BUSINESS

Scientific Games Corp reports mixed results

TAGs: Scientific Games Corp

Scientific GamesScientific Games Corporation‘s second quarter results saw revenues excluding racing increase by around 7.4% year-on-year. Although numbers that included the racing business showed that revenues were down from $233m to $220.2m largely down to the sale of the racing business itself. Operating income increased from $26.5m to $28.9m year-on-year.

Jeffrey Lipkin, Senior Vice President and Chief Financial Officer said, “We are very pleased with our results this quarter and believe our growth in revenue and profits during a period of significant global economic uncertainty reaffirms the resilience of our business.

“In addition, our performance reflects the operating leverage inherent in our business model as operating income growth significantly exceeded revenue growth in our Printed Products and Diversified Gaming Groups.”

Although they let the racing part of the business go the company did complete a number of acquisitions including that of Barcrest. That was approved after there were deemed to be no problems with the “lessening of competition.”

Chairman and CEO A. Lorne Weil added, “It’s an exciting time at Scientific Games as we have recently embarked on two equally ambitious and industry precedent-setting endeavors with the commencement of the first U.S. lottery private management agreement in Illinois and the completion of the largest single supplier installation of server-based gaming machines. While early in their respective operations, we are extremely pleased with their progress to date and remain optimistic regarding their contribution to our future growth. Importantly, we believe their success will help create further opportunities for our Company.”

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