investment company Brookfield Business Partners has completed its acquisition of the global lottery services business of Scientific Games, which now operates as Light & Wonder, the parties announced on Monday. The gaming industry celebrated the closing of the transaction, which was valued at $6 billion.
The company says it is entering its “next era” and, according to Light & Wonder, the transaction will allow it to focus its attention on providing games, services and technology to the global lottery and lottery-administered sports betting markets.
However, the company will retain its name, continuing to operate as Scientific Games, a brand that was first established in 1973. Additionally, Metro Atlanta will continue to serve as the company’s global headquarters, and the entire management team will remain in place.
“This marks an exciting new chapter for Scientific Games, and positions the business to leverage the record growth we achieved in 2021 across all areas of our lottery businesssaid Pat McHugh, a 25-year lottery industry veteran who will continue as CEO of Scientific Games after serving as Lottery Group Managing Director under the company’s previous structure.
“Have a long-term vision of the company, Brookfield is committed to providing Scientific Games with the flexibility and agility to develop our extensive product portfolio to meet the ever-changing needs of our customers and their beneficiaries,” added the leader.
Based in Toronto Brookfield Business Partners is a global business and industrial services firm focused on owning and operating high quality businesses. “which provide essential products and services to the public and private sectors,” according to a press release.
The investment company was established in 1899 and is one of the most successful in the world in this field with over $690 billion in assets under management. A deal to acquire Scientific Games Corporation’s lottery business was first announced in October 2021.
While the transaction is now virtually complete, the sale of certain subsidiaries of international lotteries (Scientific Games International GmbH and its two subsidiaries) is pending regulatory approval in Austriawhich should be obtained “by the end of the second quarter of 2022”.
In March 2022, Scientific Games’ gaming and iGaming business was rebranded as Light & Wonder, a company that will focus on creating new games and omnichannel player experiences. A rebranding celebration held in Nevada last month was attended by Governor Steve Sisolak.
Light & Wonder CEO Barry Cottle during the rebranding celebration
The move follows Scientific Games’ decision to sell its lottery and sports betting businesses to buy iGaming and live casino studios, focusing on content for online casinos and gambling.. Light & Wonder is poised to take “a cross-platform approach” to bringing games franchises to players, including games in land-based, online and mobile casinos; in the real money and FP2 markets.
“We’re thrilled to introduce the world to Light & Wonder, a company that will create great games and franchises that provide players with a seamless experience across all platforms,” said Barry Cottle, CEO of Light & Wonder at the time.
“Our powerful new strategy required a powerful new identity to distinguish us and our unique offerings and capabilities,” he added. “Our new name and identity is born out of our winning strategy to be the leading cross-platform gaming company and will inspire our people to create great products for our players.”