Global gaming giant Scientific Games will change its name to Light & Wonder as part of the company’s transformation into a more digitally-driven enterprise.
The shock announcement formed part of Scientific Games’ 4Q21 results announcement on Wednesday morning (Asia time), with the rebranding exercise set to be complete during the June quarter.
Following the recent sale of the company’s sports betting and lottery businesses, Scientific Games said the name Light & Wonder “aligns to our vision of becoming the leading cross-platform global game company.”
A new Light & Wonder website will launch on 3 March 2022 while the NASDAQ stock ticker will convert from SGMS to LNW once the legal name change is complete in Q2.
“As we begin this new chapter we have chosen a new name, Light & Wonder,” said President and CEO, Barry Cottle. “[It is] a name that evokes the kind of feelings we want to capture in the work we do every day – excitement, inspiration, imagination and maybe even a little bit of magic and certainly a lot of fun. As we embark on this next phase, we’re grateful to be able to focus our energy on creating those experiences for our players.”
With the company’s sports betting and lottery businesses now listed as discontinued operations, Scientific Games reported a 21% increase in the consolidated revenue of continuing operations to US$580 million in 4Q21. Net income of US$62 million compared with a net loss of US$143 million in 4Q20 while consolidated EBITDA grew 67% year-on-year to US$216 million.
The results included a 30% increase in gaming revenue to US$372 million, a 5% increase in SciPlay revenue to US$154 million – its second highest quarterly revenue ever – and a 15% increase in iGaming revenue to US$54 million.
For FY21, revenue grew 27% to US$2.15 billion with Adjusted EBITDA up 112% to US$793 million.
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