$1B loss casts long shadow on IGT 2017 revenue

New York-listed gaming and lottery supplier International Game Technology (IGT) posted a $1.07 billion net loss in 2017, dragged by net foreign exchange loss and its non-cash impairment charge.

In a regulatory filing, IGT announced that its revenue for the January to December 31, 2017 period dropped to $4.94 billion from $5.15 billion in the same period in 2016, representing a 4 percent or $210 million loss.

IGT’s operating income also plunged into a $51.09 million loss in 2017 from the high of $660 million in 2016, while adjusted operating income also dropped by 12 percent to $1.03 billion last year from $1.17 billion in 2016.

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 5 percent year-on-year to $1.68 billion.