Scientific Games has officially completed its rebranding to Light & Wonder. [Image: Light & Wonder via Facebook]
A new beginning
Scientific Games has completed rebranding to Light & Wonder. The global game and software development company announced the finalization of the change Thursday. Light and Wonder began trading on the Nasdaq on Friday under the ticker symbol “LNW.” Existing shareholders do not need to take any action against the background of the change.
With a focus on creating high quality games
The idea behind the rebranding is to reflect the company’s strategic goal of becoming the best multi-platform company focused on creating high-quality games. Light & Wonder will continue the company’s mission to offer a range of well-known gaming and perks to mobile and online platforms, as well as land-based casinos and free social gaming offerings.
Create a more marketable identity
The original advertisement for trade mark In March, with the company focusing more on its online gambling operations. Barry Cottle, CEO of Light & Wonder, said the new name allows the company to create a “strong new identity that sets us apart from our unique offerings and capabilities.” The company also sees the new name as allowing for a more marketable identity.
Las Vegas-based Light & Wonder currently employs approximately 5,000 people across six continents.
Earlier this month, the company sold its lottery business for $5.8 billion to private investment firm Brookfield Business Partners. Lotteries will continue to use the name science games. As a result of the sale, the company was able to pay off a large amount of debt. Light & Wonder’s current debt is $4 billion, down from $8.8 billion. The company also struck an agreement to sell sports betting technology division OpenBet for $1.2 billion to Endeavor Group Holdings.
Light & Wonder hasn’t sold off parts of its business just in recent months. It has also made a number of interesting acquisitions over the past year that align with its growing focus on the online space.
One of Light & Wonder’s main iGaming offerings is their OpenGaming platform, a gaming aggregator deployed by online casinos all over the world.
In December, it acquired digital game content developer ELK Studios. Terms of the deal have not been announced. Other deals include the acquisition of Lightning Box of live casino game developer and live casino game supplier Authentic Gaming.