A shift of focusScientific Games Corporation will rebrand its business identity to Light & Wonder as part of a wider shift towards becoming a cross-platform games supplier for the global online gaming sector.
It was confirmed as Scientific Games delivered its full-year 2021 results during a year in which the company achieved a 27% increase in consolidated revenues to $2.1 billion (£1.5 billion) and sold its lottery business to Brookfield Partners for a reported $6 billion (£4.4 billion).
This will also be closely followed by the agreed divestment of their OpenBet sportsbook technology platform to Endeavor Group for $1.2 billion (£896 million) in cash.
Executive Chairman, Jamie Odel, said: “From the outset we recognized the enormous opportunity to drive increased shareholder value through restructuring the balance sheet, redefining the portfolio and becoming a sustainable growth company,”
“We are already seeing the early stages of the strategy successfully executed and with the announced divestitures, the Company will immediately shift from a debt to an equity story and achieve gearing significantly below the levels we underwrote in our investment thesis. We couldn’t be happier with the way the entire team have executed on the transformation strategy, and our initial expectations are already being exceeded.”
A nod to future plansThe brand’s ongoing transformation is also set to include the launch of a brand-new website that will feature an overview of the company’s various names, platforms, hardware, systems, and player account management.
It will operate under an assumed name until a legal name change takes place in the coming months before it is expected to trade under an LNW stock ticker.