Scientific Games Q1 revenue drops 13%
Scientific Games reported a first quarter revenue loss of 13% to $725m.
The Las Vegas gaming company was disrupted by COVID-19 related casino closures.
Consolidated adjusted EBITDA fell 39% to $200m, while net loss was $155m.
Barry Cottie, CEO of Scientific Games, said: “We are working around the clock to take care of our employees, customers, shareholders and other key stakeholders in these difficult times, while providing uninterrupted products and services to those customers who continue to operate.
“I am confident that the measures we are implementing now will allow us to take advantage of opportunities to strengthen our business and prepare us to come out of the crisis even stronger than before.”
The company reported $967m of liquidity as of March 31.
“We have made swift and meaningful reductions to our cost structure in response to the current environment,” said CFO Michael Quartieri. “We believe these changes in conjunction with our available liquidity provide us the tools to withstand the impact from COVID-19.”
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