SciPlay

Social gaming firm SciPlay is ramping up its recruitment efforts, with the group announcing that due to “tremendous growth” over the past year it’s looking to fill several roles at the company’s Austin, Texas, office.

As digital gaming continues to grow, the former social division of Scientific Games, which became an independent company in 2019, is looking to fill several new positions varying in experience from associate to principal-level.

Among the individuals SciPlay seeks are software engineers, gameplay analysts, game producers, software QA engineers, game artists and product managers.

“It has been an absolute joy to watch our SciPlay family grow with the addition of dozens of our city’s brightest and finest game developers,” said Karen LeBlanc, lead recruiter for SciPlay’s Austin office.

“We are passionate about creating an inclusive culture that celebrates creativity, new ideas, innovative technology and our individual weirdness. Together, we will continue to create industry-leading games by collaboratively embracing each other’s unique backgrounds and talents.”

Playzido

B2B games platform Playzido has announced the recruitment of Conor Jenner as senior sales and account manager, lauded as “a great asset to the business as it continues on its huge growth trajectory”.

In the new role Jenner will gain responsibility for managing the group’s existing and new operating partners, utilising prior knowledge and experience of the igaming industry.

Stuart Banks, managing director at Playzido, noted: “Having Conor onboard is going to give Playzido a huge boost and with a substantial portfolio of existing clients and an exciting road map of new operator launches Conor is definitely going to have plenty to get his teeth into over the next few months and years ahead.

Degree 53

Degree 53 has announced the promotion of Bav Patel and Peter Stringer to directors, as well as confirming that the group has made 12 new hires during the last three months.

Patel has taken on the role of technical director of web and infrastructure, while Stringer has been promoted to the technical director of mobile position.

Furthermore, the group has has brought in new recruits to increase capacity across the board, including web and app developers, quality assurance, project managers, UX designer and a business analyst.

Richard Wagstaff, managing director at degree 53, commented: “I’m delighted to recognise the great work both Bav and Peter have been doing. Their promotions are a testament to their expertise in their respective fields and delivering successful projects for our clients.

“I also want to welcome our new team members and look forward to meeting them face-to-face in the coming weeks. It’s been a tough few months for many businesses, and I’m glad we’ve been able to grow our team during this period whilst retaining all our employees.”

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With the support of its board of directors, including executive chair Jamie Odell and executive vice chair Toni Korsanos, SGC is reported to be evaluating a number of strategic alternatives which will enable it to execute the divestitures for each business.

These alternatives include “an initial public offering or a combination with a special purpose acquisition company, or a sale or a strategic combination with another business”.

Barry Cottle, president and chief executive officer of Scientific Games, said: “Today’s announcement reflects key steps to optimise our portfolio and strengthen our balance sheet by significantly de-levering while also targeting investments in our largest growth opportunities. 

“These steps will accelerate our path to become a content-led growth company focused on leading in both land-based and digital markets. Our company will be positioned to build great games that define the future of gaming, supported by platforms that power the best operators in the world. 

“We believe these steps will enable us to capitalise on the high growth potential of each of our businesses, including their expanding digital content offerings and platforms, unlocking value for shareholders, customers, and employees. Each of our businesses will be better positioned to partner with their respective customers and to deliver long-term growth and profitability.”

Once the divestments are complete, the new Scientific Games will consist of its gaming, igaming and SciPlay businesses.

Cottle continued: “At the conclusion of this process, the new company will consist of leading gaming, igaming and SciPlay businesses, all of which have great momentum and will collectively deliver great value. 

“We will capitalise on the increasing convergence of these businesses, as players look to play their favorite games wherever and whenever they want to play. As the leading cross-platform global game company, we are uniquely positioned to take advantage of the incredible industry transition that is underway. 

“Given this significant opportunity, we are targeting our digital businesses to be comparable in size to the land-based gaming business within three years. I’m confident that, with these steps, we are well positioned for future growth prospects.”

Odell added: “When I joined the board in September 2020, I told stakeholders that we were focused on rapidly de-leveraging the balance sheet, unlocking the value of the company’s products and technologies and creating a flexible, nimble company positioned to deliver above-market returns to investors. 

“Today, we have announced major initiatives aimed at achieving each of these key objectives, recognising significant value in each of the businesses and positioning the company for sustainable growth, all as a result of the dedicated work of our teams.”

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The ratings agency backed Light & Wonder to maintain ‘its EBITDA leverage metrics in 2023 and 2024 consistent with ‘BB’. This comes after the company’s EBITDA leverage fell to 4.3x in 2022, and Fitch projects that this figure will stand at 3.7x for 2023. 

Furthermore, Fitch also emphasised that integral to the positive outlook for Light & Wonder is the company’s elevating digital presence, which continued to build off the back of the recent SciPlay acquisition. 

According to the group, it has led to a significant increase in monthly digital engagement as the firm has moved to expand its offering. 

SciPlay was purchased by Light & Wonder in an all-cash transaction, which has bolstered its immediate impact. 

As a result of the deal, SciPlay continued to operate as a wholly-owned subsidiary of Light & Wonder, with the company’s common stock to no longer be publicly traded on the Nasdaq Global Select Market.

Among the numerous plus points previously stressed by L&W as a result of the transaction are maintaining momentum of the company’s cross-platform strategy, flexibility for use of SciPlay cash flows for investments, and the facilitation of long-term margin enhancement opportunities via synergies.

It marked a continuation of an M&A strategy for rthe group, with purchases in recent memory including the likes of slot developer’s Lightning Box, ELK Studios and Playzido, as well as live casino supplier Authentic Gaming and loyalty solutions provider House Advantage.

In August, Matt Wilson, President and CEO of Light & Wonder, emphasised that second quarter financial improvements were validation of these investments, in addition to “the significant progress” made towards long-term targets.

Following confirmation of the acquisition, he stated: “Fully integrating SciPlay with Light & Wonder creates a more streamlined organisation with the financial strength to accelerate our cross-platform strategy and deliver enhanced shareholder returns.

“SciPlay continues to achieve record-setting results and market outperformance, and we are confident that together we will build on their considerable momentum. 

“As one company, we will drive improved collaboration between our talented teams to build and deploy the most engaging games across our digital and land-based platforms and create a more seamless, best-in-class player experience.”

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This purchase price of $22.95 per share in an all-cash transaction represents an increase from May’s $20 offer, which accounted for an enterprise value of $2.1bn.

As a result, SciPlay will cease to be publicly traded and will become a wholly owned subsidiary of L&W

The online gaming group has cited an array of plus points that it believes will increase shareholder value following completion, with seamless collaboration highlighted as one of these.

In addition, adding further momentum to the company’s cross-platform strategy, flexibility for use of SciPlay cash flows for investments, and the facilitation of long-term margin enhancement opportunities via synergies are also recognised as major benefits of the deal.

“We are excited to fully unite SciPlay with Light & Wonder, further accelerating our cross-platform strategy and creating an even stronger and more efficient platform for growth,” commented Matt Wilson, President and Chief Executive Officer of Light & Wonder. 

“Our combined balance sheets will provide us with the flexibility to further invest in developing and launching great games cross-platform and deliver enhanced returns to shareholders. 

“We look forward to bringing our world-class teams together and are excited to innovate and grow as one unified company for the benefit of our employees, players and shareholders.”

The L&W board of directors has approved the acquisition, while a special committee of SciPlay independent directors has also determined that the transaction is in the best interests of its shareholders. As a result, the SciPlay board has also issued approval. 

The companies expect the transaction to close during the fourth quarter of 2023, subject to customary closing conditions.

Gerald Cohen and April Henry, Independent Directors of the SciPlay board and Co-Chairs of the special committee, said: “This transaction is a compelling opportunity to maximise value for SciPlay shareholders and favourably positions both SciPlay and Light & Wonder. 

“Our committee conducted a careful evaluation of Light & Wonder’s proposal, with the support of independent financial and legal advisors, and we believe this combination represents the best outcome for SciPlay shareholders.”

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Currently, the group owns approximately 83 per cent of the economic and 98 per cent of the voting interest in SciPlay, with the proposal representing an enterprise value of $2.1bn and a premium of 28.5 per cent based on the stock price at the close of business on May 17, 2023.

Following the transaction, SciPlay would become a wholly owned subsidiary of Light & Wonder.

In a letter to the SciPlay board of directors, Matthew Wilson, L&W President and CEO, wrote: “The proposed transaction offers SciPlay’s public shareholders a compelling combination of value, speed and certainty. 

“SciPlay’s public shareholders would receive an immediate and certain premium value for their shares in cash, obtaining liquidity and de-risking their investment in a volatile and uncertain market.

“L&W will not conduct due diligence and we do not expect consummation of the transaction to require any regulatory approvals or the approval of L&W shareholders, simplifying and expediting closing the transaction. Further, L&W will not require any third-party financing to fully fund the transaction.

“Through our existing collaboration with SciPlay, we believe the transaction would be operationally seamless, and we look forward to fully joining forces with SciPlay’s talented leadership team and employees to continue innovating on behalf of customers and players.”

The company stressed that potential completion would enable “seamless collaboration” and maintain group momentum, with combined balance sheets to provide “flexibility to invest cash across the enterprise where it will best drive shareholder value”.

In his communication, Wilson acknowledged that the proposal “is an expression of interest only,” and that Light & Wonder is only concerning itself with this sole proposal and not an alternative sale, merger or other corporate transaction

The group is not averse to making manoeuvres within the M&A arena, with previous purchases in recent memory including the likes of slot developer’s Lightning Box, ELK Studios and Playzido, as well as live casino supplier Authentic Gaming and loyalty solutions provider House Advantage.

The business also offloaded its lottery division for $5bn to Brookfield Business Partners, with sports betting services provider OpenBet purchase by Endeavour in an $800m deal.

This becomes the second significant development detailed by the group in quick succession, with approval having been granted by the Australian Securities Exchange for a secondary listing on the ASX.

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With new income records set for SciPlay and igaming operations, President and CEO Matt Wilson noted that the company is strengthening its position in the industry and achieving “enhanced returns” thanks to its strategy and investment.

In addition to its existing primary Nasdaq listing, L&W’s board of directors also noted that it is preparing for a potential secondary listing on the Australian Securities Exchange as the company seeks to enhance its profile in the country and gain access to new investors.

Publishing its Q1 financials, L&W declared a total revenue of $670m, up 17 per cent year-over-year (Q1 2022: $572m) thanks to double-digit growth across all segments, including new records set in SciPlay and igaming operations.

Gaming revenue increased by 18 per cent YoY to $419m (2022: $355m), SciPlay revenue rose by 18 per cent as well to $186m (2022: $158m), while igaming income rose by 10 per cent to $65m (2022: $59m).

The company noted that growth in gaming revenue was driven by “continued momentum in gaming machine sales”, which improved by 53 per cent to $158m (2022: $103m). Gaming operation revenues rose to $160m (2022: $155m), gaming systems improved to $55m (2022: $51m) and table products remained at $46m (2022: $46m).

L&W noted that gaming operation revenues benefitted from North American YoY growth in installed base and average daily revenue per unit, representing 46 per cent of the company’s total installed base mix.

SciPlay revenue improvements were attributed to the core social casino business, delivering “strong payer metrics and once again outpaced the market and gained share”. The segment also benefited from investments and player conversion rates as average revenue per daily active user rose by 20 per cent to a record $0.89.

Revenue in igaming rose by 10 per cent to $65m (2022: $59m) following “continued growth in the US market”, which delivered 34 per cent YoY growth after strong land-based original content launches and third-party aggregation scaling onto the company’s platform.

L&W added that it expects to launch its live casino offering in Michigan in the second half of the year, pending final regulatory approval.

Wilson stated: “We’re off to a strong start in 2023, delivering on all key metrics and once again driving double-digit revenue growth across all three of our businesses. Our strategy and disciplined investments are driving enhanced returns as we continue to develop and execute on our robust product roadmap, building off the strong momentum that we saw in 2022.

“The teams executed several notable wins and key launches in the quarter, and we have a full pipeline of games that support progress toward our long-term targets. With leading talent, technology and products, we continue to strengthen our position as the leading cross-platform global games company.”

L&W’s operating income in Q1 was $102m (2022: $40m) while net income stood at $27m, up from a net loss of $67m the previous year following “higher revenue and operating income as well as lower interest expense in the current period”.

AEBITDA for the company came in at $249m, a 23 per cent increase YoY (2022: $202m) thanks to the previously mentioned double-digit growth across all segments and an improved margin. AEBITDA margin rose by two percentage points to 37 per cent (2022: 35 per cent).

The company’s net debt currently stands at $3bn (2022: $3.03bn) with a net debt leverage ratio of 3.1x, a 0.2x decrease compared to the previous quarter (Q4: 3.3x).

As previously mentioned, L&W has also announced it is preparing for a potential secondary listing on the Australian Securities Exchange to go with its primary Nasdaq listing. 

The company’s board believes “there are substantial potential benefits for the company and its shareholders in pursuing a secondary listing on the ASX, including enhancing the company’s profile in Australia”, as well as gaining “access to new long-term Australian institutional investors that would complement its strong existing base of shareholders”.

Connie James, Chief Financial Officer of Light & Wonder, added: “We continue to capitalise on the strong growth opportunities that we see in our markets and drive margin enhancement across the business as we remain focused on operational excellence.

“This quarter demonstrates Light & Wonder’s favourable financial profile with strong topline growth flowing to the bottom line, and importantly strong cash conversion, enabling us to invest in future sustainable growth. 

“We continue to focus on generating significant cash flow while maintaining our balanced and opportunistic approach to capital management and a healthy balance sheet to enhance value for our shareholders.”

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During the quarter, the group saw revenue increase 18 per cent to $682m (2021: $580m), with double-digit increases tracked across all reporting segments of the business.

Gaming operations occupied the lion’s share, courtesy of a 18 per cent uptick to $438m (2021: $372m), driven by a strong content performance and year-on-year growth in the company’s North American installations.

Elsewhere, SciPlay also saw revenue rise 18 per cent to a quarterly record of $182m (2021: $154m), with an Alictus acquisition and strong performance by the core social casino business praised.

The igaming division recorded 15 per cent growth to reach $62m (2021: $54m), however, a $4m hit due to the impact of foreign-currency translation due to strengthening US Dollar was said to have been offset by maintained US momentum and continued investments supporting ongoing growth.

However, despite the above, L&W reported that net income dropped to $21m (2021: $62m), which was aligned to an income tax benefit that was partially offset by higher revenue and operating income, lower interest expense and restructuring.

Consolidated AEBITDA recorded a 23 per cent uptick from 2022’s $216m (2021: $265m), which is put down to expansion across the gaming segment.

“We delivered on an ambitious and transformative plan while driving operational success”

Matt Wilson, President and Chief Executive Officer of Light & Wonder.

“We are proud of the tremendous and rapid progress we have made over the past 18 months. We delivered quality earnings, setting the foundation for sustainable growth going forward as we continue to focus on delivering shareholder value,” stated Connie James, Chief Financial Officer of Light & Wonder.

“We also returned significant capital to our shareholders, totaling $413m since our share repurchase program was announced a year ago. 

“We now have a strong balance sheet and clear roadmap to advance with discipline on our balanced and opportunistic capital allocation strategy and elevate Light & Wonder’s value proposition.”

For the full-year, group-wide revenue increased 17 per cent to $2.51bn (2021: $2.15bn), driven by a robust recovery, continued momentum that is said to be approaching pre-COVID levels and 21 per cent gaming increase to $1.6n (2021: $1.32bn).

SciPlay rose 11 per cent to $671m (2021: $606m) as a “strong core business” is reported as “exceeding market growth,” while igaming, as a result of an enhanced US showing and original content offerings, reached $240m, up six per cent to $226m. Both also achieved record full-year performance. 

Net loss followed the above trend by closing at $176m as opposed to the previous year’s $24m, while AEBITDA increased 15 percentage points to $913m (2021: $793m).

Matt Wilson, President and Chief Executive Officer of Light & Wonder, commented: “2022 was a pivotal year for Light & Wonder. We delivered on an ambitious and transformative plan while driving operational success and double-digit growth in our business.

“We are excited about our future and see strong momentum continuing in the business in the year to come. Our industry leading talent, games and technology put us in a strong position to deliver on our product roadmap, capitalise on the enormous opportunities ahead and lead in the convergence of gaming.”

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As SciPlay accelerated its expansion into what the group labelled a $20bn casual market and L&W confirmed the purchase of Playzido, the group has reported 26 per cent year-on-year revenue growth to $572m (2021: $453m) through the year’s first quarter.

This, it was said, is driven by continued North American momentum, where total operations revenue exceeded 2019 levels, as well as sequential year-on-year growth across igaming and SciPlay.

The company’s gaming segment delivered increases of 45 per cent and 60 per cent in revenue and AEBITDA to £355m (2021: $244m) and $171m (2021: $107m, respectively, driven by a continued market recovery and aforementioned North American uptick.

Online casino reported a slight two per cent rise in revenue to $59m (2021: $58m) as EBITDA remained flat at $21m, with ongoing US momentum cited.

This is detailed as being due to investments made to support upcoming launches, such as that of live dealer in the US later this year. April’s Ontario launch was also the largest single biggest market debut in the history of the firm, with eight operators going live on day one.

Elsewhere, SciPlay delivered its second highest revenue quarter courtesy of a five per cent rise to $158m (2021: $151m), however, AEITDA dropped four percentage points to $44m (20210: $46m).

“In the first quarter, we made tremendous progress toward our transformation while also demonstrating strong momentum in our business,” Cottle noted. “We grew consolidated revenue by 26 per cent and consolidated EBITDA by 42 per cent year-over-year. 

“We continue to grow our digital and recurring revenues, with igaming and SciPlay growing both year-over-year and sequentially with SciPlay, achieving its second-highest revenue quarter ever. 

“And we achieved a major milestone, closing on the sale of the lottery business, which generated approximately $5.6bn in gross cash proceeds. 

“With this new financial strength and flexibility, we’ve established our capital allocation priorities to enhance shareholder value, debt paydown, share repurchases and investment in growth.”

Furthermore, Cottle also reflected on the group’s latest igaming purchase, with Playzido labelled as a “small acquisition” that is expected to have “an outsized impact”.

Outlining the wider impacts, he said: “Playzido is actually an open game development platform. So think of it as an RGS with some game frame technologies. 

“And what that allows us to do at scale is to rapidly provide customised game development. So we can provide customised and exclusive content for our major operating partners, which they’ve been asking for.

“So for us it was a really efficient way to get into these capabilities immediately. These have been on our road map for quite some time, because we’ve been engaging with operators about customising exclusive content, which they want to have as a part of their offerings. 

“And this enables us to create kind of quite frankly the best-in-class offering of this. So this plugs right into OGS, and just makes OGS that more scalable and helps us bring in a whole other type of content at scale and speed which we weren’t able to do before. So it’s a huge win-win for us and for our operating partners who have been looking for this content.”

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Playson

Vsevolod Lapin has been promoted to the role of Chief Operating Officer at Playson, as the online casino supplier seeks continued international growth following a recent structural change. 

With more than 10 years’ experience in strategic marketing and product management, Lapin will support the company to enforce its new brand identity and will be charged with overseeing Playson’s product portfolio, enhanced game production, tools creation and market expansion.

Lapin joined the group in 2017 as a Product Manager and after eight months was promoted to Head of Product Department. Before joining Playson, he had held a Senior Brand Manager position at The Coca-Cola Company.

Alex Ivshin, Playson CEO, said: “Everyone at Playson is pleased to have Vsevolod as our new Chief Operating Officer, we’re adamant that he will deliver fantastic results for the company. 

“During his time with us, Vsevolod has consistently shown to be hard working, passionate, and dedicated to bringing the next wave of exciting products to our offering. As we look to build on our recent momentum and extend our reach across regulated markets.”

SciPlay

SciPlay has announced the appointment of Nick Earl to its board of directors, effective April 15, 2022, in a move that will bring its total number to six members.

Earl is lauded as bringing more than two decades of gaming industry leadership experience, across casual gaming and larger franchises, to the position. 

He most recently served as Chief Executive Officer and Director of Glu Mobile, the developer of mobile games such as Design Home and Kim Kardashian: Hollywood. 

Earl has also served as Senior Vice President of EA Mobile, where he oversaw the release of multiple mobile titles such as The Simpsons: Tapped Out.

“Nick is a gaming industry veteran, and we are thrilled to welcome him to the SciPlay Board,” said Barry Cottle, Executive Chair of the Board. 

“Nick’s appointment reflects our commitment to refreshing the SciPlay Board with new, independent members that add skills and experience relevant to SciPlay’s strategy to build and operate the top mobile games in the world.”

PlayMaker Capital

Sara Slane, Founder of Slane Advisory and former Senior Vice President of the American Gaming Association, and Mark Harrison, Founder of The T1 Agency and SponsorshipX, have been added to the PlayMaker board of directors.

The appointments are intended to deliver further strength to the board, as well as complement the current expertise that it currently boasts. 

“Being able to add two people of the calibre of Sara and Mark is a big step forward for Playmaker”, said Jordan Gnat, Playmaker CEO. 

“I have known Sara for many years and have witnessed how effective she has been in providing guidance and leadership to the gaming and sports industries. 

Mark’s reputation is second to none. We have been looking to add a senior executive in the marketing and partnership industry to our board, and Mark fits that perfectly.

“Sara and Mark have distinct experiences that are relevant to our core business model, and they will both serve as incredibly important and complimentary additions to the current composition of our board”.

DAZN

DAZN has named Sandeep Tiku as Chief Technology Officer to spearhead the global OTT sports media provider’s development of its proprietary sportsbook platform. 

Tiku joins the group’s executive leadership team from Entain, where he served as Chief Operations Officer and executive board director of the gambling group.

Shay Segev, Chief Executive of DAZN, who formerly worked with Tiku at Entain, deemed the appointment as critical to DAZN’s future ambitions.

“Having worked alongside Sandeep for many years at Entain, I know that he is an exceptional and visionary technologist and the right person to lead DAZN’s technology teams,”  he noted.

“He will be invaluable as we expand our offering with even more ways to entertain and engage sports fans and forge ahead with transforming the global sports market.” 

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This, the group says, has been done with “singular focus to be the leading cross-platform global game company”, accelerating efforts to de-lever and invest for sustainable growth.

The Light & Wonder revamp represents the latest in a series of strategic moves undertaken by the group, with its lottery divestiture, providing approximately $5bn in net cash proceeds, expected to close during this month, followed by the offload of its sports betting business during the year’s second quarter.

The company will operate under an assumed name until a legal name change is complete in spring 2022. At that time, it intends to start trading under a new stock ticker it has reserved, LNW.

The transformation is said to be born out of a “strategic vision and input from key stakeholders,” as well as reflecting an enhanced focus on content creation, hardware and systems that connect iconic titles across any place or channel.

“We are thrilled to introduce the world to Light & Wonder, a company that will build great games and franchises that offer players a seamless experience across platforms,” commented Barry Cottle, Light & Wonder Chief Executive Officer. 

“Our powerful new strategy required a powerful new identity to distinguish us and our unique offerings and capabilities. Our new name and identity are born from our winning strategy to be the leading cross platform game company, and will inspire our people to make great products for our players.”

Adding: “We already have a world-class team powered by the brightest game creators in the business and in transforming into a growth company who invests in our people and products, we will serve our players even better wherever and whenever they play.”

This comes as the firm disclosed a “strong performance” during the past year’s final quarter, which it adds capped off “an outstanding year” for the group.

Q4 revenue increased 21 per cent to $580m (2020: $480m), driven by continued momentum across land-based gaming, a 112 per cent uptick across US igaming year-on-year, and a highest quarter from SciPlay.

Net income from continuing operations swung to $62m from a net loss of $143m, with adjusted EBITDA up 67 per cent to $216m (2020: $129m) due to double-digit growth in gaming and igaming.

For the year, revenue increased 27 per cent to $2.15bn (2020: $1.69bn), which is said to be primarily driven by North America gaming operations as well as the continued recovery of the market.

Furthermore, record revenue was achieved across its igaming division due to a “strong” US performance, with SciPlay hitting a record performance for the 12 months. Gaming revenue also benefited from $44m due to UK FOBT recovery.

Net income stood at $24m compared to a loss of $801m through 2020, with the period year significantly impacted by COVID-19 disruptions, as AEBITDA closed at $793m, up 112 per cent from $374m.

Jamie Odell, Executive Chair, stated: “From the outset we recognised the enormous opportunity to drive increased shareholder value through restructuring the balance sheet, redefining the portfolio and becoming a sustainable growth company. 

“We are already seeing the early stages of the strategy successfully executed, and with the announced divestitures the company will immediately shift from a debt to an equity story and achieve gearing significantly below the levels we underwrote in our investment thesis. 

“We couldn’t be happier with the way the entire team have executed on the transformation strategy, and our initial expectations are already being exceeded.”

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