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Scientific Games eying only minority interest in lotteries business under potential IPO

Ben Blaschke by Ben Blaschke
Fri 24 Sep 2021 at 05:59
Scientific Games reports US$198 million loss in 2Q20 but maintains positive EBITDA on iGaming growth
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Global gaming giant Scientific Games says it expects to hold no more than a minority interest in its lottery business should it divest via an initial public offering.

Further details of the company’s plans for SG Lottery were revealed overnight after Scientific Games announced it was soliciting consent from the holders of seven series of senior notes to amend a requirement under the indentures for at least 75% of any asset sale to be paid in cash. The company is seeking to reduce that requirement to 60%.

Scientific Games announced in June plans to divest its lottery and sports betting businesses in order to deleverage and provide the resources to further invest in digital. Exactly how such divesture might look is yet to be determined but it could be via an IPO, combination with a special purpose acquisition company (SPAC) or a strategic combination with another business.

It was revealed overnight that, should an IPO take place, Scientific Games “expects to hold no more than a minority equity interest in the entity that owns SG Lottery,” and that proceeds from such an event will be used primarily to deleverage and repay indebtedness to “bring our leverage in line with public industry peers.”

According to the company’s balance sheet as of 30 June 2021, total debt amounted to more than US$9 billion.

With this in mind, Scientific Games also confirmed overnight that any proceeds from an IPO, or other means, would not be used to pay any dividends, make any repurchase of its equity or distribute any retained interests in SG Lottery to its shareholders.

Instead, the proceeds would be used to redeem at least a significant portion of the seven series of senior notes in question.

As previously reported by Inside Asian Gaming, there has been talk that Scientific Games is considering listing its global lotteries business on the Australian Securities Exchange, joining other ASX-listed gaming firms such as Aristocrat, Tabcorp, Crown Resorts and Star Entertainment Group.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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