The North American company Scientific Games has published its results for the third quarter of 2020. It should be noted that revenues were $ 698 million, which means a reduction of 18% compared to the same period of the previous year when revenues were $ 855 million.
According to published data and the opinion of its directors, the company has been seriously affected by the COVID-19 crisis, which has caused a continuous reduction in the activities of casino operators in the world. However, Lottery, SciPlay and Digital businesses grew in the quarter, highlighting the strategic investments, the compnay has made in the Digital space and the breadth of its portfolio.
In this regard, Scientific Games reports that gaming revenue decreased 49%. However, SciPlay's AEBITDA increased 54% over the previous year; and, iGaming's domestic revenue grew nearly 150% over the prior year period, driven primarily by strong growth in New Jersey.
Instant lottery ticket sales are up over 20% for instant game retail sales in the most recent twelve-week period compared to the same period last year.
Lottery and AEBITDA revenues were 10% higher than the previous year. Revenue growth was due to instant domestic entries and international product sales.
Barry Cottle, President and Chief Executive Officer of Scientific Games, said, "As a result of our team's focus on our strategy, our diverse portfolio and our commitment to cost management, we delivered strong cash flow in the third quarter. I really am excited around all the great games, products and solutions we have to help our partners navigate the current environment and provide innovative solutions for the future. I'd also like to welcome the proven industry leaders to our board who will augment our focus on de-levering our balance sheet and will help the company prudently and thoughtfully shape our corporate strategy. "
Michael Eklund, Executive Vice President, Chief Financial Officer of Scientific Games, added, "The team did a great job driving cash flow improvements this quarter, and we will continue to diligently evaluate additional opportunities to increase cash flow and de-lever. Looking ahead , our team will remain highly focused on driving operational efficiencies, further bolstering our liquidity and strengthening our balance sheet. My overarching focus is to improve the balance sheet through operational and business process improvements. "
The presentation of the financial results was also the perfect opportunity to highlight that long-term institutional investors have completed the acquisition of a 34.9% stake in the Company from MacAndrews & Forbes Incorporated. And, on the other hand, the incorporation of the marketing and media executive Hamish McLennan as a new independent member of the Board of Directors.
Scientific Games Q3 2020 Results
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