Gaming machine manufacturer Scientific Games Corp on Tuesday announced it will be changing its name to Light & Wonder, Inc, reflecting a new company direction that will focus on cross-platform game development across land-based casinos, online and mobile, in both the real-money and free-to-play social gaming markets.
The announcement came alongside a 4Q21 earnings conference call.
“It’s the way players play these days… They like to play on phones and play on screens. [While] their parents [like to play on] proper gaming machines,” said Jamie Odell, chairman of Light & Wonder.
“We’re already seeing increasing examples of where games are being launched, at the same time, across platforms, allowing all that extra dollar to come through and to get extra excitement of playing the same games on different platforms.
“So for us, it’s inevitable that that’s the way that play is going to go and we’re going to facilitate it with great IP, great processes, great technology, and content, which we deliberately developed to make sure it can work easily across those platforms.”
Light & Wonder said the rebrand comes as part of a year-long strategic plan to transform the company into a digital-focused business, a plan which included the divestment of its sports betting and lotteries business in order to focus on digital, which it forecasts would be at the same scale of its land-based business in three years.
“We are thrilled to introduce the world to Light & Wonder, a company that will build great games and franchises that offer players a seamless experience across platforms,” said Light & Wonder Chief Executive Officer Barry Cottle in a company statement.
“Our powerful new strategy required a powerful new identity to distinguish us and our unique offerings and capabilities. Our new name and identity are born from our winning strategy to be the leading cross-platform game company and will inspire our people to make great products for our players.”
Light & Wonder says it expects to legally change its name from “Scientific Games Corporation” during the 2Q22 upon satisfying all applicable legal requirements in Nevada.
The ticker symbol for the company’s common stock will be changed to LNW at the same time, and the company will continue to be listed on The NASDAQ stock exchange, it said.
