Scientific Games to cut spending by $100m in Q2

15 April 2020

Scientific Games has said it expects to save more than $100m (£80.0m/€91.5m) from cost-saving measures it has rolled out to help reduce the impact of the novel coronavirus (Covid-19) on the business.

Last month, Scientific Games set out a broad range of actions that it said would preserve jobs and protect its operations during the ongoing pandemic.

These included its workforce having hours and pay reduced, while workers in support roles were furloughed. In addition, its executive leadership has voluntarily reduced its salaries by 50%, with chief executive Barry Cottle going without pay.

Such has been the impact of the measures that Scientific Games said it has cut more than $100m in costs for the second quarter. Workforce cost reductions are expected to result in savings of more than $50m, while capital expenditure in Q2 is set to be approximately $50m lower than budgeted.

Read the full story on iGB North America.