Scientific Games Q3 Hit By Land Based Business
US based gaming supplier Scientific Games has posted their third quarter results showing a 18.4% decline in revenues compared to the same period in 2019. The gaming firm showed increases in revenues for its lottery, digital and social gaming arm SciPlay but the land based division of the company suffered major declines because of the impact of the COVID-19 pandemic on the company and its customers.
Total revenues for the three months of the quarter ending 30th September stood at to $698m, it was a rise from the second quarter results by some 29.5% but the land based division suffered a fall of 49.1% to $231 million hitting the companies revenues badly.
Barry Cottle, President and Chief Executive Officer of Scientific Games, said, “As a result of our team’s focus on our strategy, our diverse portfolio and our commitment to cost management, we delivered strong cash flow in the third quarter. I really am excited around all the great games, products and solutions we have to help our partners navigate the current environment and provide innovative solutions for the future. I’d also like to welcome the proven industry leaders to our board who will augment our focus on de-levering our balance sheet and will help the company prudently and thoughtfully shape our corporate strategy.”
Michael Eklund, Executive Vice President, Chief Financial Officer of Scientific Games, added, “The team did a great job driving cash flow improvements this quarter, and we will continue to diligently evaluate additional opportunities to increase cash flow and de-lever. Looking ahead, our team will remain highly focused on driving operational efficiencies, further bolstering our liquidity and strengthening our balance sheet. My overarching focus is to improve the balance sheet through operational and business process improvements.”
The companies full report on Quarter 3 can be seen here
