Casino equipment, lottery and online games provider Scientific Games Corp reported a $198m net loss for Q2 2020, a significant rise from $75m the same period last year and can be attributed to global lockdown efforts and casino closures. The Group’s revenue was $539m, a 36% drop from $845m the previous year.
Despite the overall losses, iGaming revenue is on the rise with an increase in the US of 135% compared to the previous year. Revenue from SG’s SciPlay stands at $166m, a 41% increase, with AEBITDA rising by 80% to $60m.
The Group stated it reduced net cash outflow to $16m from the predicted $70 to $90m. The reduction was due to better business performance of the Group’s specific segments. Barry Cottle, CEO of Scientific Games, “I’m very proud of how we are navigating the current environment, as evidenced by our strong cost containment and cash management, which allowed us to deliver better than expected cash flow for the quarter.”
The group added it had available liquidity of $943m, including $200m from offered senior notes. “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,” he added.