Multinational slot company International Game Technology on Wednesday became the latest gaming manufacturer to furlough employees as the company deals with the nationwide casino closure due to the coronavirus pandemic.
In a brief statement, IGT said it was taking “responsible actions” as the company deals with the “significant impact on many of IGT’s customers and markets we serve.”
IGT said it was reducing the base salary for “senior leaders” and implementing “short-term furlough programs for certain employee groups.”
The company did not provide any further details or comment on the number of workers impacted by the furloughs.
“Our priority is to protect the health of people,” IGT said in the brief statement. “We are taking specific actions to bring our operations in line with customer and player demand. We will continue to work diligently to support the welfare of our people with a focus on our industry’s short-term sustainability and longer-term success.”
IGT has corporate headquarters in Rome and U.S. headquarters in Nevada and Rhode Island.
Slot providers are also suffering from lost cash flow due to the shutdown of 984 commercial and tribal casinos in the U.S., which has led to a lack of equipment sales and play-on games in which the manufacturers share in the revenues with casinos.
Last week, gaming equipment provider Everi Holdings furloughed an undisclosed number of employees while others took salary cuts. CEO Mike Rumbolz said he would reduce his $750,000 annual salary to zero, and the executive team elected to reduce their salaries by 70%.
On Monday, Scientific Games said it was furloughing an undisclosed number of employees, reducing pay and work hours for others, and slicing the salaries of its executive leadership by 50%. CEO Barry Cottle gave up his entire salary.
IGT shares fell 4.03% Wednesday to close at $5.71. Scientific Games share were down 13.61% to close at $8.38. Everi was down 16.36% to close at $2.76.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
