SGMS - SGMS STOCK NEWS

Light & Wonder, Inc. (formerly Scientific Games Corporation) will commence trading on NASDAQ under the new ticker symbol LNW on April 29, 2022. This change follows the company's rebranding after selling its Lottery business. The new name reflects its strategic vision to lead in cross-platform gaming, enhancing player experience across various platforms. Shareholders do not need to take any action regarding this ticker change, as their shares will automatically continue trading under LNW.

Scientific Games Corporation, now known as Light & Wonder (NASDAQ: SGMS), will showcase its innovative gaming products at the Indian Gaming Tradeshow and Convention on April 21-22. The company aims to enhance player experience with dynamic cross-platform content, featuring popular franchises like Coin Combo™ and Gold Fish Feeding Time™. Light & Wonder will also present new hardware, systems, and iGaming features, including the first wide area progressive in North America. The event provides a platform for the company to engage with partners and showcase its game experiences.

Scientific Games Corporation, operating as Light & Wonder, has launched a new slot game titled Stargate Megaways, inspired by MGM's iconic sci-fi franchise. This 6-reel game features innovative mechanics, including a unique winning trail and various modifiers that enhance gameplay. Light & Wonder's VP, Rob Procter, emphasizes this as a flagship release, aimed at solidifying their position in the gaming industry. The Stargate franchise boasts significant cultural impact, with extensive media history and over 56 million DVD sales, promising to attract a diverse audience.

Scientific Games Corporation, trading as Light & Wonder (NASDAQ: SGMS), will release its Q1 financial results for the period ending March 31, 2022 on May 10, 2022, after market close.

The Company will host an investor conference call at 4:30 p.m. ET on the same day to discuss the results. Participants can pre-register to bypass the operator, and a live webcast will be available on the Company's website. A replay will be accessible after the call until May 17, 2022.

Light & Wonder (NASDAQ: SGMS) achieved a significant milestone by reducing its outstanding debt from $8.8 billion to $4.0 billion, lowering the adjusted net debt leverage ratio from 6.2x to 3.9x. This restructuring is expected to save approximately $225 million annually in cash interest. The company's strategic shift includes retiring a $4.0 billion term loan and redeeming $3.0 billion in notes, bolstered by proceeds from the sale of its Lottery Business and a new $2.2 billion term loan. These actions enhance financial flexibility for future growth and shareholder returns.

Light & Wonder (NASDAQ: SGMS) has extended its partnership with Entain (LSE: ENT) until 2030, enhancing their collaboration in the sports betting and gaming sector. The deal, originally established in 2018, allows Light & Wonder to supply over 10,000 gaming terminals to Entain's retail locations, including Coral and Ladbrokes. The extension affirms the strength of their long-standing relationship and includes access to a vast library of over 3,000 game titles. Both companies aim to leverage their combined expertise for growth and innovation in the gaming industry.

Scientific Games Corporation, operating as Light & Wonder, has expanded its iGaming presence in Ontario, Canada by launching its OpenGaming™ platform. This platform features over 3,500 games from various renowned game studios, meeting the strict compliance standards set by the Alcohol and Gaming Commission of Ontario. The launch follows the province's regulated online gaming market opening on April 4, 2022. Light & Wonder aims to establish a leading position in Ontario's iGaming market, enhancing gaming experiences for players with accessible, safe gaming options.

Scientific Games Corporation, now known as Light & Wonder (NASDAQ: SGMS), completed the divestiture of its Lottery Business to Brookfield Business Partners for $5.8 billion in gross proceeds and $5.0 billion net after-tax. This strategic sale substantially reduces the company's debt, targeting a net debt leverage ratio between 2.5x and 3.5x. Post-sale, adjusted net debt will decrease to approximately $3.2 billion. The company also initiated a $750 million share repurchase program, showcasing its commitment to enhancing shareholder value while focusing on growth opportunities.

Scientific Games Corporation, now rebranded as Light & Wonder, Inc., aims to establish itself as a leading cross-platform global game company. This new identity, resulting from a year-long strategic process, reflects the company's commitment to enhancing player experiences across various platforms. The transformation includes divestitures of non-core businesses, focusing on delivering great game franchises in both real money and free-to-play markets. The company will operate under the Light & Wonder name until a legal name change is finalized in Spring 2022, after which it plans to trade under the ticker LNW.