Tag Archives: Barry Cottle

Light & Wonder outlines hard targets for new 2025 vision  

Light & Wonder Inc, the new corporate identity of a transformed Scientific Games Corporation (SGC), has outlined to investors its objective of achieving a $1.4 billion EBITDA target by 2025. The 2025 earnings target declared to investors will require Light & Wonder to match a compound annual growth rate (CAGR) of 15%. The Nasdaq technology group, which during Q1 trading …

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Light & Wonder offloads SGC lottery unit to Brookfield Partners for $5.8bn

Newly established, Light & Wonder the new business entity of Scientific Games Corporation (SGC) has accomplished a major corporate objective by completing the sale of its global lottery unit to private investment fund Brookfield Business Partners for $5.8 billion. Terms on a deal have been finalised, following negotiations between Light & Wonder and Brookfield Partners that began in October 2021. …

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Scientific Games rebrands to ‘Light & Wonder’ following 2021 transformation

Scientific Games Corporation (SGC) has confirmed that it will rebrand its business identity to ‘Light & Wonder’ – to reflect its transformation into a ‘cross-platform’ games supplier for the global gambling sector.  The rebrand was announced as the headline of Scientific Games declaring its full-year 2021 results, in which the Nasdaq gambling technology group achieved a 27% increase in consolidated …

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Scientific Games confirms $6bn cash sale of lottery division

Scientific Games Corporation (SGC) has announced this morning that it will sell its SG Lottery unit to Brookfield Business Partners and its institutional partners for a total sum of $6.05 billion.  The consideration will consist of $5.825 billion in cash and an earn-out of up to $225 million dependent on the achievement of specified EBITDA targets in 2022 and 2023. …

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Hollywood giant Endeavor joins US wagering ranks acquiring Openbet for $1.2bn

Scientific Games Corporation has confirmed that its Openbet subsidiary will be sold to Hollywood based sports and entertainment group Endeavor Holdings for a total consideration of $1.2 billion (€1.05bn). Reaching definitive terms, Endeavor – the investment fund of US entertainment moguls Ariel Emanuel (CEO) and Patrick Whitesell (Chairman) – will pay $1 billion cash and $200 million in Endeavor NYSE …

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Scientific Games returns to profitable trading as unit sell-off looms 

Scientific Games Corporation (SGC) pointed to positive group-wide commercial gains, as the firm accelerates plans to divest the technology group’s lottery and sports betting units disclosed during the quarter.    Publishing its Q2 trading results, SGC registered consolidated group revenues of $880 million, up 63% on corresponding Q2 2019 results of $539 million. Period growth was primarily attributed to the …

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Scientific Games seeks to shed lottery & sports betting weight

The board of Scientific Games Corporation (SGC) has this afternoon disclosed that it will pursue a ‘strategic divestment’ of the technology group’s lottery and sports betting units. The decision is reported to be supported unanimously by the SGC board, including Executive Chairman Jamie Odell and Executive Vice Chair Toni Korsanos. Issuing a short statement, SGC detailed that decisive steps needed …

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Scientific Games posts stable Q1 opening to overcome Gaming unit headwinds

Scientific Games Corporation (SGC) has reported a stable corporate trading and performance in the first quarter of 2021 as COVID-19 pandemic headwinds continue to impact its business lines. Publishing its Q1 trading update, SGC registered a 1% increase in group revenues to $729 million (Q12020: $725m) in line with Nasdaq firm’s trading objectives.  The group’s SciPlay brand and Lottery division …

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Scientific Games reviews ASX options to trim debt 

Scientific Games Corporation (SGC) is reportedly reviewing strategic options to list its business on the Australian Securities Exchange (ASX).  The Australian Financial Review (AFR) has reported that SGC has recruited Sydney-based investment bank Jarden Australia to draft the company’s pathway towards listing on the ASX. An ASX-listing is detailed as one option to address SGC’s long-term debt reduction, which currently …

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Victor Blanco to join Scientific Games as new CTO

Victor Blanco to join Scientific Games as new CTO

The board of Scientific Games Corporation (SGC) has confirmed that Victor Blanco will join the Nasdaq technology group as Chief Technology Officer in 2022. In his forthcoming role, Blanco will take responsibility for Scientific Games’ technology strategy across gaming, lottery, sports betting, and igaming, as well as support the development and execution of its range of games.  “Scientific Games has …

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