Scientific Games Chief Executive Officer, Barry Cottle, is to take a 100% reduction in his salary, with Cottle volunteering to do so himself, as the casino game developers announce details of actions the company are taking as a result of the ongoing Covid-19 pandemic.
Speaking about the plan of action that Scientific Games are taking, 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.”
In addition to the above, the Executive Leadership team at Scientific Games have also agreed to a 50% reduction in their salaries.
