Slot machine maker International Game Technology experienced a 20 percent drop in profits this quarter, due to a trend by which casinos are less willing to replace slot machines. IGT predicted that the reduced demand would probably carry on until the end of the present fiscal year and even flow over into the next one. This can be attributed to the fact that permits for slots gambling in new jurisdictions, such as Pennsylvania and Britain, is being stalled.
IGT stated that the profits of its fiscal second quarter were recorded as 93.9$, or 26 cents a share, down from 116.9$ million, or 32 cents a share in the previous year. Reuters Estimates inform that the results did not meet the average analyst estimate of 31 cents a share. Nonetheless, Chief Executive TJ Matthews was quoted as saying that IGT is certain to preserve its baseline quarterly profit of 30 cents per share, but can not predict when the earnings will start increasing once again.
