Scientific Games Reveals Q3 Results
The Las Vegas-based company that provides gambling products and services to lottery and gambling organizations across the world Scientific Games Corporation (SGC) has had a strong three-month period ending on September 30.
SGC has released the quarter results, revealing the company recorded growth across all its core verticals – gaming, lottery and interactive.
Lowering the Losses
Recorded revenue during the third quarter was at $769 million, which is a year-on-year rise of 7%.
The company announced in the press statement that it was currently operating a deeper revenue channel-mix, which had helped deliver earnings before interest, taxes, depreciation, and amortization (EBITDA) of $299 million.
With excellent quarter results, SGC has managed to lower corporate losses from $99 million in 2016 to $59 million.
Looking Forward to Q4
The $630 million acquisition of online gambling systems supplier NYX Gaming Group is scheduled to take place in the year’s final quarter, and for its successful completion, SGC has extended a $350 million revolving credit facility.
According to Kevin Sheehan, Chief Executive Officer of Scientific Games, the company was more than excited by the acquisition of NYX and the opportunities to grow its digital business.
Commenting on the latest quarter results, Sheehan said each business segment had achieved revenue and EBITDA growth during this quarter, while SGC had been named Industry Land-Based Supplier of the Year.
He also added SGC was growing its business, expanding its product portfolio, improving its processes, enhancing the operating margin, paying down debt, and delivering positive results.
Founded in 1973, the company was the first to introduce a secure, instant lottery ticket only a year later. Today, Nasdaq-listed SGC is one of the biggest names in the industry, offering its customers a wide range 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.