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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