Scientific Games Corp

Billionaire David Einhorn is prominent in the hedge fund industry for his bold investment strategies.

In contrast to last year, Greenlight Capital’s performance this year has been improving. In 2018, GLRE fell 34%, vastly underperforming the markets.

Scientific Games shares fell by ~15% in the three days following the merger. That’s typical when a company acquires another company for a premium.

The executive management team of SGMS includes President and CEO Gavin Isaacs and Executive Vice President and CFO Scott Schweinfurth.

Bally provided internal financial projections estimating its unlevered free cash flow to help Macquarie Capital assess its discounted cash flow.

Macquarie Capital’s opinion was provided to Bally’s board of directors in connection with its financial evaluation of the merger consideration.

Merger evaluation The Bally Technologies, or Bally, board of directors closely evaluated the proposed merger with Scientific Games (SGMS) and the transactions contemplated by the merger agreement. The board considered a range of factors before approving the merger agreement and recommending that Bally’s stockholders vote to approve it. Merger consideration The $83.30 per share offered to holders of Bally’s common stock […]

Scientific Games, WMS Industries, and Bally each have unique portfolios with a wide variety of player preferences that could help drive revenues.

Scientific Games expects to achieve ~$220 million in cost synergies and $25 million in capital expenditure savings by consolidating operations.

Scientific Games agreed to buy WMS Industries for $1.5 billion, emerging as a global supplier of lottery equipment and slot machines to casinos.

New York City-based Scientific Games offers customers a fully integrated portfolio of technology, platforms, content, and services.

In 1975, slot manufacturer Bally Technologies became the first gaming company to be publicly traded on the New York Stock Exchange.

In its merger agreement with Bally Technologies, Scientific Games agreed to acquire all outstanding Bally common stock for $83.3 cash per share.

AQR Capital initiated a position in Bally Technologies during the third quarter of 2014 that accounts for 0.22% of the fund’s 3Q14 portfolio.

Pinnacle Entertainment (PNK) recently completed the acquisition of Ameristar Casinos for a total consideration of $2.8 billion. This transaction added eight properties to PNK’s portfolio.

Pinnacle Entertainment owns and operates a poker tour as well as various gaming entertainment properties. The company also manages a racetrack.

Pinnacle Entertainment reported financial results for the third quarter ended September 30, 2014. The company had net revenues of $568.3 million, up 35.7% year-over-year.

Mario Gabelli’s GAMCO Investors began a new position in Bally Technologies Inc. (BYI) during the third quarter. The position accounted for 0.11% of the fund’s 3Q14 portfolio.

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Casinos’ popularity is growing. This suggests that people like to gamble occasionally. Unfortunately, they don’t always win. For most of the people, the real fun is playing the game—not necessarily winning.