Stock is tanking and they are cutting talent
2 replies (most recent on top)
"Scientific Games shares have performed even worse. They’ve shed over 41% in the past 12-months as its acquisitions of Bally Technologies and WMS Industries caused losses to balloon and debts to mount. Scientific Games’s debts stood at $8.4 billion as of the third quarter. But last quarter, it posted a $588 million operating loss on sales of $671 million. Those losses included a $535 million non-cash goodwill impairment from Scientific Games’s 2014 acquisition of Bally Technologies and its 2013 purchase of WMS."
Okay mates, what this means is this: they must cut losses. The easiest fastest way to do so is to cut employee costs. The London Tower billionaire simply won't stand for any more non-sense from the hand wringers in the boardroom.
SciGames was nearly $15 (U.S.) before they bought Bally and WMS, and now look at them. Let the numbers speak for themselves. The big fish bit off more than it could chew and now it has indigestion. That means it must 'spit it out' to survive.