Gaming industry supplier Scientific Games reported on Thursday its financial results for the quarter ending June 30, noting that the firm suffered a US$198 million net loss in the period.
Total revenues for the quarter amounted to US$539 million.
The statement explained, “the company’s gaming and lottery revenue was negatively impacted by the Covid-19 disruptions that resulted in temporary closures of casino operations globally and a lower level of lottery ticket sales.”
Available liquidity at quarter-end was US$943 million.
President and Chief Executive Officer Barry Cottle said, “I am 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.
He added, “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.”
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.