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SCIENTIFIC GAMES SHARES SOAR
SCIENTIFIC GAMES SHARES SOAR ON NEW STRATEGY DECISION
Wholly owned interactive social gaming subsidiaries designated as “unrestricted subsidiaries under its debt agreements."
A statement issued Wednesday by the Scientific Games land and online gambling supplier boosted its share price by 22.2 percent in a clear indication that investors like what they are seeing from the new management of Kevin Sheehan
The announcement that created all this positivity detailed a management decision to designate its wholly owned interactive social gaming subsidiaries as “unrestricted subsidiaries under its debt agreements,” as part of an overall strategy to maximise growth.
The subsidiaries affected include Dragonplay Ltd. and Phantom EFX, LLC, and the unfettering means that Scientific Games will be able to gain profit for the interactive division without using the company’s earnings to meet its debt obligations.
"Our industry leading investment in innovation is paying off. Following our companys third consecutive quarter of revenue growth, we see this as a perfect time to accelerate momentum and explore additional opportunities to deliver greater value from this strong and rapidly growing segment of our business," said Sheehan.
“The company will consider a range of options to solidify its leadership in this fast growing segment, including potential new joint ventures, acquisitions, IPO (initial public offering) and other growth options.”
SGs social gaming business has generated sequential double-digit growth in each of the most recent three quarters and a 68-percent increase in revenue year-over-year for the most recent quarter (second quarter ended June 30, 2016).
Following the unrestricted designation, the social gaming entities will remain wholly owned by Scientific Games and continue under the leadership of Barry Cottle, CEO - Interactive and Jordan Levin, President - Interactive.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
Fair Play Bets enjoys an unrivalled reputation for an outstanding player experience, with secure deposits and withdrawals, surprising casino bonuses and committed customer support. Fair Play Bets is licensed in UK, Malta and Curacao.
Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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