Scientific Games turns in strong Q3
Scientific Games saw its revenue rise 7% in 3Q18 to US$821 million, up from US$768.9 million, boosted by a US$46.5 million injection from sports betting business NYX and growth in its lottery and social gaming segments.
Despite the increase, net loss rose from US$59.3 million to US$351.6 million due to “restructuring and other charges” including US$309.6 million from a legal fight over its Shuffle Tech card shuffler. Consolidated Attributable EBITDA grew 9% to US$325.7 million.
Barry Cottle, CEO and President of Scientific Games, said “We are very pleased with the growth we are seeing across our businesses as we continue to lead our industry into the future. 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. We remain focused on delivering for our customers and running our business efficiently and effectively to drive revenue, reduce costs and continue to build momentum across the Company.”
Michael Quartieri, Chief Financial Officer of Scientific Games, added, “This quarter marks our twelfth consecutive quarter of year over year growth in revenue and Consolidated AEBITDA. Our focus on generating cash flows provides us a clear avenue to strengthen our balance sheet.”