Scientific Games (SGMS) Will Evaluate Options for Interactive Social Gaming Subsidiaries
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Scientific Games Corporation (Nasdaq: SGMS) announced it has designated the Company's wholly owned interactive social gaming subsidiaries, including Dragonplay Ltd. and Phantom EFX, LLC, as unrestricted subsidiaries under its debt agreements, with the goal of maximizing growth for the company. The Company will consider a range of options to solidify its leadership in this fast growing segment, including potential new joint ventures, acquisitions, IPO, and other growth options.
"Our industry leading investment in innovation is paying off. Following our company's third consecutive quarter of revenue growth, we see this as a perfect time to accelerate momentum and explore additional opportunities to deliver greater value from this strong and rapidly growing segment of our business," said Kevin Sheehan, CEO and President of Scientific Games.
The Company's social gaming business has generated sequential double-digit growth in each of the most recent three quarters and a 68-percent increase in revenue year-over-year for the most recent quarter (second quarter ended June 30, 2016).
Following unrestricted designation, the social gaming entities will remain wholly owned by Scientific Games and continue under the leadership of Barry Cottle, Chief Executive – Interactive and Jordan Levin, President - Interactive.
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