A new beginning
Scientific Games has completed its rebrand to Light & Wonder. The global gambling software and game development company announced the finalization of the change on Thursday. Light and Wonder began trading on the NASDAQ exchange on Friday under the “LNW” ticker symbol. Existing shareholders do not need to take any action on the back of the change.
focusing on the creation of quality games
The idea behind the rebrand is to reflect the company’s strategic aim of becoming the top cross-platform company focusing on the creation of quality games. Light & Wonder will continue the company’s mission of offering a portfolio of well-known franchises and games for mobile and online platforms, as well as land-based casinos and free-to-play social gaming offerings.
Creating a more marketable identity
The original announcement of the rebrand came in March, with the company placing more of a focus on its online gambling operations. Light & Wonder CEO Barry Cottle said that the new name allows the company to create a “powerful new identity to distinguish us and our unique offerings and capabilities.” The company also sees the new name as allowing for a more marketable identity.
Earlier this month, the company sold its lottery business for $5.8bn to private investment company Brookfield Business Partners. The lottery operations will continue to use the Scientific Games name. As a result of the sale, the company was able to pay off a significant amount of debt. Light & Wonder’s current outstanding debt is $4bn, down from $8.8bn. The company has also entered an agreement to sell the OpenBet sports betting technology segment for $1.2bn to Endeavor Group Holdings.
A busy period
Light & Wonder has not just been selling off portions of its business in recent months. It has also made a number of interesting acquisitions over the past year that align with its heightened focus on the online space.
In December, it acquired digital gaming content developer ELK Studios. The terms of the transaction were not made public. Other deals include the acquisition of slot developer Lightning Box and live casino game supplier Authentic Gaming.
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