Scientific Games may have “bigger things” in the works, including a strategic transaction, after announcing a management refresh on Monday, according to a note from Union Gaming.
The firm said the changes, which included the appointment of former Aristocrat CEO Jamie Odell as Executive Chairman and the entry of new investors including Caledonia, have provided more confidence in the company’s prospects and ability to execute its strategy.
SG said it would ramp up efforts to reduce debt, but Union Gaming said comments
“about optimizing the portfolio of assets through “transformative initiatives” leads us to believe that there are much bigger things in the works here, including possibly a strategic transaction involving one or more of its business segments.”
The firm reiterates its Buy rating on the stock and raises its price target to US$38 from US$27.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
The US Department of Labor has filed a notice with the US District Court for the NMI informing the court of Imperial Pacific International’s failure to comply with a court judgement that dates back to 2019. According to the notice, IPI cannot continue to disregard the federal court judgment, its employees, and the Fair Labor Standards Act or FLSA.
On 3 April 2020, the Ministry of Home Affairs of Singapore (MHA) announced that it will be reconstituting the Casino Regulatory Authority (CRA) to establish the Gambling Regulatory Authority (GRA) by 2021. The GRA will have an expanded mandate to regulate the entire gambling landscape in Singapore and aims to consolidate and optimize gambling regulatory resources within a single agency.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.