach to cost management, and benefits gained from its systemic cost-savings programme. It’s presence at the best online casinos NZ offers is not likely to end any time soon.
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization for IGT has grown 170% year-on-year to $442 million in 2021 compared to 2020’s $164 million. And its net loss of $39 million is in sharp contrast to the $268 million recorded for the prior year period.
This outcome has been primarily driven by a notable increase in returns, with some of this no doubt attributed to player demand for top-rated pokies at online casinos NZ-facing sites. As of June 30th, 2021, IGT’s total liquidity is $1.9 billion. This includes unrestricted cash to the value of $639 million and an additional borrowing capacity of $1.3 billion.
IGT CFO Chiara Weighs In
Max Chiara, Chief Financial Officer at IGT, explained that record free cash flow from ongoing operations, including powering some of the best online casinos NZ players can access, as well as proceeds from a recent sale of assets is what fuelled the significant reduction of debt in the first half of 2021.