Scientific Games: strong liquidity will help fight impact of COVID-19

The company announced Tuesday it cut more than $100 million in quarterly costs.

Scientific Games Corp., a world leader providing casino equipment and lottery services, has drawn $480 million under its Revolving Credit Facilities to maximize flexibility during the Coronavirus outbreak. The company’s 82% interest in SciPlay, which has $130 million available in cash, will allow business strengthening opportunities as the industry mounts a recovery. 

The company’s capital expenditure in Q2 is expected to be $50 million lower than originally planned, “For 2020 as a whole, the company now anticipated that capital expenditures will be in the range of $210-240 million compared to the $300-330 million estimate set forth in the release accompanying our 2019 10-K,” said Scientific Games in a press release on Tuesday. 

Scientific Games had previously announced furloughs, reduction in its workforce, as well as cutting the salaries of its executives by 50% in efforts to mitigate the financial damages caused by the current pandemic. “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,” said Scientific Games CEO, Barry Cottle, who has given up his salary for the entire year. “The diversity of our business, serving customers across the industry and around the globe, gives us unique strength in these challenging times.” 

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