Scientific Games stated that it is evaluating strategies to divest its Lottery and Sports Betting businesses, after approval of company’s Board of Directors.
The strategies include initiating new business combinations via sale or even initial public offerings with SPAC.
As per Gambling Insider, Jamie Odell, Executive Chair of Scientific Games said: “When I joined the board in September 2020, I told stakeholders that we were focused on rapidly de-leveraging the balance sheet, unlocking the value of the company’s products and technologies and creating a flexible, nimble company positioned to deliver above-market returns to investors.”
He added: “Today, we have announced major initiatives aimed at achieving each of these key objectives, recognizing significant value in each of the businesses and positioning the company for sustainable growth, all as a result of the dedicated work of our teams.”
Barry Cottle, President and CEO of Scientific Games, commented: “Today’s announcement reflects key steps to optimize our portfolio and strengthen our balance sheet by significantly de-levering while also targeting investments in our largest growth opportunities.
“These steps will accelerate our path to become a content-led growth company focused on leading in both land-based and digital markets. Our company will be positioned to build great games that define the future of gaming, supported by platforms that power the best operators in the world.”
The company stated that there are no concrete decisions at this stage and does not seem fit to comment further unless absolutely necessary.