Coronavirus: Inspired Entertainment suffers $24.9m in unforeseen costs
Inspired Entertainment has provided a business update regarding COVID-19 and the company’s global operations.
All physical locations have been placed under a temporary lockdown, to maintain the health and safety of its employees and company’s customers.
Due to the closure of land-based facilities, the company has suffered a dent in its revenue stream.
Indeed, Inspired Entertainment has suffered a loss of $24.9 million since the middle of this month due to various unforeseen costs. Additionally, Inspired Entertainment placed a 70% reduction on its payroll expenses.
Executive Chairman Lorne Weil said: “Alongside our concern for the well-being of our employees, our priority is to steadfastly strengthen our financial flexibility, prioritize investments, and reduce our expenditures in this time of uncertainty.”
Weil stated that the company focuses on preserving its business while complying with government regulations. He also commented that virtual sports and gaming are seeing an increase in demand, and the company’s aim is to accommodate that need.
Weil added: “We continue to monitor developments on a real-time basis and are focused on responding to the needs of both our customers and our employees. Our hearts go out to all who have been impacted by this global pandemic.”
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