GGRAsia – Sci Games chief accounting officer stepping down

Sci Games chief accounting officer stepping down

Nov 25, 2021 Newsdesk Industry Talk, Latest News, Top of the deck

Casino equipment and online gaming content supplier Scientific Games Corp announced on Tuesday that current senior vice president and chief accounting officer Michael Winterscheidt will be stepping down “to transition to a part-time role”

Mr Winterscheidt will remain with Scientific Games until November 30 and then transition to a consulting role, the firm said in a filing in the United States.

Executive vice president, chief financial officer (CFO), treasurer, and corporate secretary Connie James will become Scientific Games’ principal accounting officer, the filing added.

Ms James joined Scientific Games as CFO of the gaming business segment in January last year and became overall CFO on October 15, replacing Mike Eklund, who the firm said was “stepping down to pursue other opportunities”.

Scientific Games recorded third-quarter net income of US$182 million, compared to a US$117-million net loss in the prior-year period.

In a filing on November 9, the firm said total revenue for the three months to September 30 was US$824 million, down 6.4 percent sequentially from the second quarter’s US$880 million. Third-quarter revenue was up 18.1 percent judged year-on-year.

In July, Scientific Games proposed acquisition of the remaining 19 percent of equity interest in digital operator SciPlay Corp that it did not currently own.

Scientific Games announced on November 3 the acquisition of Malta-based Authentic Gaming Ltd, a provider of live casino products for online gaming. The acquisition marked Scientific Games’ first foray into the live casino market, and “significantly enhances the company’s product portfolio,” stated the firm at the time.

The deal came shortly after Scientific Games confirmed the sale of its lottery business to Brookfield Business Partners LP, for a total consideration of US$6.05 billion. In September, the group also divested its sports betting business – including its OpenBet sports betting platform – for US$1 billion in cash and US$200 million in stock from Endeavor Group Holdings Inc, a sports and entertainment firm.

The two deals were part of a company-wide strategic review, announced in June by Scientific Games. The U.S.-listed firm stated the move would allow the group to focus on its gaming, iGaming, and SciPlay businesses.