Aristocrat Leisure came in under Jefferies Equity Research expectations for first-quarter cash flow by six percent. Analyst Kai Erman partly blamed $15 million in legal costs in a May 13 investor note.
Erman called U.S. volume growth “encouraging,” as Aristocrat predicted a strong second half of 2025 for the company.
During the quarter, Aristocrat made a net installment of 2,500 slot machines in the United States, a gain somewhat undone by lower daily fees of $52.73 per device. The company predicted a reversal of this, along with stronger performance driven by the Baron Portrait cabinet.
With the expansion of historical horse racing machines in Alabama, coin-operated amusement devices in Georgia, and video lottery terminals in Quebec, Aristocrat expanded its presence in adjacent markets by 31 percent.
Erman’s ability to interpret the results was clouded, he said, by Aristocrat’s divestiture of Plarium, but he said social-casino game Product Madness was outperforming his estimates. In general, interactive-gaming results were said to be in line with estimates and five percent about cash-flow projections. Aristocrat also “notes it is well positioned for a range of tariff scenarios inline with our expectations.”
