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Scientific Games to rebrand as Light & Wonder

Ben Blaschke by Ben Blaschke
Wed 2 Mar 2022 at 06:38
Scientific Games reports US$198 million loss in 2Q20 but maintains positive EBITDA on iGaming growth
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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.

The logo of Light & Wonder (formerly Scientific Games)

“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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Tags: Barry CottleGamingiGamingLight & WonderNorth AmericaScientific GamesSciPlay
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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