Interactive
US – Scientific closes in on IPO for social games
By Phil - 8 April 2019
Scientific Games has now filed its intention to hold an initial public offering (IPO) for its social gaming business, now called SciPlay, with the US Securities and Exchange Commission (SEC).
The company has applied to list its Class A common stock on the NASDAQ Global Select Market under the ticker symbol SCPL.
Scientific’s social brands include Jackpot Party, Quick Hit Slots, Gold Fish Casino Slots, Hot Shot Casino, 88 Fortunes, Bingo Showdown, and Monopoly Slots. It has over 1,800 social casino games in its library.
Scientific’s social games generated revenue of $416.2m last year, marking a year-on-year increase of 15 per cent.
Speaking during an investor conference call Scientific Games CEO Barry Cottle said: “We anticipate that the proceeds from the IPO would primarily be used to repay debt. We obviously have restrictions related to the SEC that prevents us from saying a lot on this right now. But our motivation is obviously to unlock value of social … and then secondarily to help us use the proceeds to pay down debt and deliver the business from a motivational perspective.”
