LAS VEGAS – June 29, 2021 – Scientific Games Company (NASDAQ: SGMS) (“Scientific Games,” “SGC” or the “Business”) declared that the Firm, with the support of its Board of Directors, which includes Govt Chair Jamie Odell and Government Vice Chair Toni Korsanos, intends to divest its Lottery and Athletics Betting firms.
Scientific Game titles is assessing strategic choices to execute the divestitures for every business enterprise, respectively, such as an first general public supplying (“IPO”) or a mixture with a distinctive function acquisition corporation (“SPAC”), or a sale or a strategic mixture with one more enterprise.
Jamie Odell, Executive Chair of Scientific Online games, explained “When I joined the Board in September 2020, I instructed stakeholders that we were being targeted on rapidly de-leveraging the harmony sheet, unlocking the benefit of the Company’s products and solutions and systems and building a versatile, nimble corporation positioned to deliver earlier mentioned-market returns to buyers. Nowadays, we have announced main initiatives aimed at reaching every single of these key aims, recognizing substantial benefit in each of the companies and positioning the Organization for sustainable expansion, all as a outcome of the focused operate of our groups.”
Barry Cottle, President and Main Govt Officer of Scientific Games, said “Today’s announcement displays essential ways to improve our portfolio and bolster our stability sheet by significantly de-levering while also concentrating on investments in our major development alternatives. These steps will speed up our route to turn into a content material-led growth enterprise focused on primary in equally land-based mostly and digital marketplaces. Our corporation will be positioned to create fantastic video games that define the upcoming of gaming, supported by platforms that electricity the greatest operators in the entire world. We believe these measures will enable us to capitalize on the higher development likely of every single of our enterprises, such as their growing digital information offerings and platforms, unlocking value for shareholders, clients, and staff. Every of our businesses will be much better positioned to spouse with their respective clients and to provide long-time period advancement and profitability.”
Mr. Cottle continued, “At the summary of this approach, the new corporation will consist of major Gaming, iGaming and SciPlay organizations, all of which have wonderful momentum and will collectively supply good worth. We will capitalize on the raising convergence of these enterprises, as players appear to engage in their favorite game titles anywhere and whenever they want to play. As the leading cross-platform global activity organization, we are uniquely positioned to take gain of the incredible business changeover that is underway. Given this important opportunity, we are targeting our digital companies to be similar in sizing to the land-primarily based gaming small business in a few decades. I’m assured that, with these ways, we are effectively positioned for upcoming progress potential clients.”
There can be no assurances that Scientific Games’ exploration of alternate options for its Lottery and Sporting activities Betting firms will outcome in any transactions or other actions by the Business. The Organization does not intend to comment on or provide updates regarding these matters until and till it decides that even more disclosure is acceptable or required based on the then-existing specifics and situations.