LAS VEGAS, March 30, 2020 /PRNewswire/ -- Scientific
Games Corporation (NASDAQ: SGMS) ("Scientific Games" or the
"Company") is taking essential actions to respond to
the global COVID-19 crisis.
Scientific Games CEO Barry Cottle
said: "Like many others, our industry is facing unprecedented
challenges from the widespread impact of the COVID-19 outbreak. 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."
The Company is instituting a number of cost-savings measures to
ensure stability for team members and protect the operations of the
Company. 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.
During this challenging time, the executive leadership team has
committed to a voluntary 50% salary reduction while Chief
Executive Officer Barry Cottle has
volunteered a 100% reduction in pay.
We recognize that the temporary furloughs that are made
necessary by the impact of COVID-19 on our Company create
substantial hardship for the furloughed employees and their
families. We are establishing a Hardship Relief Fund to
provide short-term assistance to those employees and their
immediate families who incur unexpected and onerous personal,
family, or living expenses as a result of the COVID-19
crisis. The Company, Barry
Cottle and several other senior executives will be making
contributions to the fund.
Scientific Games is committed to supporting our customers in
this crisis by continuing to provide quality, secure products and
services to partners across lottery, iGaming, sports betting and
land-based casinos. In addition, SciPlay continues to publish
free-to-play apps for players to enjoy.
Scientific Games leadership will continue to evaluate this
rapidly-evolving situation and assess the duration of cost-savings
measures based on the continuing impact of COVID-19.
© 2020 Scientific Games Corporation. All rights reserved.
About Scientific Games
Scientific Games Corporation (NASDAQ: SGMS) is a world leader in
entertainment offering dynamic games, systems and services for
casino, lottery, social gaming, online gaming and sports betting.
Scientific Games offers the gaming industry's broadest and most
integrated portfolio of game content, advanced systems,
cutting-edge platforms and professional services. Committed to
responsible gaming, Scientific Games delivers what customers and
players value most: trusted security, engaging entertainment
content, operating efficiencies and innovative technology. For more
information, please visit scientificgames.com.
Media Inquiries:
Media@scientificgames.com
Forward-Looking Statements
In this press release, Scientific Games makes "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be
identified by words such as "will," "may," and "should." These
statements are based upon management's current expectations,
assumptions and estimates and are not guarantees of timing, future
results or performance. Therefore, you should not rely on any of
these forward-looking statements as predictions of future events.
Actual results may differ materially from those contemplated in
these statements due to a variety of risks, uncertainties and other
factors, including those factors described in our filings with the
Securities and Exchange Commission (the "SEC"), including
Scientific Games' current reports on Form 8-K, quarterly reports on
Form 10-Q and its latest annual report on Form 10-K filed with the
SEC on February 18, 2020 (including
under the headings "Forward-Looking Statements" and "Risk
Factors"). Forward-looking statements speak only as of the date
they are made and, except for Scientific Games' ongoing obligations
under the U.S. federal securities laws, Scientific Games undertakes
no obligation to publicly update any forward-looking statements
whether as a result of new information, future events or
otherwise.
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SOURCE Scientific Games Corporation