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Scientific Games Corporation (NASDAQ: SGMS) reported third quarter 2020 results with revenue of $698 million, down from $855 million YoY, but up from $539 million in Q2. The company faced significant COVID-19 disruptions, resulting in a net loss of $111 million compared to a net income of $18 million in the previous year. However, its Lottery, SciPlay, and Digital segments showed growth, with Digital revenue up nearly 50%. Liquidity remains strong at $1.2 billion. Notably, the company amended its credit agreement, extending the Covenant Relief Period through Q1 2022.
Scientific Games Corporation (NASDAQ: SGMS) will announce its third quarter results on November 4, 2020, after market close. A conference call for analysts and investors will follow at 4:15 p.m. Eastern Time, allowing for Q&A. Participants can pre-register to gain immediate access and bypass the operator. For those unable to pre-register, a dial-in option is available. A live webcast will be accessible on the company's website, with a replay available shortly after. Scientific Games is a leader in technology-based solutions for gaming and lottery industries.
Scientific Games Corporation (NASDAQ: SGMS) has strengthened its partnership with Hard Rock International to deliver OpenSports™ and OpenGaming™ solutions across U.S. regulated markets. This collaboration will see the launch of digital and retail sports betting solutions in Iowa and New Jersey, where Scientific Games will serve as the exclusive sportsbook provider for Hard Rock. Additionally, the OpenGaming solution will enhance the iGaming app offerings in New Jersey. This partnership aims to provide an integrated omni-channel gaming experience, leveraging Scientific Games' advanced technology.
Scientific Games Corporation (NASDAQ: SGMS) congratulates the Oklahoma Lottery on surpassing $1 billion in contributions to the Oklahoma Education Lottery Trust Fund, celebrating its 15th Anniversary. The Oklahoma Lottery, founded in 2005, has partnered with Scientific Games for all its games and technology. Since receiving profit relief in 2017, scratcher game retail sales have surged nearly 200%. Scientific Games provides essential services and systems to support the Lottery's success in maximizing educational funding.
Scientific Games Corporation (NASDAQ: SGMS) has announced the appointment of Tim Throsby to its Board of Directors as an independent director, effective October 1, 2020. Throsby, who previously served as CEO of Barclays Bank Plc, brings significant financial and operational leadership expertise. His track record includes doubling returns on a $20 billion portfolio. The board will now consist of nine directors, with a majority being independent. This move follows a recent acquisition by institutional investors of a 34.9% stake in the company, aimed at enhancing governance.
Scientific Games Corporation (NASDAQ: SGMS) announced the launch of the Turkey National Lottery's new instant ticket retail and digital gaming systems, now operational in over 5,000 retailers, aiming for 10,000 by year's end. This initiative, part of a 10-year concession awarded to a joint venture with Sisal, introduces popular scratch games to Turkey’s 82 million residents. The project follows a successful sports betting launch in August 2019, generating record wagers. The collaboration aims to maximize sales for the Turkish Government while enhancing gaming experiences.
Scientific Games Corporation (NASDAQ: SGMS) has secured a new four-year contract with the Nederlandse Loterij, the Dutch National Lottery, to provide instant scratch cards through its Enhanced Partnership program. This program has previously driven over 28% growth in scratch card sales from 2015 to 2019 and resulted in a 98% increase since 2011. The collaboration aims to continue responsible growth within the lottery, leveraging data analytics for sales optimization.
On Sept. 14, 2020, Scientific Games (NASDAQ: SGMS) announced that institutional investors, including Caledonia, are acquiring a 34.9% stake from MacAndrews & Forbes at $28.00 per share. This move involves significant governance changes, including a new Board of Directors to enhance strategic growth. The refreshed Board includes industry veterans Jamie Odell and Toni Korsanos, expected to drive transformative initiatives and optimize the company’s asset portfolio. The transaction aims to position Scientific Games for future success, capitalizing on the growing digital gaming and sports betting sectors.
Scientific Games (NASDAQ: SGMS) announced an expansion of its partnership with Wynn Resorts to enhance digital sports betting in Colorado and Indiana. Following a successful launch of the Wynn Sports mobile app in New Jersey on July 27, the collaboration will now include the provision of OpenSports™ and OpenPlatform™ systems in the new states. Jordan Levin, Group CEO of Digital for Scientific Games, expressed enthusiasm for the partnership and the opportunity to deliver engaging sports betting and iGaming experiences to players.
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