Scientific Games Corporation (NASDAQ: SGMS) (“Scientific Games” or the “Company”) announced today that it has completed the merger with Bally Technologies, Inc. (“Bally”). The aggregate transaction value was approximately $5.1 billion, including the refinancing of approximately $1.8 billion of existing Bally net debt.
"Completing the Bally transaction brings together two exceptional organizations with a common culture of innovation and customer focus," said Gavin Isaacs, President and Chief Executive Officer of Scientific Games. "We are excited by the opportunities that will be created by combining each organization's core strengths in developing engaging gaming entertainment products, advanced technologies and systems, and providing value-added services to help our customers grow their revenues.”
"Our mission is to become the premier gaming and lottery entertainment and technology company in the world by offering gaming and lottery operators a comprehensive and differentiated portfolio of high earning, player-appealing games and technology solutions,” Mr. Isaacs continued. “By leveraging our excellence in the development of imaginative gaming entertainment with value-added services, we seek to become the partner of choice for our gaming and lottery customers. Further, by pursuing continuous improvement in our business processes, we expect to enhance our margins, grow free cash flow to reduce our debt, and build long-term value for our stockholders."
New Executive Leadership Team Appointed:
The Company also announced today its executive leadership team. The executive team will oversee an organization comprised of three operating units: Gaming, Lottery and Interactive.
In addition to President and Chief Executive Officer, Gavin Isaacs, and Executive Vice President and Chief Financial Officer, Scott Schweinfurth, the executive leadership team of Scientific Games will include:
Derik Mooberry, Group Chief Executive, Gaming
- Mr. Mooberry, with more than 20 years of gaming industry experience, was most recently Senior Vice President of Games, Table Game Products and Interactive Research & Development at Bally. He also oversaw Bally’s business in Mexico and South America.
James Kennedy, Group Chief Executive, Lottery
- Mr. Kennedy, with nearly 30 years of lottery industry experience, will continue to serve as Group Chief Executive, Lottery. He previously served as President, Printed Products, and Chief Marketing Officer for the Company.
Jordan Levin, President, Interactive
- Mr. Levin has served as Managing Director, Williams Interactive at Scientific Games since January 2014, having previously been Chief Operating Officer of Williams Interactive, a subsidiary of WMS Industries Inc. (“WMS”) (acquired by Scientific Games in October 2013). Prior to that he was WMS’ Vice President of Business Development.
The executive leadership team can be found on the Company’s website.
Mr. Isaacs added, “Our new senior management team comprises some of the most accomplished executives in the gaming, lottery and interactive industries. I am very excited to have this team of great leaders from Scientific Games, WMS, Bally and SHFL entertainment, Inc. (“SHFL”) helping to lead the Company forward. Our new organizational structure will focus on driving consistent and measurable progress on our goals of increasing profitable global growth and increasing free cash flow to pay down debt. The experience, leadership skill and commitment that each of our senior leaders brings to the Company will be a significant influence in our integration efforts and development of solutions to bring value to our customers and shareholders.”
Under Mr. Mooberry’s leadership, the Company’s Gaming group will comprise the WMS, Bally, SHFL and Scientific Games gaming businesses that serve casino and other gaming operators worldwide. Under Mr. Kennedy’s leadership, the Lottery group will comprise the existing Scientific Games lottery operations, including its Instant Products, Lottery Systems, Interactive Lottery and MDI businesses that serve lottery operators worldwide. Under Mr. Levin’s leadership, the Interactive group will comprise the Scientific Games and Bally interactive social gaming operations, including Jackpot Party™ Social Casino, Gold Fish™ Social Slots, Dragonplay™ Slots, and Dragonplay™Live Hold ‘Em Poker, and the Williams Interactive, Bally and SHFL real-money online gaming businesses. Messrs. Mooberry, Kennedy and Levin will each report directly to Mr. Isaacs.