• 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 top execs volunteer pay cuts during downturn

Mar 31, 2020 Newsdesk Industry Talk, Latest News, Top of the deck, World  


Sci Games top execs volunteer pay cuts during downturn

Casino equipment and lottery services provider Scientific Games Corp said the group’s chief executive Barry 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 that has hit many service industries including the casino sector.

A press release from the United States-based group announced the move.

Mr Cottle was quoted as saying in the announcement that the group was “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”.

The company noted it was also making a number of cost savings “to ensure stability for team members and protect the operations of the company”.

It added that some of these measures included “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”.

The CEO added Scientific Games benefitted from having “a diverse portfolio of assets, product and services that uniquely position us to weather this crisis”.

He further noted: “Thankfully, we came into this year with a very strong liquidity position, including substantial capacity under our revolver [credit facility], and also refinanced our debt, extended our major maturities and lowered our interest expense.”

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 of debt outstanding, less US$313 million of cash and cash equivalents, it said in its fourth-quarter and full-year results issued in February.


  • tweet
Related articles
  • Macau ops share junket deposit liability: Macau top court
    Macau ops share junket deposit...

    May 16, 2022  

  • GEN Singapore posts US$29mln 1Q profit, up sequentially
    GEN Singapore posts US$29mln 1Q...

    May 12, 2022  

More news
  • Pragmatic Play to offer its slots via online platform bet365
    Pragmatic Play to offer its slots via...

    May 17, 2022  

  • PH Resorts widens 1Q loss, affirms going concern risk
    PH Resorts widens 1Q loss, affirms...

    May 17, 2022  


Latest News

Pragmatic Play to offer its slots via online platform bet365

Pragmatic Play to offer its slots via online platform bet365

May 17, 2022  

The Pragmatic Play brand, a leading content provider to the iGaming industry, says it has signed a deal to launch its complete slot portfolio on the bet365 online wagering platform. As a result,...
Read More
PH Resorts widens 1Q loss, affirms going concern risk

PH Resorts widens 1Q loss, affirms going concern risk

May 17, 2022  

AAEC side files appeal notice on failed lawsuit against LVS

AAEC side files appeal notice on failed lawsuit against LVS

May 17, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


US$14.5 million

First-quarter gaming revenue recorded by the casino at the Jeju Dream Tower resort in South Korea



Most Popular

  • Wynn CEO, Macau execs in base pay cut in return for sharesWynn CEO, Macau execs in base pay cut in return for shares May 17, 2022
  • Macau repeat visitors denied visa by China says BernsteinMacau repeat visitors denied visa by China says Bernstein May 16, 2022
  • Macau GGR tax cut may spur 15pct EBITDA hike: JP MorganMacau GGR tax cut may spur 15pct EBITDA hike: JP Morgan May 16, 2022
  • Macau mulls GGR tax cut if casinos attract foreign playersMacau mulls GGR tax cut if casinos attract foreign players May 13, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us