Scientific Games Considers IPO For Social Gaming Business
Scientific Games Corporation (SGMS) announced the company is considering a possible initial public offering of a minority interest in its social gaming business in 2019.
The company believes an IPO would provide greater flexibility to pursue additional growth initiatives specifically designed for its social gaming business, as well as unlocking additional value for stakeholders. The company anticipates that the proceeds from the IPO would primarily be used to repay debt.
Barry Cottle, CEO of Scientific Games, said: “Our investments in digital, sports betting, and new games are producing the most innovative and engaging products in the market and we are excited about the customer response here in the U.S. and around the world. For our rapidly growing social business, an IPO would give us greater flexibility to pursue growth for the business and drive value for stakeholders.”