Scientific Games revenues drop

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Scientific Games saw its revenues dip due to lower gaming income in the fourth quarter of last year.

For Q4 2019, revenue stood at US$863m compared to $886m in Q4 2018. The technology giant incurred a net loss of US$37m during the period, compared to net income of $207m in Q4 2018, while consolidated adjusted EBITDA stood at $328m (Q4 2018: $343m) driven by lower lottery and gaming activity.

The drop in revenues, the company stated, was “largely driven” by “lower gaming revenue primarily due to fewer systems launches in Canada compared to last year and lower machine unit sales.”

The quarterly results included a $40m loss on a debt financing transaction.

Across the full financial year 2019, Scientific Games increased revenue by $37m to $3.4bn while net loss was $118m, an improvement of $234m. The previous year included a $152m charge relating to a settlement reached with content developer Shuffle Tech.

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Barry Cottle, CEO and president of Scientific Games, said: “This past year, we made great strides in developing the best games, attracting industry leading talent, and improving our capital structure. I’m confident we have the right team in place to reach our goal to be the market leader across land-based gaming, lottery, sports and digital gaming driven by leading content and the platforms that enable play anywhere and anytime.  Our recent contract and deal wins across our businesses, and the globe, highlight that we are on the right path.”

Michael Quartieri, Scientific Games’ CFO, added: “We reduced our net debt by over $460m in 2019, while successfully completing two refinancing transactions that will significantly reduce our cash interest costs going forward and extended our maturities. “Our overarching commitment remains delivering through organic growth, new market opportunities, and driving further enhancements to our free cash flow.”

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