It has been a busy day for gambling companies and the release of financial results as the revenue details of the first quarter of 2020 are released amid the Covid-19 pandemic.
Without a doubt this is unchartered territory and unprecedented times for many businesses around the world, so the release of January through March 2020’s financials were important for firms: SciPlay, Caesars Entertainment and Scientific Games.
For all three organisations, they have been heavily impacted by the current and ongoing Coronavirus crisis and as expected both revenue and growth are down for two of the corporations.
Both Scientific Games and Caesars Entertainment’s first quarter revenue was down thirteen percent compared with the previous year, whereas SciPlay’s revenue was reported as $118+ million dollars, up four percent on the previous year due to the new growth status of the firm following the break-away from Scientific Games as an independent company.
Scientific Games also reported a net loss of $155 million, compared with $24 million in 2019, whereas Caesar’s net loss was not quite as much at $66 million.
President and Chief Executive Officer of Scientific Games Barry Cottle spoke out about the figures:
“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. I am confident that the measures we are implementing now will allow us to take advantage of opportunities to strengthen our business and prepare us to come out of the crisis even stronger than before. We have a diverse portfolio of assets, products and services, and our previous investments in digital gaming technologies uniquely position us to navigate and ultimately excel, as we emerge from this challenging environment.”
More information and full details, including the report can be viewed on the following link:
CEO of Caesars Entertainment Tony Rodio commented on his firm’s results:
“The public health emergency caused by COVID-19 has created extraordinary challenges and is impacting all aspects of society, including our business. While we posted our best operating performance since 2008 in the first two months of the quarter, circumstances changed dramatically in March as we temporarily shut-down all of our casino properties, consistent with directives from various governmental and tribal bodies. Our first quarter performance reflects the significant revenue declines we experienced as a result of the closures and stable year over year labour costs in March as we continued to provide pay and benefits to our team members for the first two weeks of the closure period.”
To view Caesar’s report click the link below:
and Chief Executive Officer of SciPlay Josh Wilson passed comment on his company’s figures:
“The first quarter represented another solid performance for us, and we saw particular strength late in the quarter as a result of the stay at home measures across much of the United States. We have seen this momentum continue, and delivered record monthly revenue in April. We will continue to provide a fun outlet for our players while the impact of COVID-19 continues to evolve and locations take steps to reopen and relax stay at home measures. As we look ahead, our team is eager to execute our winning strategy, explore new growth opportunities, keep improving our games and drive enhanced results.”
Sciplay also stated that, despite Covid-19, they have been able to achieve strong growth with good cash flow and are in a good position to continue this trend over the coming months.
You can use the link below to read the full report from SciPlay: