IGT reports revenue, earnings down in first quarter

Slot machine giant IGT - International Game Technology said Tuesday revenue and earnings fell in the first quarter despite double-digit increases from the company's social gaming business.

IGT, which is in the process of being acquired by lottery provider GTECH Corporation in a $6.4 billion transaction, said its net income of $35 million in the quarter that ended Dec. 31 was a 56 percent decline from a year ago. Earnings per share of 14 cents was a 55 percent decline.

In the quarter, overall revenue was $450.6 million, a 17 percent decrease.

IGT CEO Patti Hart said in a statement that "market challenges remain in the land-based casino business."

However, IGT's interactive gaming business — primarily through its Double Down Casino product — grew revenue 23 percent to $91.5 million in the quarter. The average daily users on Double Down Casino, primarily played through Facebook, increased 11 percent.

GTECH and IGT hope to complete the merger by April.