Everi reports loss for 2020

Everi provides slot machines, financial equipment and services to casinos.
Everi provides slot machines, financial equipment and services to casinos.

Everi has reported a loss for 2020, but company began to see an upturn fro the third-quarter.

US.- Everi Holdings, a slot machines and financial equipment and services provider, has reported losses of $5.4m for 2020 due to the effect of the Covid-19 pandemic.

The company reported a 28.8 per cent decline in revenue to $383.7m. Expenses also declined by 11.6 per cent but still exceeded revenue at $389.1m.

The $5.4m loss was a stark contrast to the $94m profit the company made in 2019.

Everi chief executive Michael Rumbolz said: “Throughout 2020, we met every challenge, demonstrating Everi’s dedication and unwavering commitment to provide our customers and their patrons with exceptional products and services. I could not be prouder of the entire Everi Team,”

Despite the loss, the company began to see some recovery in the third quarter. It reported that revenue for the three months up until 30 September 2020 reached $112.1m, up significantly from the $38.7m it generated at the height of the pandemic’s impact in the second quarter.

Recovery continued into the fourth quarter when the business saw revenue of $119.6m, a 17.7 per cent decline from the same quarter in 2019.

Rumbolz said: “The quarterly sequential increase in revenues, net income and Adjusted EBITDA achieved in the fourth quarter reflects the strength and balance of our businesses, in particular our significant percentage of higher-margin recurring revenues, and our track record of consistent operating execution,” 

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