Last month, Scientific Games set out a broad range of actions that it said would preserve jobs and protect its operations during the ongoing pandemic.
These included its workforce having hours and pay reduced, while workers in support roles were furloughed. In addition, its executive leadership has voluntarily reduced its salaries by 50%, with chief executive Barry Cottle going without pay.
“The workforce cost reductions implemented by the company, including hour and pay reductions, furloughs, and reductions in force, are expected to result in more than US$50 million in cost savings in Q2, while capital expenditures in Q2 are expected to be approximately US$50 million lower than previously planned,” said the company.
The company said it believes the borrowings combined with cash on hand would “allow it to take advantage of opportunities to strengthen the business as the industry begins to recover.”
Scientific Games CEO Barry Cottle said: “We continue to reduce our costs so that we can position our Company to be an even stronger competitor as the industry begins to recover. We remain committed to providing our best in class products and services to our customers across lottery, iGaming, sports betting and land-based casinos while innovating for the future. The diversity of our business, serving customers across the industry and around the globe, gives us unique strength in these challenging times.”
Source: GMB
