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Net Income Of Top American Casino Equipment Maker Down By 33%

Not only companies in India, but also foreign enterprises are seeing loss in their net income. International Game Technology (IGT), which is a global gaming company specializing in the design, development, manufacture, and marketing of electronic gaming equipment and systems products, including online and mobile solutions for regulated markets, declared on Tuesday that its net income fell 33% by the end of fiscal first-quarter.

Wheel of Fortune - Image via igt.com

Wheel of Fortune - Image via igt.com

This resulted due to the North American casino openings. The casino industry of U.S., had difficulty to recover from the Great Recession, which caused high unemployment. This ended in June 2009. IGT’s stock decreased $1.16 or 7.2% to $14.97 latest by Tuesday premarket trading.

IGT declared net income of $49.3 million or 16 cents per share, for the three months which ended on December 31st while the previous year’s net income was $73.7 million or 25 cents per share including a profit of 4 cents per share from tax benefits and other streams.

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