Gaming technology group Scientific Games Corporation reported some US$198 million in losses for the second quarter of this year due to COVID-19 pandemic disruptions in the gaming sector internationally.
The group’s revenue went down 36 per cent year-on-year to US$536 million, as SG’s gaming and lottery revenue was negatively impacted by temporary closures of casino operations globally and a lower level of lottery ticket sales.
Still, the company considered that its Digital and SciPlay sections saw nearly 70 and 80 per cent rise, respectively.
‘The diversity of our businesses and our position on the forefront of digital gaming were critical to allow us to successfully navigate the worst of this environment. We have the right team coupled with the best products across both land-based and mobile gaming to position us for future growth,” President and Chief Executive Officer, Barry Cottle, indicate in the report.
By the quarter-end SG held US$943 million in available liquidy, having completed a private offering of our 2025 Notes and the redemption of the outstanding 2021 Notes, and increasing its total liquidity by US$200 million.
“Streamlining our cost structure and focusing on operating efficiencies to drive free cash flow generation and de-lever our balance sheet is our top priority,’ indicated the group’s Chief Financial Officer, Michael Eklund.
SG recently announced the launch of new contactless gaming technology developed to assist casino operators in dealing with the pandemic.