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Shuffle Tech settlement pushes Scientific Games into profit in 4Q18

Newsdesk by Newsdesk
Fri 22 Feb 2019 at 05:10
Scientific Games sees revenues rise 10% in 2Q18
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Scientific Games Corporation moved into the black in 4Q18, with net income soaring from a net loss of US$43.1 million to a profit of US$206.8 million thanks largely to the December settlement of a legal dispute with Shuffle Tech International LLC.

As previously reported by Inside Asian Gaming, the settlement saw Scientific Games reduce its liability by US$183.1 million with the saving being recorded against its fourth quarter results.

Shuffle Tech aside, the company also saw its revenue in 4Q18 grow 8% year-on-year to US$885.7 million, boosted by US$51.7 million in revenue from sports betting business NYX plus growth in its lottery and social businesses.

Consolidated Adjusted EBITDA grew 6% to US$343.5, primarily driven by higher revenue and continued operational efficiencies.

By segment, total gaming revenue fell 22.7% to US$469.8 million, with Adjusted EBITDA down 2% to US$233.2 million – due in part to a reduction in gaming machine sales.

Total lottery revenue increased by 6% to US$230.7 million while social revenue grew 19% to US$113.7 million via the company’s social apps Bingo Showdown, Jackpot Party Social Casino and the recently launched MONOPOLY themed casino app.

For FY18, Scientific Games booked a 9% increase in revenue to US$3.36 billion, with Adjusted EBITDA also up 9% to US$1.33 billion. Net loss for the year widened from US$242.3 million to US$352.4 million.

 

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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