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Scientific Games (NASDAQ: SGMS) announces that Pat McHugh, EVP and Group Chief Executive of its Lottery division, will be inducted into the Lottery Industry Hall of Fame on October 14, 2020. A veteran with 25 years in the industry, McHugh has been pivotal in driving innovation and operational leadership since joining Scientific Games in 2005. His tenure has engaged over 150 lotteries globally, with 47 clients achieving record sales under his direction. The Hall of Fame recognition highlights McHugh's influence and contributions to the $300 billion global lottery market.
Scientific Games Corporation (NASDAQ: SGMS) has launched its sports betting product suite for the National Lottery in the Netherlands, solidifying its status as a leading provider to World Lottery Association members. This upgrade features a full-stack suite, including trading services and a customizable user experience. Scientific Games enhances its global sports betting solutions, serving 24 lotteries worldwide. The company emphasizes responsible gaming practices and has received WLA certification, showcasing its commitment to integrity in sports betting.
Scientific Games Corporation (NASDAQ: SGMS) has expanded its partnership with InComm to enhance lottery distribution through retail checkout systems. This initiative aims to streamline the purchase of drawing-based lottery games like POWERBALL and Mega Millions, making it more convenient for consumers. With U.S. lottery sales exceeding $81 billion annually, this partnership is set to tap into new retail channels, particularly in stores that currently do not sell lottery products. The collaboration also focuses on increasing revenues for state programs.
Scientific Games (SGMS) reported a net loss of $198 million for Q2 2020, a significant drop from a $75 million loss in Q2 2019, heavily impacted by COVID-19 disruptions. Revenue fell to $539 million from $845 million, with the Gaming segment suffering a 79% decline to $91 million. However, SciPlay and Digital sectors saw growth, with AEBITDA rising 80% and 67%, respectively. Available liquidity was $943 million, bolstered by a recent private note offering. Despite challenges, management is optimistic about future growth and improved cash flow management.
Scientific Games Corporation (NASDAQ: SGMS) and Caesars Entertainment have extended their digital sports betting partnership ahead of the 2020/21 major league sports seasons. This decision follows recent mobile sports wagering launches in Pennsylvania and Indiana, as well as the rollout of online casino gaming in Pennsylvania. The collaboration aims to enhance digital sports betting and iGaming experiences for players in these states, using Scientific Games' advanced technology, including the OpenSports™ and OpenGaming™ product suites.
Scientific Games Corporation (NASDAQ: SGMS) announced the appointment of Eileen Moore Johnson as Executive Vice President and Chief Human Resources Officer. Moore Johnson previously held significant leadership roles at Caesars Entertainment, managing operations for four major resorts. She will oversee the global human resources organization and report directly to CEO Barry Cottle. Her experience in fostering diversity and strategic growth is expected to enhance the company's performance in the gaming industry.
Scientific Games Corporation (NASDAQ: SGMS) has expanded its partnership with Betfred to launch both digital and retail sports betting solutions in Colorado. This follows Betfred's earlier choice of Scientific Games for Pennsylvania. The partnership includes the installation of Self-Service Betting Terminals at Saratoga Casino Black Hawk, with digital services set to debut before the 2020-2021 NFL season. Scientific Games will also provide its OpenPlatform™ for player account management, further solidifying its position in the growing U.S. sports betting market.
Scientific Games Corporation (NASDAQ: SGMS) announced an upsized private offering of $550 million in senior unsecured notes due 2025, priced at 8.625%. This amount increased from the previously announced $350 million. Proceeds will be used to redeem $340.6 million of existing subordinated notes due 2021 and for general corporate purposes. The notes will close on July 1, 2020, and will not be registered under the Securities Act, being offered solely to qualified institutional buyers.
Scientific Games announced a planned private offering of $350 million in senior unsecured notes due 2025, subject to market conditions. The proceeds will be used to redeem $340.6 million of its outstanding subordinated notes due 2021, along with any accrued interest and related costs. The offering will not be registered under the Securities Act, targeting qualified institutional buyers and non-U.S. persons. The notes will be guaranteed by Scientific Games and certain subsidiaries but remain unsecured.
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