Scientific Games’ Q2 2018 Results Reveal Growth in Revenue
The Nevada-based company that provides gambling products and services to lottery, gambling, social and digital organizations worldwide, Scientific Games has revealed its results for the second quarter of this year.
The American gaming giant has reported revenue growth during the three-month period ending on June 30th.
According to available information, Scientific Games recorded $845 million in revenue, which represents a 10% rise when compared to the corresponding period of last year.
Numbers Going up across All Verticals
The good news is the growth has been recorded across the company’s core verticals (gaming, lottery, and digital services), although the implementation of the new revenue recognition accounting model had a significant impact on the growth of the gaming and lottery divisions.
Scientific Games announced that its new asset NYX Gaming Group, whose acquisition was completed back in January in a deal worth nearly $630 million, recorded $51 million in revenues during this period.
The company’s governance announced that the adjusted EBITDA rise of 8% (to $340 million) was primarily achieved thanks to the firm’s expanded revenue channels and a number of new efficiencies.
The renowned gaming company added its period losses were down to $5.8 million, which is quite an improvement when compared to a minus of $40 million this time last year. Scientific Games cited its Euro-debt facility as the main reason behind such a reduction.
Dedicated to Delivering the Best Possible Results
Commenting on the company’s latest financial update, Scientific Games Chief Executive Officer and President Barry Cottle said he was very pleased with the accomplishments during the quarter and added he was particularly proud that all four businesses had continued to experience growth and were accelerating the company’s financial momentum.
Cottle pointed out Scientific Games’ core businesses were strong and ready to capitalize on the significant opportunities in the marketplace to drive growth by delivering great games and robust platforms and systems that enabled them.
He also stated the firm remained focused on delivering results, maintaining its financial discipline and strategically investing in the future to maximize shareholder return.
Cottle was appointed as the new President and CEO of Scientific Games back in May, replacing Kevin Sheehan. According to the statements made then, Cottle’s main objectives were driving current growth strategies and unifying the player experience across retail and digital.
Scientific Games also revealed that its operating costs at the moment were down to $103 million (a significant drop from $169 million) due to interest payments from the refinancing scheme dating back to February this year.
Commenting on these results, Chief Financial Officer at Scientific Games Michael Quartieri said the latest quarter marked the company’s eleventh consecutive quarter of year over year growth in revenue and AEBITDA.
Quartieri added the firm had clear momentum across all of its global businesses and stressed the improvement in the operating results, along with lower interest costs, would provide them with a clear path of increasing cash flows, deleveraging, and strengthening the overall balance sheet
Founded in 1973, Scientific Games today offers an extensive portfolio of products, including electronic gaming machines, table games, iGaming and iLottery products, instant lottery games, lottery gaming systems, terminals and services, internet applications, server-based interactive gambling terminals, and gambling control systems.