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Scientific Games Reports Q3 Results
Scientific Games, one of the world’s leading providers of online casino software and platform solutions, announced it’s Q3 2017 results in a statement posted to its website. The company’s revenues rose to $768.9m, a 7% year over year increase.
However, that didn’t stop it from posting a net loss of $59.3m, much smaller than last year’s $98.9m loss but still a huge number. In addition, the company announced a refinancing on $3.283b worth of debt with maturity in 2024.
Scientific Games tried to downplay the numbers in the report, with CFO Michael Quartieri framing the results as deserving of praise because they are better than last year.
“Our improved performance is enabling us to strengthen our balance sheet and lower our cost of capital. During the third quarter, we successfully extended our term loan maturity until August 2024 and reduced the term loan interest rate by 75 basis points,” he said.
Will Acquire NYX Gaming
Getting away from the numbers, the company also focused on its planned acquisition of NYX Gaming as a move that will jumpstart future growth. NYX is also one of the world’s largest providers of online casino games with a number of gaming studios under its roof including Nextgen, Side City, and Icecap. In addition, its popular OGS platform offers omni-channel gaming solutions to number of leading online casinos including Betsson, William Hill, and Bet365.
Scientific Games hopes that adding this suite of powerful technology to their already exiting platforms and services will allow it to capture more marketshare and ultimately push it over the edge towards profitability.
“We are excited by the acquisition of NYX and the opportunities to grow our digital business. We are growing our businesses, expanding our product portfolio, improving our processes, enhancing our operating margin, paying down debt, and delivering positive results,” said Scientific Games’ CEO, Kevin Sheehan.