Isaacs replaced as Scientific CEO
Scientific Games has appointed Kevin Sheehan as its new chief executive and president, following a Q2 in which it recorded better-than-expected financial results.
The gaming and lottery services provider surprised the industry with the news that Gavin Isaacs, who had led the company since 2014, was switching to the governance position of vice chairman of the board.
Sheehan takes up his position immediately after seven years as chief executive and president of travel firm Norwegian Cruise Line.
Sheehan said: “Scientific Games is the worldwide leader in gaming, lottery and interactive innovation and I look forward to building on that momentum to drive continued growth across the company. Scientific Games offers an unrivalled, comprehensive suite of products and services for our customers around the world and is well positioned to continue to grow.”
Meanwhile, in a trading update, the company posted revenue of $729.2 million (€657.5 million) for the three months to June 30, beating analysts’ average projection of $709.4 million.
Operating income increased to $46.7 million from a loss of $800,000 in the previous period due to higher revenue, the benefit of cost synergies from 2015 integration initiatives, lower costs associated with integration and restructuring activities and lower impairment charges.
Isaacs said: "We're on a roll – executing on our business strategies, delivering improved results, and paying down debt.
"Our performance demonstrates the ongoing success of our business and the value from our diverse revenue streams.
“Our Interactive division is on fire, gaming machine sales were strong, and the lottery segment's instant games revenue turned in an exceptional performance.
“We remain focused on driving innovation and fiscal discipline to support future cash flow growth to create meaningful and sustained long-term shareholder value."
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