BUSINESS

Scientific Games names new COO, president

TAGs: Karin-Joyce Tjon, Scientific Games

Casino equipment and lottery service provider Scientific Games has appointed Karin-Joyce Tjon as its new chief operating officer and president, effective from Monday.

Scientific Games names new COO, presidentTjon’s responsibilities will include overseeing Scientific Games’ gaming and lottery operations as well as “driving the company’s organizational strategy, business development and fiscal discipline.”

Tjon served for two years as chief financial officer and executive vice president of Epiq Systems, a provider of technology and services for the legal profession, before joining Scientific Games. She holds an MBA degree in finance from Columbia University, in New York, and a bachelor’s degree in organisational behaviour and management from Ohio University.

“We have tremendous confidence in (Tjon’s) ability to lead our long-term growth strategy and execution, and continue the strong growth across all of our businesses,” Scientific Games’ chief executive Kevin Sheehan said in a statement.

In 2016, the U.S.-based company made headlines after it tapped Sheehan to replace gaming industry veteran Gavin Isaacs as its chief executive and president. Sheehan was considered to be a newcomer in the gambling industry, and his appointment caused the company’s shares to drop at the time.  Analysts, however, believed that Sheehan’s arrival marked a shift in Scientific Games’ focus from integration to deleveraging.

Several weeks ago, Scientific Games released its “selected preliminary expected” financial results for the fourth quarter and full year ended December 31, 2016, with earnings estimates that went above analysts’ consensus.

The company has also announced the completion of a series of financing deals, including a private offering of USD1.15 billion in aggregate principal amount of 7.0 percent senior secured notes due 2022.

Also included in the series of completed deals were amendments to Scientific Games’ credit agreement, which extended the maturity of the firm’s term loans and revolving credit facility and reduced the applicable interest rate, according to the company.

Scientific Games plans to use “a majority” of the net proceeds from the new notes to prepay “a portion” of its term loans and revolving loans under its credit agreement.

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