Scientific Games defiant in liquidity position
Gaming giant has reduced monthly costs by more than $100million and is confident it can ride out the Covid-19 storm.
US.- Scientific Games remains defiant in its liquidity position as it battles the impact of the global Coronavirus pandemic.
The global corporation has already made US$100million in quarterly cost savings and has available cash of $680million in its reserves.
SciPlay, in which the company has an 82 per cent interest, also has a strong liquidity position with cash on hand of approximately $130million as of March 31, 2020.
In addition to this, there is no outstanding debt and $150million available under its Revolving Credit Facility.
According to the figures released today, monthly costs were reduced by a combination of capex, workforce and pay reductions, as well as furloughs, from a prior range of between $300million to $330million.
Scientific Games CEO, Barry Cottle, said: “We continue to reduce our costs so that 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.”