{"id":148614,"date":"2020-09-14T09:12:04","date_gmt":"2020-09-14T16:12:04","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=148614"},"modified":"2020-09-14T11:52:20","modified_gmt":"2020-09-14T18:52:20","slug":"scientific-games-chairman-to-sell-his-company-stock-to-caledonia-for-about-1b-leaves-board","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/scientific-games-chairman-to-sell-his-company-stock-to-caledonia-for-about-1b-leaves-board\/","title":{"rendered":"Ron Perelman To Sell Scientific Games Stake to Caledonia for About $1B"},"content":{"rendered":"

Scientific Games (NASDAQ:SGMS) Chairman Ron Perelman is going to sell his 39 percent stake in the Las Vegas-based gaming equipment manufacturer for about $1 billion. The buyers are Australia\u2019s Caledonia, an investment management company, and other institutional investors, the company announced on Monday.<\/p>\n

\"Ron
Scientific Games Chairman Ron Perelman is selling his 39 percent stake in the gaming equipment manufacturer to Australia\u2019s Caledonia. (Image: Bloomberg)<\/figcaption><\/figure>\n

Perelman owns about 36.8 million shares in the company. Last September, he upped his ownership when purchasing 230,000 additional shares.<\/p>\n

The deal is based on a purchase price of $28 a share. Shares in Scientific Games were selling for $18.97 as of the close of the Nasdaq on Friday.<\/p>\n

\n

The stock jumped in price on Monday by as much as 51.7 percent, as rumors and later confirmation of the pending sale were reported. As of 10:06 a.m. ET, company shares were selling for $27.77.<\/span><\/p>\n<\/div>\n

In a note to investors on Monday, Barry Jonas, an analyst with Truist Securities, said they are keeping the target price of the stock at $30. He also keeps it at a “buy” rating.<\/p>\n

Perelman\u2019s sale of his shares was basically expected. In July, he announced he was considering selling his stock. His shares are owned by Perelman\u2019s company, MacAndrews & Forbes Holdings Ltd. Two MacAndrews & Forbes representatives who were on the Scientific Games board will step down, as will Perelman.<\/p>\n

Ex-Aristocrat CEO New Scientific Games Chair<\/h2>\n

Scientific Games announced that Jamie Odell will become the new board chair. Odell was Aristocrat Leisure’s<\/a> CEO between 2009 and 2017.<\/p>\n

Last year, Odell was named an advisor to Perelman and other officials at Scientific Games, including\u00a0CEO and President Barry Cottle<\/a>. Odell gave advice on industry trends, market innovation, and growth strategies, according to a company statement.<\/p>\n

Toni Korsanos is the new vice chair. Korsanos is Aristocrat’s ex-chief financial officer. A third new board member will be named.<\/p>\n

\n

Odell and Korsanos “are credited with turning Aristocrat into a best-in-class competitor,” Jonas added in the note. So both the board changes and stock transaction are viewed “favorably,” Jonas said, predicting that with the new board members the company can “better focus on strategic priorities.”<\/p>\n<\/div>\n

In the company announcement, Odell said Scientific Games has a “differentiated position in the emerging digital gaming and sports betting industries.” By including the fields, some industry analysts speculated these areas, especially digital, could be a focus for Scientific Games.<\/p>\n

The Financial Times<\/em> reported Perelman has been trying to sell off some of his investments due to the impact the coronavirus pandemic has had on his companies. In August, Perelman, 77, told Vanity Fair<\/em> he wants a \u201cless complicated and less leveraged business life.\u201d<\/p>\n

In July, Perelman sold a 70 percent stake in Humvee maker AM General. In recent weeks, word came that he was considering unloading a 57-acre estate in New York\u2019s Hamptons for about $180 million, the New York Post<\/em> reported.<\/p>\n

He apparently also wants to sell more of his valuable art collection. He sold two paintings by artists Joan Miro and Henri Matisse for about $37 million in July at an auction held at Sotheby\u2019s London.<\/p>\n

The downsizing comes as Perelman\u2019s net worth dropped, news reports reveal. It once totaled close to $20 billion, the Bloomberg Billionaire\u2019s Index reported. Now, it is estimated at between $6.2 and $7.8 billion. He was listed recently as the 79th wealthiest person in the US.<\/p>\n

Caledonia Part Owner of Gaming Businesses<\/h2>\n

Caledonia is experienced with the gaming business. It already owns over 10 percent in Flutter Entertainment.<\/p>\n

Flutter\u2019s assets include Ireland-based Paddy Power, a bookmaker with a strong online presence, and in Australia, market-leading online sports betting brand Sportsbet.<\/p>\n

Recently, Flutter merged with The Stars Group in a $12 billion deal. Stars operates PokerStars, the world\u2019s largest online poker site.<\/p>\n","protected":false},"excerpt":{"rendered":"

Scientific Games (NASDAQ:SGMS) Chairman Ron Perelman is going to sell his 39 percent stake in the Las Vegas-based gaming equipment manufacturer for about $1 billion. The buyers are Australia\u2019s Caledonia, an investment management company, and other institutional investors, the company announced on Monday. Perelman owns about 36.8 million shares in the company. Last September, he […]<\/p>\n","protected":false},"author":44,"featured_media":148617,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1],"tags":[],"acf":[],"yoast_head":"\nScientific Games Chair to Sell Shares to Caledonia<\/title>\n<meta name=\"description\" content=\"Scientific Games Chairman Ron Perelman agreed to sell his stake in the company to Caledonia. 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