A refinanced Scientific Games Corporation (SGC) has published its 2017 full-year results (period ending 31 December), detailing solid growth across its assets and performance KPIs.
The Nasdaq-listed industry technology group details that in 2017, it was able to strengthen its global commercial pipeline, developing a ‘richer revenue mix’ for its operations.
Updating investors, SGC details that group revenues increased 7% (+ $200 million), breaking the $3 billion mark for full-year 2017 trading.
Group operating income increased to $393 million from FY 2016’s $130 million, while SGC governance narrowed 2017 corporate losses to $242.3 million (FY2016: $353 million).
In its trading statement, SGC governance detailed that its 2017 improvements were ‘partially offset by a $38 million loss on debt financing transactions’ and a $139 million decline in income tax provision, related to a valuation set against ‘certain domestic deferred tax assets’.
Closing 2017 accounts, SGC governance has expanded its long-term corporate debt to approximately $8.8 billion.
“Our results reflect the improvements achieved in revenue, operating income and AEBITDA growth by each of our business segments,” said Kevin Sheehan, CEO and President of Scientific Games.
“For 2018, we believe the Company is well positioned to continue to grow and build on the success attained in the past year.”
SGC enters a group-wide transformative 2018, in which the Nasdaq enterprise will seek to become a leading player in online gambling and sports betting technology systems, having completed its acquisition of NYX Gaming Group for $630 million.
During Q1 2018, SGC governance moved to expand the firm’s debt capacity by placing a $/€ debt notes sale to private investors (transaction completed 16 February).
Refinancing its capital structure, SGC details to investors that the company will secure significantly lower costs on long-term capital combined with increases in its future cash flow.