• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 4 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Scientific Games boss foregoes pay as COVID-19 cost-saving measures take hold

Newsdesk by Newsdesk
Tue 31 Mar 2020 at 06:37
Gaming opportunities down but Scientific Games holds steady in 2Q19 on growth in international, online segments
23
SHARES
579
VIEWS
Print Friendly, PDF & Email

Global gaming product developer Scientific Games has outlined a series of cost-saving measures aimed at ensuring the company can navigate the coronavirus pandemic, including a 100% reduction in pay for CEO Barry Cottle and 50% reduction for the rest of the executive leadership team.

Scientific Games has been one of the hardest hit major industry suppliers in recent months, with its share price plummeting by more than 85% from US$30.24 on 12 February to a low of US$3.96 on 18 March. It currently sits at US$8.89 as of Nasdaq close.

“The Company is instituting a number of cost-savings measures to ensure stability for team members and protect the operations of the Company,” the company said in an update on its COVID-19 response.

“Some of these measures include workforce hour and pay reductions to preserve as many jobs as possible and furloughs for those support roles that have seen a decrease in industry work.”

Scientific Games is also establishing a Hardship Relief Fund to support employees impacted by temporary furloughs, with Cottle and other executives said to have made contributions to the fund.

“Like many others, our industry is facing unprecedented challenges from the widespread impact of the COVID-19 outbreak,” the CEO 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.

“Thankfully, we came into this year with a very strong liquidity position, including substantial capacity under our revolver, and also refinanced our debt, extended our major maturities and lowered our interest expense. We have a diverse portfolio of assets, product and services that uniquely position us to weather this crisis.

“We are taking a variety of actions to help ensure that we meet the demands of this outbreak and are ready when the industry begins to recover. I am confident that the measures we are taking now will prepare us to come out of the crisis even stronger than before. And, I have never been prouder to lead a team where everyone is stepping up to help each other, our partners and our Company.”

RelatedPosts

Genting’s KT Lim moving to take New York’s Resorts World Catskills private

Genting Malaysia completes full acquisition of troubled US entity Empire Resorts

Wed 4 Jun 2025 at 04:53
Less than one month remaining to MGS Summit 2022

Macau GGR sets new post-COVID high of MOP$21.2 billion in May

Sun 1 Jun 2025 at 12:53
Vietnam asks PM to grant approval for US$2 billion Van Don casino development in Quang Ninh province

Vietnam asks PM to grant approval for US$2 billion Van Don casino development in Quang Ninh province

Sun 1 Jun 2025 at 11:26
Resorts World Las Vegas – Lighting up the north

Genting’s RWLV to “re-establish VIP play” after settling regulatory complaint as analysts warn of need to recalibrate “risk appetite”

Sun 1 Jun 2025 at 09:56
Load More
Tags: Barry CottlecasinoCoronaviruscovid-19Hardship Relief FundNorth AmericaScientific Gamesslot machinestable games
Share9Share2
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Genting’s KT Lim moving to take New York’s Resorts World Catskills private

Genting Malaysia completes full acquisition of troubled US entity Empire Resorts

by Newsdesk
Wed 4 Jun 2025 at 04:53

Genting Malaysia said via a Tuesday filing that it has now completed the acquisition of the 51% interest in New York entity Empire Resorts Limited that it didn’t already own from the family trust of Genting Group patriarch Lim Kok...

A who’s who of Thai society to join major local media contingent for TECR 

A who’s who of Thai society to join major local media contingent for TECR 

by Ben Blaschke
Tue 3 Jun 2025 at 18:55

The Thai Entertainment Complex Roundtable (TECR), taking place this Thursday 5 June at Grand Hyatt Erawan Bangkok, will see a very select audience of around 50 invited guests as well as leading local mainstream media in attendance.  This unique event...

Victory against all odds: How Paris Saint-Germain won the UEFA Champions League for the first time

Victory against all odds: How Paris Saint-Germain won the UEFA Champions League for the first time

by Newsdesk
Tue 3 Jun 2025 at 17:30

CLIENT PROMOTION For years, world-class footballers have been the face of Paris Saint-Germain (PSG). Stars like Zlatan Ibrahimović, Neymar, Messi and Kylian Mbappé thrilled fans with dazzling performances and consistent triumphs in Ligue 1. The squad’s lineup of star newcomers...

FBM Philippines closes the first semester of 2025 with exciting Champion sa Panalo Ngayong Hunyo promotion

FBM Philippines closes the first semester of 2025 with exciting Champion sa Panalo Ngayong Hunyo promotion

by Newsdesk
Tue 3 Jun 2025 at 17:26

CLIENT PROMOTION FBM Champion sa Panalo Ngayong Hunyo is set to close the first semester in the Philippines with exciting thrills and prizes. Organized by the global gaming brand, this campaign runs from 4 to 28 June across more than...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English