Scientific Games reports slight revenue increase and cuts losses in Q1

Scientific Games has announced a 3% year-on-year revenue rise to $837m for Q1, while net company losses decreased to $24m during Q1 2019, falling from $202m.

scientific games

This was down to the company’s ability to pay off debt,  after an initial public offering of a 17.4% minority interest in its social gaming business, SciPlay. Scientific Games received $301m from the offering.

SG Gaming's revenue saw a 5% drop, to $422m. 

Revenues from social saw an increase of 22% to $118m. This was due to Scientific Games’ new partnership with Wynn Resorts, which has helped to support its launch of gaming and sports in the US.

The company’s net cash provided by operating activities rose from $30m to $167m year-on-year.

Company operating income rose dramatically from Q1 2018, increasing from $49m to $123m.

Michael Quartieri, Scientific Games CFO, said: “This quarter, we paid down $145m in debt and completed a major refinancing that lowered our borrowing costs and extended our debt maturities.

“As a result of the SciPlay IPO, we expect to continue our deleveraging path and the efficient deployment of our resources to generate the returns needed to enhance our free cash flow.”

 

 

 

Premium+ Connections
Premium

Revsharks

 
Premium

PIN-UP Partners

 
Premium

Galaxsys

 
Premium

1xBet Partners

 
 
Premium

Sport Generate

 
Premium

Digitain

 
Premium

Lynon

 
Premium

Imagine Live

 
Premium

RISK

 
Premium

GammaStack

 
Premium Connections
Consultancy

SCCG Management

Executive Profiles
Zeal Network SE

Stefan Tweraser

VIP Play

Les Ottolenghi

Scientific Games

Keshav Pitani

Social & App

Spribe CEO exclusive: Simplicity is the foundation

Spribe CEO David Natroshvili speaks to Gambling Insider abou...

Redefining iGaming: A history of crash games

Crash games is a growing vertical that has taken gambling by...

A certain something: What makes crash games special?

Crash games. They’re simple, they’re easy to learn and,...

Smarter innovation to shape the future

Spribe CCO Giorgi Tsutskiridze discusses the past, present a...

Facing Facts: The corner of quarterly contemplation

With Q1 reports out across the industry, Gambling Insider co...

Taking Stock: A guide to key stock prices across the industry

Gambling Insider tracks prices from some of the industry’s...

15 years of Gambling Insider: From the Founders

Over the last 15 years, Gambling Insider magazine has interv...

15 years of Gambling Insider: The Awards over time

Global Gaming Awards Event Manager Mariya Savova gives us he...