Scientific Games plots public offering for social division

Scientific Games plots public offering for social division

Friday, November 9, 2018 Posted by News Team
Stocks
Social is solutions giant's sole customer-facing division

Scientific Games has revealed plans to launch an initial public offering for a minority interest in its social gaming division in 2019. 

The company said that the division, which reported an 11% increase in revenue to $105.1m in the company's Q3 results, continued to experience rapid growth and had achieved significant scale. 

The division includes a number of popular social casino products including Monopoly Slots, Jackpot Party Social Casino and Bingo Showdown.

“We believe an IPO would provide greater flexibility to pursue additional growth initiatives, specifically designed for our social business as well as unlocking additional value for Scientific Games’ stakeholders,” Scientific Games chief executive Barry Cottle explained. 

Cottle added that the IPO made sense as social was the company’s sole B2C division, meaning it effectively operated separately to the other B2B divisions. 

Money raised through the IPO, should it go ahead, will be used to pay down Scientific Games’ corporate debt.

 
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