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Scientific Games history
Scientific Games company history timeline
In 1989, United Tote, another leading totalizator company, purchased Autotote Systems, Inc. from Thomas H. Lee Partners.
Largely because of legal costs, increased interest payments, depreciation, and amortization expenses from the acquisition as well as delays in international sales, United Tote posted a loss of $2.7 million in fiscal 1990 (the year ended October 31, 1990) on revenues of $69.2 million.
A federal court decision in 1991 forced the dissolution of United Tote.
In 1992, it won a contract to provide on-site betting parlors for all three major California racetracks, so that between races at one track patrons could bet on races being held at the other two.
In fiscal 1992, Autotote had revenues of $48.4 million--two-thirds in the United States--and net income of $5.7 million.
In fiscal 1993, the company had net income of $9.5 million on revenues of $84.9 million. It signed a contract in 1992 to supply 10,000 lottery terminals to an Italian lottery based on horse racing.
In 1993, Autotote was selected to operate Connecticut's off-track betting (OTB) system, which was being privatized.
In fiscal 1993, the company had net income of $9.5 million on revenues of $84.9 million.
In 1994, Autotote acquired Marvin H. Sugarman Productions Inc. and its affiliate, Racing Technology Inc., for 500,000 shares of common stock.
Although its revenues climbed to $149 million in fiscal 1994, it lost $22.2 million and doubled its long-term debt to $144 million.
In this press release, Scientific Games makes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995.
The company's long-term debt was $159.7 million at the end of fiscal 1996.
Autotote continued to improve its financial record in 1997.
Sales reached $211 million in 1999, and the company reported a small profit compared to a loss of $15.9 million in the previous year.
In 2000, Autotote Corp. bought Scientific Games Holdings Corp., a maker of instant lottery equipment, for $308 million.
The combined company changed its name from Autotote to Scientific Games Corporation in 2001.
The role of Autotote's software in the 2002 Breeders' Cup betting scandal caused the National Thoroughbred Racing Association to take swift action in the face of a growing outcry once the nature of the scam emerged.
Sales reached $560.9 million in 2003 while net income remained steady at $52.1 million.
In March 2017, Scientific Games acquired rights to use the James Bond franchise through a deal with Eon Productions and MGM Interactive.
SG launched its social gaming division, SciPlay, as a publicly traded company in 2019, selling a minority share in the business through an initial public offering.
19, 2020 /PRNewswire/ -- Scientific Games Corporation (NASDAQ: SGMS) ("Scientific Games" or the "Company") announced that it has developed, and Kentucky Horse Racing Commission (KHRC) has approved, their first generation of Historical Horse Racing (HHR) machines.
Oak Grove Racing and Gaming in Oak Grove, Kentucky will receive its first delivery of machines when it opens its gaming facilities later in 2020.
All ® notices signify marks registered in the United States. © 2020 Scientific Games Corporation.
In 2020, SG began a strategic review with the aim of deleveraging its balance sheet, as it struggled under $9.2 billion of debt.
All ® notices signify marks registered in the United States. © 2021 Scientific Games.
In 2021, SG agreed to sell its sports betting division to Endeavor Group Holdings for $1.2 billion, and to sell its lottery division to Brookfield Business Partners for $6.1 billion.
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Zippia gives an in-depth look into the details of Scientific Games, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Scientific Games. The employee data is based on information from people who have self-reported their past or current employments at Scientific Games. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Scientific Games. The data presented on this page does not represent the view of Scientific Games and its employees or that of Zippia.
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