Scientific Games CEO Barry Cottle is forgoing all of his pay through June 30 as the company works to preserve “as many jobs as possible” while the gaming industry faces economic hardships due to the coronavirus outbreak.
Other executives have volunteered to cut their salaries in half, according to a Monday news release.
“Our industry is facing unprecedented challenges from the widespread impact of the COVID-19 outbreak,” Cottle said in the release. “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.”
Cottle joins a growing list of gaming executives who are forfeiting pay during the pandemic.
Top executives of Wynn Resorts Ltd. are forgoing between 33 percent and 100 percent of their salaries to offset ongoing employee payroll and other expenses; CEO Matt Maddox confirmed he’d give up the remainder of his 2020 salary.
William Hill US CEO Joe Asher said he would donate his salary to a foundation created to assist the more than 600 sportsbook employees who received furlough notices. Asher’s contributions are set to go on until sports resume.
Everi, a small gaming equipment manufacturer, has furloughed employees and cut salaries, and CEO Michael Rumbolz cut his pay to zero.
Scientific Games has instituted a number of other cost-saving measures amid the outbreak, including workforce hour and pay reductions and furloughs for support roles that have seen a decrease in industry work.
The company has created a Hardship Relief Fund that can offer short-term assistance for furloughed employees and their immediate families who face “unexpected and onerous personal, family, or living expenses as a result of the COVID-19 crisis.” Cottle and other senior executives plan to contribute to the fund, according to the statement.
Cottle remained optimistic Scientific Games would emerge from the outbreak “even stronger than before.”
“Thankfully, we came into this year with a very strong liquidity position,” he said. “We have a diverse portfolio of assets, product and services that uniquely position us to weather this crisis.”