Net loss widens in Q3 for Scientific Games
Gaming and lottery systems products show growth but net loss rises to US$27.1m.
Scientifc Games’ net loss has increased year-on-year in the third quarter from US$4.1m to US$27.1m, although revenues for its gaming business rose 14%.
The gaming growth is attributed to the company’s acquisition of Barcrest last year, and total revenues for Q3 were also up 2% year-on-year, from $222.7m to $227.5m.
However, a $11.2m increase in depreciation and amortisation lowered the operating income, with a $11.3m rise in loss due to early extinguishment of debt contributing to the net loss. Attributable EBITDA rose $0.8m compared to the corresponding period last year.
Scientific Games CEO and chairman A. Lorne Weil said: “We remain focused on our longer term pipeline of growth opportunities. Our plans are ambitious for the US, where we believe the lottery industry is at the beginning of a new phase of growth with the ability to offer games to players via the internet. As the leader in internet-based player loyalty programs for US lotteries, we believe we are uniquely positioned to help lotteries transition to offering pay-for-play products to their customers.”
In July, Scientific Games also acquired the assets of Icelandic online and mobile sports betting solutions provider Parspro for an undisclosed amount.