{"id":211449,"date":"2022-04-29T13:54:43","date_gmt":"2022-04-29T20:54:43","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=211449"},"modified":"2022-04-29T14:14:21","modified_gmt":"2022-04-29T21:14:21","slug":"light-wonder-name-stock-ticker-changes-are-finalized","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/light-wonder-name-stock-ticker-changes-are-finalized\/","title":{"rendered":"Light & Wonder Name, Stock Ticker Changes Complete"},"content":{"rendered":"

Light & Wonder\u2019s name change is legally official, and the slot machine manufacturer\u2019s shares now trade under the ticker \u201cLNW\u201d on the Nasdaq.<\/p>\n

\"Light
Light & Wonder employees at the Las Vegas headquarters. The company’s name and stock ticker changes are official. (Image: Indian Gaming Magazine<\/em>)<\/figcaption><\/figure>\n

The company previously known as Scientific Games announced the rebranding in early March, and almost immediately began using the Light & Wonder name<\/a> while temporarily retaining the stock ticker of \u201cSGMS.\u201d As of today, Scientific Games and SGMS are no more.<\/p>\n

The Light & Wonder name and branding reflects the Company\u2019s strategic vision to become the leading cross-platform global game company focused on creating and launching great games fully cross-platform, leveraging our leading platforms and solutions to enable a seamless player experience,\u201d<\/strong> according to a statement issued by the company.<\/p><\/blockquote>\n

On a miserable day for broader equity benchmarks, shares of Light & Wonder slipped more than 3% on the company\u2019s first day with the new ticker.<\/p>\n

Rebranding Follows SG Lottery Sale<\/h2>\n

The company\u2019s transformation to Light & Wonder was spurred in part by the sale of its SG Lottery unit<\/a> to Brookfield Business Partners LP (NYSE:BBU) for $6.05 billion last October.<\/p>\n

\n

While that transaction resulted in the departure of a cash-generating, profitable business, it sets the stage for the company to focus on its land-based gaming opportunities, as well as fast-growing markets, such as online and social casinos.<\/p>\n<\/div>\n

\u201cThrough a deliberate cross-platform approach, Light & Wonder delivers a leading portfolio of iconic games and franchises across online and mobile, and in both real money and free-to-play social gaming markets, as well as in land-based casinos,\u201d adds the Las Vegas-based company.<\/p>\n

Light & Wonder Debt Savings Plan Paying Off<\/h2>\n

Light & Wonder\u2019s aforementioned sale of SG Lottery and the divestment of its OpenBet sports wagering technology unit are transactions aimed not only at honing the company\u2019s focus on digital opportunities, but firming its balance sheet as well.<\/p>\n

Data confirms that effort is paying dividends. Earlier this month, the gaming company said its outstanding debt is $4 billion<\/a>, down sharply from $8.8 billion at the end of last year. Its net leverage is 3.9x, which is close to the desired range of 2.5x to 3.5x.<\/p>\n

“The company retired its existing $4.0 billion term loan and redeemed $3.0 billion of its secured and unsecured notes using proceeds from the divestiture of the Lottery Business and a new $2.2 billion term loan facility,\u201d according to a statement. \u201cIn conjunction with the new term loan, the company also entered into a new $750 million revolving credit facility.\u201d<\/p>\n

Fitch Ratings placed a junk grade of \u201cBB\u201d on Light & Wonder. The firm will likely need to drive leverage below 3x to attain a credit upgrade. Higher credit ratings mean a company can issue debt with lower interest rates.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Light & Wonder\u2019s name change is legally official, and the slot machine manufacturer\u2019s shares now trade under the ticker \u201cLNW\u201d on the Nasdaq. The company previously known as Scientific Games announced the rebranding in early March, and almost immediately began using the Light & Wonder name while temporarily retaining the stock ticker of \u201cSGMS.\u201d As […]<\/p>\n","protected":false},"author":46,"featured_media":211455,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,69293],"tags":[],"acf":[],"yoast_head":"\nLight & Wonder Name, Stock Ticker Changes Are Finalized<\/title>\n<meta name=\"description\" content=\"Light & Wonder name change is legally official and it has a new stock ticker.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/light-wonder-name-stock-ticker-changes-are-finalized\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Light & Wonder Name, Stock Ticker Changes Are Finalized\" \/>\n<meta property=\"og:description\" content=\"Light & Wonder name change is legally official and it has a new stock ticker.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/light-wonder-name-stock-ticker-changes-are-finalized\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-29T20:54:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-29T21:14:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/LW.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1121\" \/>\n\t<meta property=\"og:image:height\" content=\"761\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/light-wonder-name-stock-ticker-changes-are-finalized\/\",\"url\":\"https:\/\/www.casino.org\/news\/light-wonder-name-stock-ticker-changes-are-finalized\/\",\"name\":\"Light & Wonder Name, Stock Ticker Changes Are Finalized\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/light-wonder-name-stock-ticker-changes-are-finalized\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/light-wonder-name-stock-ticker-changes-are-finalized\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/LW.jpg\",\"datePublished\":\"2022-04-29T20:54:43+00:00\",\"dateModified\":\"2022-04-29T21:14:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Light & Wonder name change is legally official and it has a new stock ticker.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/light-wonder-name-stock-ticker-changes-are-finalized\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/light-wonder-name-stock-ticker-changes-are-finalized\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/light-wonder-name-stock-ticker-changes-are-finalized\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/LW.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/04\/LW.jpg\",\"width\":1121,\"height\":761,\"caption\":\"Light & Wonder employees at the Las Vegas headquarters. 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