Sci Games shift to Light & Wonder done, ticker LNW live

Apr 29, 2022 Newsdesk Industry Talk, Latest News  

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The previously announced name change of Scientific Games Corp to Light & Wonder Inc has been completed, the casino equipment and online games provider announced on Thursday. Light & Wonder will begin trading on Nasdaq under the new ticker symbol “LNW” starting from today (Friday, April 29).

Light & Wonder shareholders do not need to take action in connection with the change in ticker symbol, the U.S.-based firm said. Shares currently trading on Nasdaq under the ticker symbol “SGMS” will automatically commence trading under the new ticker symbol as of today’s market open.

The Light & Wonder name and branding “reflects the company’s strategic vision to become the leading cross-platform global game company,” the company said in a press release on Thursday.

The gaming supplier completed earlier this month the sale of its lottery business to Brookfield Business Partners LP and the latter’s institutional partners. The deal was first announced in October last year. According to a previous announcement by the company, the sale of its lottery business was expected to generate US$5.8 billion in gross cash proceeds and approximately US$5.0 billion of net after-tax cash proceeds.

Light & Wonder is also selling its sports betting business: the deal is expected to close in the third quarter this year. The firm is to get US$1 billion in cash and US$200 million in stock from the acquiring business, U.S.-listed Endeavor Group Holdings Inc, a sports and entertainment firm.

Scientific Games announced last month that it would rebrand itself as Light & Wonder in the second quarter this year, as the “culmination of a year-long strategic process” of restructuring.

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