Thread regarding Scientific Games Corp. layoffs

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Yep. I see it now. Thanks for posting. The wording is slippery as it says the initiative was MOSTLY finished in the 4the quarter of 2016.

I'm interpreting that MOSTLY as the plans are made, but the bloodletting part is remaining. Which will happen in the first half of 2017.

Good luck everyone.

From Q4 report.

BUSINESS IMPROVEMENT INITIATIVE

During the 2016 fourth quarter, the Company initiated and largely completed a global business improvement initiative to create a more efficient and streamlined business organization. The initiative is anticipated to reduce annualized costs by $75 million upon full implementation, primarily by a streamlining of processes, a reduction in global headcount and lower operating costs. During the fourth quarter, cash costs to implement the initiative were $6 million. As a global initiative, certain implementation actions are expected to take place in the first half of 2017, with approximately $16 million of cash costs anticipated to be incurred in the first half of 2017 to complete the remaining actions.

I didn't read any of that in the Q4 report. Can you copy paste the specifics you elude to here?

Redo the math. Company publicly stated that they are looking for 75 million dollar saving. And about 22 million dollars will be spent on this "purge" (2016 4Q report – “During the fourth quarter, cash costs to implement the initiative were $6 million. As a global initiative, certain implementation actions are expected to take place in the first half of 2017, with approximately $16 million of cash costs anticipated to be incurred in the first half of 2017 to complete the remaining actions”). Given the information, next round will be coming soon. A rough estimate is company will totally cut about 1,200 -1,500 people for this global initiative. How many people were let go last November?

WMS may have had a year's revenue in the bank, but had no future after that- zero orders going forward. Bally was riding on the casino industry which is all but dried up. SG's biggest money maker was and is printed tickets - that is still going but is also in decline. If you are still working for this company after all the layoffs, count your lucky stars and be prepared to lose your job in one of the many upcoming RIFs.

When are you engineers going to learn? A large portion of the layoffs were engineers. When engineers learn to wield power these layoff will evaporate.

Unionize.

Companies like SG/WMS cannot exist without engineers. Yet you let them determine your future. When you take the stance that laying off one engineer means all engineers stop working, you take control.

How many times do you need to be taught the lesson that the upper middle class existence of engineers is just as fragile and as much as the factory worker?

Stand up. Together. Unionize.

@4ypg: Lottery development and R&D =joke, Service= bigger Joke, Leadership=biggest joke. Only worse!

Bally was and is not doing fine, they make money based on the developers, period.... the upper Mgt team is a mess and they don't even know how to handle what they have...... One part of bally is good Development and R&D... Service= Joke, Leadership=bigger joke.....

I will say it now like I said when Bally bought SHFL..... AS long as the people making decisions have Bally ties this company will have to constantly have layoffs and will lose money.

The insane thing is that SG bought DEQ in August! On top of the 8 billion plus already in debt. This has to be criminal. American corporate bailout is one thing, but this is a whole different level. How the fukk does anyone approve of these deals?

@raz, given your number the company only has one option - file chapter 11 soon. Then everyone will be sold off.

@paq - The problem isn't Bally, WMS or even SG. The problem is the $8.5 Billion in debt. Even at a 5% interest rate (some of the debt SG is carrying is higher than that) you're looking at over $400 million in interest alone. This company does not have an income stream capable of paying off that much debt, no matter how many people they layoff.

How many people are in Alpharetta? Some 70-80 people is not a big deal. Many senior managers in Alpharetta have been with the company for more than 10 years. Those big bosses have been there around 30 years. They all are dead wood. It is dream to expect them to do cutting edge product and service.

If Bally and WMS are doing fine then the Lottery is the black hole/blood s---er.

@rzf says: "Bally was doing just fine before SG came along"

@ocl says: "And WMS had 0 debt and a least a years revenue in the bank"

Now, if Bally and WMS were doing just fine, where is the problem?

most revenue by far? and losses every time? look into the past 3-4 quarterly reports. too much fat, thus the trim.

And WMS had 0 debt and a least a years revenue in the bank. This whole thing has been a farce.

Bally was doing just fine before SG came along. After the takeover, Bally product continues to bring the most revenue, by far. So I would say that the Bally people deserve to stay on board since they make the most money. As far as the other comments , I generally agree.

Hi ,

Also SG should focus in India, there are high salaried employee who does nothing! but they act like Hitler's!

any idea about India development centers??

true dat