The last few years have not been so kind, though, as lady luck has moved on to favor rivals WMS (NYSE:WMS) and Bally Technologies (NYSE:BYI). Is IGT a rebound in the making or is it destined to spend its days recounting past glories?
A Quarter Lacking Encouragement
Nothing in the company's fiscal fourth quarter report jumps out as a sign of imminent recovery. Revenue was down 3%, as both the product and gaming segments struggled. Product revenue dropped 1% on a 3% decline in shipments, with international sales growth helping to mitigate the damage of ongoing declines in the North American business. Gaming revenue was down even more (5%), as the installed base dropped 7% and customers migrated to lower-end machines. (For related reading, see Casino Stats: Why Gamblers Rarely Win.)
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