Scientific Games intends to divest its Lottery and Sports Betting businesses, with the support of its Board of Directors. It includes Executive Chair Jamie Odell and Executive Vice Chair Toni Korsanos.
Scientific Games is evaluating strategic alternatives for each business to execute the divestitures, such as an initial public offering (IPO) or a combination with a special purpose acquisition company, or a sale or a strategic combination with another business.
“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,” said Barry Cottle, President and CEO of Scientific Games.
“At the end of this process, the new company will consist of leading Gaming, iGaming, and SciPlay businesses. All of which have great momentum and will collectively deliver great value,” Mr. Cottle continued. We plan to capitalize on the growing convergence of these businesses. Players can play their favorite games wherever and whenever they want.