Light & Wonder will continue to support UK-based global gaming company Entain. The gaming manufacturer secured an extension with its partner as it clears off its lottery operations and rebalances its finances.
Light & Wonder (L&W), formerly known as Scientific Games, has expanded its partnership with British gambling giant Entain. Under the terms of this agreement, which the two first signed in 2018, the companies will work together to increase their influence across the UK gaming market.
The renewal comes at a good time for L&W. It is also shuffling its finances to reduce costs and create more room for growth.
L&W Finds New Success Under New Name
Specifically, L&W will supply approximately 10,000 terminals for Entain’s Coral and Ladbrokes brands. In addition, a number of titles in L&W’s portfolio will become the basis of these betting stores, including titles such as Lord of the Rings and 777 High & Mighty.
Light & Wonder improves [our stores] with the industry’s best gaming machines backed by a wide range of leading games, service infrastructure and support,” said Andy Hicks, UK & Ireland Retail Director at Entain.
Entain also has access to the L&W’s most popular content aggregation platform. This gives the operator access to more than 3,000 titles from top studios around the world, as well as cutting-edge player features, such as responsible gaming tools.
Entain Continues to Strengthen Position
Entain obviously has a lot of faith in L&W to continue supporting its global gaming ambitions. The operator has scored home runs on several fronts, including the recently-concluded Grand National horse race at Aintree.
Entain revealed that it received a total of 12.75 million bets during the Grand National racing weekend. Both its Coral and Ladbrokes brands shared in the success. This record number is the result of the return of bettors, who were away from the three-day Aintree event last year because of the COVID-19 pandemic.
The operator believes that the pandemic has only further fueled demand in betting, with more online activity and land business accounted for this year than in any previous year.
The second day of the Grand National, April 9, was the busiest of Entain. It notes that a total of 4.1 million bets were placed that day, with a total increase of 72% over 2021.
Entain also saw more than 20,000 bets per minute online. There were another 538,000 active online customers at Ladbrokes and Coral combined.
L&W’s Debt Refinancing Complete
L&W also announced a significant milestone in its efforts to transform and deleverage its balance sheet. The company redeemed $4.0 billion of its secured and unsecured notes and retired the existing term loan.
This was possible thanks to proceeds from the sale of the Lottery business and a $2.2 billion term loan facility. L&W also signed a $750 million revolving loan facility in conjunction with the term loan.
The steps we are taking to strengthen our balance sheet will enhance our ability to create value and the speed at which we can unlock that value and achieve our vision of becoming the leading cross-platform global game company,” states L&W CEO Barry Cottle.
The Las Vegas-based company was also able to secure commitments for a $750-million asset-based revolving loan facility that will mature in 2027. This new credit line replaces the $650-million existing revolving debt facility, which expires in two years.
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