• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Sci Games says strong liquidity helps it face Covid-19

Apr 15, 2020 Newsdesk Industry Talk, Latest News, Top of the deck  


Sci Games says strong liquidity helps it face Covid-19

Casino equipment and lottery services provider Scientific Games Corp says the firm “has a strong liquidity position”, boosted by additional borrowing and the introduction of cost-saving measures that will help it as the gaming sector “begins to recover”. The statement comes amid the challenging business environment resulting from the global Covid-19 crisis that has hit many service industries including the casino sector.

The firm said in a press release that it already had drawn approximately US$480 million under its revolving credit facilities to give it “maximum flexibility during these difficult times”. The company said that the proceeds from these borrowings, when combined with cash on hand – which was approximately US$200 million as of March 31, 2020 – would allow it “to take advantage of opportunities to strengthen the business as the industry begins to recover.”

The group’s net debt for the 12 months to December 31 was US$8.6 billion, consisting of US$8.9 billion in face value regarding debt outstanding, less US$313 million of cash and cash equivalents, it said in its fourth-quarter and full-year results issued in February.

In its latest statement, Scientific Games added that its social gaming arm, SciPlay Corp, also had a “strong liquidity position” with cash on hand of approximately US$130 million as of March 31 and no outstanding debt. Scientific Games has an 82-percent stake in the firm.

Scientific Games said in its Tuesday release it estimated that “operational and capital cost-saving measures it has already implemented, together with additional measures now being implemented, will reduce its quarterly costs in the second quarter by over US$100 million”.

The firm stated that the workforce cost reductions implemented by the company – including “hour and pay reductions, furloughs, and reductions in force” – were expected to result in more than US$50 million in cost savings in the second quarter. Capital expenditures in the second quarter were now “expected to be approximately US$50 million lower than previously planned”, it added.

Scientific Games said the firm now anticipated full-2020 capital expenditures to be in the range of US$210 million to US$240 million, as compared to the previously-forecast US$300 million to US$330 million.

“The company plans additional cost saving initiatives, including reductions in other operating expenses, that will lead to further potential savings,” said the firm.

The press release quoted the chief executive of Scientific Games, Barry Cottle, as saying: “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.”

He added: “The diversity of our business, serving customers across the industry and around the globe, gives us unique strength in these challenging times.”

Scientific Games said in late March that Mr Cottle had “volunteered a 100-percent reduction” in base salary while the executive leadership team had committed itself to a “voluntary 50 percent salary reduction,” amid the global Covid-19 crisis.


  • tweet
Related articles
  • Wynn Resorts in US$600mln debt-refinancing exercise
    Wynn Resorts in US$600mln...

    Feb 10, 2023  

  • ‘Stunt Stars’ new slot game from Lightning Box
    ‘Stunt Stars’ new slot game from...

    Jan 05, 2023  

More news
  • Macau March GGR up 247pct y-o-y, to US$1.6bln: govt
    Macau March GGR up 247pct y-o-y, to...

    Apr 01, 2023  

  • Some Macau hotels say no rooms vacant 3 days of Easter
    Some Macau hotels say no rooms vacant 3...

    Mar 31, 2023  


Latest News

Macau March GGR up 247pct y-o-y, to US$1.6bln: govt

Macau March GGR up 247pct y-o-y, to US$1.6bln: govt

Apr 01, 2023  

Macau’s casino gross gaming revenue (GGR) was up 246.9 percent year-on-year in March, to just under MOP12.74 billion (US$1.58 billion). The March tally was up 23.4 percent month-on-month,...
Read More
Some Macau hotels say no rooms vacant 3 days of Easter

Some Macau hotels say no rooms vacant 3 days of Easter

Mar 31, 2023  

Macau 2023 GGR at 45pct of pre-Covid level: Moody’s

Macau 2023 GGR at 45pct of pre-Covid level: Moody’s

Mar 31, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”Efforts have pivoted to the construction of the hotel tower, with plans to launch a soft opening before the end of 2024 and a grand opening in 2025”

Casino investor LET Group

On the development of a casino hotel in Manila, the Philippine capital



Most Popular

  • Some Macau hotels say no rooms vacant 3 days of EasterSome Macau hotels say no rooms vacant 3 days of Easter March 31, 2023
  • Macau 2023 GGR at 45pct of pre-Covid level: Moody’sMacau 2023 GGR at 45pct of pre-Covid level: Moody’s March 31, 2023
  • Macau March GGR up 247pct y-o-y, to US$1.6bln: govtMacau March GGR up 247pct y-o-y, to US$1.6bln: govt April 1, 2023
  • LET Group narrows year loss, Manila site open end 2024LET Group narrows year loss, Manila site open end 2024 March 31, 2023
  • Japan govt delays IR decision due to local elections: reportJapan govt delays IR decision due to local elections: report March 30, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us