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Scientific Games, now to be known as Light & Wonder, is undergoing a transformative rebranding to align with its strategy as a cross-platform global game company. The company plans to de-leverage significantly, targeting a net debt leverage ratio of 2.5x to 3.5x. Following the anticipated $5 billion lottery divestiture closing in March and a sports betting divestiture in Q2, a $750 million share repurchase program has been authorized. For 2021, the company reported a 21% revenue increase to $580 million in Q4 and a 27% full-year growth to $2.153 billion.
Scientific Games Corporation (NASDAQ: SGMS) announced its plans to release a business strategy update and financial results for Q4 and full year ended
Scientific Games Corporation (NASDAQ: SGMS) has launched extensive retail and digital sports betting operations in Azerbaijan through a 10-year agreement with Azerlotereya. This initiative marks the expansion of their global sports betting leadership and enhances their partnership with Demirören, the lottery operator. The national lottery, which has a population base of 10 million, began sports betting in January with a modern solution aimed at delivering strong results for the Azerbaijani government. The company continues to provide services across several international markets, including Turkey and Canada.
Scientific Games Corporation (NASDAQ: SGMS) has received the World Lottery Association's Responsible Gaming Framework Certificate of Alignment, highlighting its commitment to responsible lottery practices across its global operations. The certification acknowledges the effectiveness of its Healthy Play program, aimed at promoting responsible gaming through education and resources. The independent audit reflects the company's dedication to improving responsible gaming practices, ensuring a safer gaming environment across both retail and digital platforms.
OpenBet, a leading player in sports betting, has appointed Florian Diederichsen as Chief Technology Officer and Jessica Feil as VP of Regulatory Affairs and Compliance. Diederichsen brings extensive experience from DAZN, where he led their OTT sports service development. Feil, formerly with the American Gaming Association, will support OpenBet's global expansion. These strategic hires aim to enhance OpenBet's competitive edge and accelerate innovation in sports betting entertainment. CEO Jordan Levin highlighted the ambition to deliver advanced services to operators and bettors worldwide.
Scientific Games (SGMS) has withdrawn its all-stock offer to acquire the remaining 19% equity interest in SciPlay. The decision aligns with the company's disciplined capital management approach, as stated by CEO Barry Cottle. Despite this, Scientific Games retains 81% economic and 98% voting interest in SciPlay, highlighting its strategic importance. The company recently announced sales of its Lottery and Sports Betting units for approximately $7 billion, aimed at reducing debt and focusing on core business growth, targeting digital M&A. Strong future strategies are emphasized for shareholder value.
Scientific Games Corporation (NASDAQ: SGMS) has partnered with the Western Canada Lottery Corporation (WCLC) to launch innovative sports lottery offerings, including single game sports betting. This initiative features real-time odds and various betting options under the SPORT SELECT brand, with a $100 wager limit. The new functionalities are integrated into WCLC's central gaming system, enhancing the player experience. The collaboration aims to modernize sports betting in Western Canada and support WCLC's strategic goals while generating proceeds for provincial partners.
Scientific Games (NASDAQ: SGMS) has acquired ELK Studios, enhancing its iGaming content and production capabilities. The Stockholm-based developer is known for its innovative games such as Wild Toro II. This acquisition aligns with Scientific Games' strategy to expand its digital presence in North America, leveraging ELK's successful titles within its OpenGaming ecosystem. CEO Barry Cottle emphasized the synergies between both companies, which aim to deliver engaging gaming experiences across the U.S. and Canada, while ELK will retain its operational independence.
Scientific Games (NASDAQ: SGMS) reported strong third-quarter results for the period ended September 30, 2021, with consolidated revenue of $539 million, up 25% from the prior year. The company successfully sold its Lottery and Sports Betting businesses for $7 billion, significantly improving its balance sheet. Net income from continuing operations was $100 million, contrasting with a loss of $187 million in the previous year. Cash flow from operations reached $89 million, indicating robust operational growth. The net debt leverage ratio decreased to 6.6x, down from 10.5x at the start of the year.
Scientific Games (NASDAQ: SGMS) has acquired Authentic Gaming, a leader in live casino solutions, marking its entry into the Live Casino market. This acquisition enhances Scientific Games' product portfolio and aligns with its strategy to become a leading global game company, focusing on growth in the U.S. iGaming market. The Live Casino sector constitutes around 30% of the iGaming market, and the acquisition will bolster in-house development capabilities while expanding Authentic's offerings in the U.S. with new studios, enhancing player experiences.
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