GGRAsia – Sci Games moving incorporation to Nevada from Delaware

Sci Games moving incorporation to Nevada from Delaware

Sep 19, 2017 Newsdesk Industry Talk, Latest News

U.S.-based casino equipment and lottery services provider Scientific Games Corp is to change the company’s U.S. state of incorporation from Delaware to Nevada, the group said in a Monday release.

It will be done via what the group termed a “reincorporation merger” involving a Nevada-based wholly-owned subsidiary of Scientific Games. The exercise is still subject to shareholder approval.

The firm’s press release did not explain either the reason for the decision, or the timetable for the process.

Scientific Games, initially a lottery equipment and management services provider, purchased the then top-four U.S. slot supplier WMS Industries for US$1.5 billion in 2013. Also in that year, slot machine and casino floor management system supplier Bally Technologies Inc acquired casino electronic tables games and electronic shuffler specialist SHFL Entertainment Inc, known by the brand name Shuffle Master, for US$1.3 billion. In November 2014, Bally – along with the Shuffle Master brands – was absorbed into Scientific Games in a deal valued at US$5.1 billion.

The state of Nevada is home to the Las Vegas Strip, the main gaming hub in the United States.

“The reincorporation merger will not result in any change in the company’s name, headquarters, business, management, location of offices, assets, liabilities or net worth, other than as a result of the costs incident to the reincorporation merger,” Scientific Games stated in the release.

It added: “Our management, including all directors and officers, immediately prior to the reincorporation merger will remain the same following the reincorporation merger”.

Scientific Games reported in July second quarter revenue of US$766.3 million, up by 5.1 percent from the prior-year period and above market expectations. The casino equipment maker and lottery services provider said the revenue growth was driven by its gaming and interactive segments.