Scientific Games announces 63% revenue increase in Q2 financial results
Developer’s gaming business also grew 300%.
Casino, lottery and sports betting platform developer Scientific Games has today announced its financial results for the second quarter of 2021. The period ending June 30, 2021, saw the company record a year-on-year revenue increase of 63%, going from $539m to $880m.
Net income for the company was recorded at $113m, an impressive gain from the $198m loss recorded during Q2 of 2020. Scientific Games’ consolidated EBITDA was $338m, a 217% increase from the previous year.
Gaming revenue also saw a large increase this year, being recorded at $367m, a 300% improvement driven by strong growth in gaming operations and machine sales. Lottery and digital played key roles in these financial gains, with the former increasing by 27% year-on-year and the latter 55%.
“I am very pleased that we continue to make tremendous progress on all of our key strategic pillars while also driving significant growth in the quarter. We have emerged from the pandemic a much stronger company with significant momentum,” said Barry Cottle, president and CEO of Scientific Games. “All of our businesses grew sequentially on both the top and bottom lines in the quarter. Following our strategic review, we will be singularly focused on becoming a leading cross-platform global game company with focus on content and digital markets. We are moving rapidly to transform our company and I have never been more optimistic about our path forward.”
The company’s outstanding debt, which sits at approximately $9bn, decreased by$183m during the second quarter of this year. Meanwhile, its net debt fell by $325m and now sits at approximately $8bn.
Michael Eklund, executive vice president and CFO of Scientific Games, added: “In concert with our board, we announced a strategic action plan to transform our company and unlock value. We are taking decisive steps to optimize our portfolio, de-lever our balance sheet and invest to grow. I am very encouraged by the interest and discussions we are having around our proposed divestitures, and we are making great progress as we move quickly to unlock shareholder value. “
Scientific Games has recently announced the acquisition of Sydney-based game development company Lightning Box. The agreement will see the developer produce a number of new products for Scientific Games.
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