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Scientific Games Announces Successful Completion of Financing Transactions

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Scientific Games Announces Successful Completion of Financing Transactions
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Las Vegas, Feb. 14, 2018 – Scientific Games Corporation (NASDAQ: SGMS) (“Scientific Games” or “the Company”) announced that its wholly owned subsidiary, Scientific Games International, Inc. (“SGI”), successfully completed a series of financing transactions, including (i) a private offering of $900 million additional aggregate principal amount of its 5.000% senior secured notes due 2025 (the “New 5.000% Dollar Notes”) at an issue price of 100.0%; (ii) a private offering of €325 million of new 3.375% senior secured notes due 2026 (the “Euro Secured Notes”) at an issue price of 100.0%; (iii) a private offering of €250 million of new 5.500% senior unsecured notes due 2026 (the “Euro Unsecured Notes,” and, together with the Euro Secured Notes and New 5.000% Dollar Notes, the “New Notes”) at an issue price of 100.0%; (iv) a $900 million upsizing and repricing of its term loan B facility under its credit agreement that reduced the applicable interest rate on the term loans to LIBOR plus 275 basis points, which was a 50-basis point reduction, and (v) an increase in the availability under the revolving credit facility to $620.2 million through October 18, 2018, with a step-down in availability at that time to $445.7 million until the extended maturity date on October 18, 2020.

The net proceeds of the financing transactions will be used to redeem all $2,100 million of the Company’s 7.000% senior secured notes due 2022 (the “2022 Notes”), prepay a portion of the borrowings under its revolving credit facility, including accrued and unpaid interest thereon and pay related premiums, fees and expenses of the transactions. Including the effect of cross-currency interest rate swap arrangements, the net impact of the financing transactions will be to lower the Company’s annual cash interest cost by approximately $69 million at current rates, while extending maturities of $2,100.0 million of its debt from 2022 out to 2024, 2025, and 2026. The New Notes are guaranteed on a senior basis by Scientific Games and certain of its subsidiaries. The New 5.000% Dollar Notes and the Secured Euro Notes are secured by liens on the same collateral that secures indebtedness under Scientific Games’ credit agreement, the 2022 Notes, and the existing 5.000% senior secured notes due 2025 (the “Existing Notes”). The Company also entered into new floating-to-fixed interest rate swaps and will remain focused on growing cash flow and deleveraging. 

The New 5.000% Dollar Notes were issued under the same indenture pursuant to which SGI previously issued $350 million of the Existing Notes. The New 5.000% Dollar Notes and the Existing Notes are treated as a single series of debt securities for all purposes under that indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase.  The New 5.000% Dollar Notes have terms identical to the Existing Notes, other than issue date and offering price and have the same CUSIP and ISIN numbers as, and trade together with, the Existing Notes, except that the New 5.000% Dollar Notes issued in offshore transactions under Regulation S shall be issued and maintained under a temporary CUSIP number during a 40-day distribution compliance period commencing on the issue date.

The New Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The New Notes are offered only to qualified institutional buyers in accordance with Rule 144A and to non-U.S. Persons under Regulation S under the Securities Act. The New Notes are not being offered, sold or otherwise made available to any retail investor in the European Economic Area.

 

This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy the New Notes, nor will there be any sale of the New Notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

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Gambling in the USA

Gaming Americas Weekly Roundup – February 12-18

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

The Michigan Gaming Control Board (MGCB) announced new efforts to streamline access to help by promoting 1-800-GAMBLER as the state’s primary problem gambling helpline. Operated by the National Council on Problem Gambling (NCPG), the National Problem Gambling Helpline (1-800-GAMBLER) is the largest problem gambling helpline network in the world by call volume, population served and geographic area covered.

The Pokagon Band of Potawatomi’s Four Winds Casinos announced that Mary Smith has been named Chief Operating Officer (COO). Mrs. Smith, who most recently served as Executive Vice President of Casino Operations, assumes the role which was being fulfilled on an interim basis by Clayton Mason, who also serves as Chief Financial Officer for Four Winds Casinos.

Mohegan Sun Arena was named “Best Casino/Resort Venue of the Year” at the 35th Annual Pollstar Awards. The Pollstar Awards recognise and support the live entertainment business’ most innovative companies, venues, artists, tours and executives. “Best Casino/Resort Venue of the Year” is an inaugural category for the award ceremony, making Mohegan Sun Arena the first to receive the prestigious recognition.

GAN Limited announced that at a special general meeting of its shareholders held on February 13, 2024, GAN shareholders overwhelmingly approved the previously announced merger agreement and merger of GAN and a subsidiary of Sega Sammy Creation (SSC), an affiliate of Sega Sammy Holdings.

Snail Inc., a leading global independent developer and publisher of interactive digital entertainment, announced significant strides with the launch of West Hunt on Nintendo Switch and the introduction of ASA Premium Mods for ARK Survival Ascended. These initiatives underscore Snail Games’ unwavering commitment to continuously improving and enhancing its current portfolio of game titles.

New Partnerships

BetMGM, a leading sports betting and iGaming operator, announced a strategic partnership with X, becoming the social media platform’s exclusive Live Odds Sports Betting partner. The first-of-its-kind partnership between a premier social media brand and a sports betting operator will integrate BetMGM’s odds and branding into X, with each game linking to BetMGM’s website and app.

Ocean Casino Resort announced its partnership with celebrated chef and restaurateur, Michael Schulson to bring two fine-casual concepts to Ocean’s culinary roster. Opening later this year, Pearl & Mary oyster bar and Samuel’s at Ocean will be located on the lobby level across from The Park.

Churchill Downs Incorporated announced a multi-year agreement naming SAP America Inc. an official signature partner of Churchill Downs Racetrack. SAP, a global market leader in enterprise application software, will be the first official technology partner serving Churchill Downs Racetrack, the Kentucky Derby and Kentucky Oaks.

PlayAGS Inc. announced a partnership with EQL Games, a leading iLottery supplier and content aggregator. AGSi, AGS’ Interactive division, will partner with EQL Games to provide its robust library of unique and engaging real-money online games to U.S. and Canadian iLottery players.

Jackpot Digital Inc. has announced that the Company has signed a licensing agreement with the Saskatchewan Indian Gaming Authority (SIGA) to install the Company’s Jackpot Blitz dealerless poker ETGs. The installations are subject to Jackpot obtaining the customary regulatory and licensing approvals.

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Gambling in the USA

Gaming Americas Weekly Roundup – February 5-11

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

JCM Global (JCM) and the International Centre for Responsible Gaming (ICRG) announced that the highly anticipated 25th annual AGEM & AGA Golf Classic will take place on May 8, 2024, at the internationally acclaimed Shadow Creek Golf Course in North Las Vegas.

OddsSeeker.com has unveiled a new sweepstakes casino rating system, which will quantifiably rank operators by several key factors. On February first week, the company launched a new 6-point rating system, a complete reimagining of sweepstakes casino reviews. It will offer insight into the way these casinos work, providing players with invaluable information so they can easily understand which gaming site is right for them. This enables a weighting of sweepstakes casinos that have unique offerings such as PayPal cashier options, live dealer games, sports predictions and so on.

Wynn Resorts Limited reported financial results for the fourth quarter ended December 31, 2023. Operating revenues were $1.84 billion for the fourth quarter of 2023, an increase of $835.5 million from $1.00 billion for the fourth quarter of 2022. Net income attributable to Wynn Resorts Limited was $729.2 million for the fourth quarter of 2023, compared to net income attributable to Wynn Resorts Limited of $32.4 million for the fourth quarter of 2022. The increase in net income attributable to Wynn Resorts Limited was primarily the result of increased operating revenues from the Macau Operations and Las Vegas Operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the US.

New Partnerships

Global sports and entertainment company Endeavor has announced the integration of its global sports betting and data businesses, OpenBet and IMG ARENA, under the OpenBet banner.

PAGODA Snacks has entered into a partnership with Riot Games, the company behind the leading global esports property League of Legends. PAGODA Snacks will be featured as the “Official Egg Roll” of LCS and offer fans the perfect game-time snack through special activations, product drops and giveaways throughout the LCS season.

New Appointments

Global Gaming Women, the gaming industry non-profit dedicated to supporting, inspiring and influencing the development of professional women, announced the appointment of Lauren Bates to President of the Board of Directors.

Rabona, the leading sportsbook brand and online casino, has announced the addition of former boxing champion Mike Tyson as its brand ambassador. Through this partnership, players will be offered exclusive Tyson-branded bonuses and streams that blend the boxing legend and casino thrills. As Rabona’s new brand ambassador, Mike Tyson brings his unparalleled charisma and passion to Rabona’s players.

International Gaming Standards Association has appointed Mark Pace as the new President, following Peter DeRaedt’s departure. Mark has been in the gaming industry for over 35 years and has been part of IGSA for over 20 years, acting as Committee Chair, Board Member, Treasurer and Vice-Chairman of the Board, before joining IGSA as the Managing Director of GSA Europe and Vice President of IGSA. Mark will also retain his responsibilities as Managing Director of GSA Europe.

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Gambling in the USA

Gaming Americas Weekly Roundup – January 29-February 4

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news, new partnerships and new appointments. Read on and get updated.

Latest News

Aristocrat Gaming announced that it has been awarded entry into the Québec video lottery terminal (VLT) gaming market. Distribution of Aristocrat VLTs is anticipated to begin in early Summer 2024.

Great Canadian Entertainment has opened an 18-table poker room at Pickering Casino Resort. The room is located on the third floor and will operate 24/7. The room has 16 traditional tables and two private high stakes rooms. It has a bar and tableside food delivery from The District, the resort’s food hall. The casino itself opened last year.

eCOGRA, the globally renowned Independent Testing Laboratory specialising in the testing, inspection and certification of online gambling software and systems, announced the opening of its new office in Denver, Colorado, marking a significant milestone in their expansion into the US.

BlueBet Holdings announced that its wholly owned subsidiary, BlueBet Louisiana LLC, has been licenced to operate in Louisiana under its ClutchBet B2C brand and has taken its first bets. Louisiana is ClutchBet’s third US B2C state, with the brand already live in Iowa and Colorado, continuing the Company’s “Capital Lite” US market entry strategy.

Newport Global Advisors, a leading middle market manager of opportunistic stressed and distressed credit investment, announced the completion of the sale of Mesquite Gaming LLC. Financial terms of the transaction were not disclosed.

New Partnerships

Underdog Sports, the fast-growing sports gaming platform, announced a partnership with McConnell Golf as part of its application for a sports betting license in North Carolina. Sedgefield Country Club, a private club, located in Greensboro, and host of the PGA TOUR’s Wyndham Championship, appointed Underdog to host, manage, operate and support the Underdog branded online gambling services in the state.

Light & Wonder announced that the Company will make its Québec market arrival in 2024 through an agreement to provide Video Lottery Terminals to Loto-Québec. Under this agreement, Light & Wonder will deliver KASCADA DUAL SCREEN gaming machines to be placed throughout the province.

New Appointments

Scientific Games has named Andrew Jackson as the company’s Vice President of Environmental, Social and Governance. Jackson, an expert in ESG with a background in multiple areas of engineering, joined Scientific Games in 1999. He most recently served as the Director of Quality, Compliance and R&D, based at the company’s UK instant game production and technology facility.

DraftKings has appointed Marie Donoghue as its new chief business and growth officer. Donoghue last served as Amazon’s vice president of global sports video. It was confirmed she was leaving the company earlier this month. In her new role, Donoghue will play a key role in driving further growth for DraftKings as it explores new business opportunities. She will also be charged with spearheading various internal processes.

Maurice Wooden has been appointed the president of Fontainebleau Las Vegas, a five-star luxury resort and casino on the Las Vegas Strip. A 36-year veteran of the luxury hospitality sector, Mr.Wooden’s experience and expertise complement the newly opened Fontainebleau Las Vegas, which is built upon a 70-year legacy of sublime beauty, unparalleled service and timeless design.

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