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American billionaire businessman Ronald Perelman (pictured) has reportedly revealed that he is looking into the possibility of offloading the entire 39% stake he holds in gaming machines behemoth Scientific Games Corporation.
According to a report from Inside Asian Gaming citing an earlier story from the Bloomberg news service, the 77-year-old is responsible for the shareholding through his MacAndrews and Forbes Holdings Limited investment vehicle and is thought to be investigating ways to rework his extensive investments portfolio amid a downturn caused by the ongoing coronavirus pandemic.
Decided decline:
Perelman also serves as Chairman for Scientific Games Corporation with his stake in the Las Vegas-headquartered firm estimated to be worth approximately $1.5 billion. The source furthermore detailed that the North Carolina native is thought to have become discouraged regarding the Nevada company’s prospects after its first-quarter net loss recently widened to $159 million from the $24 million recorded for the same three-month period in 2019.
Innumerable interests:
The interests of MacAndrews and Forbes Holdings Limited moreover reportedly run to companies as diverse as cosmetics giant Revlon Incorporated and the entity behind the Humvee military transport vehicle, AM General, while Perelman is currently listed as the 79th wealthiest person in the United States courtesy of a $7.8 billion personal fortune.
Provisional proposition:
Josh Vlasto, a spokesperson for New York-based MacAndrews and Forbes Holdings Limited, reportedly told Bloomberg that his firm has not yet ‘formulated any specific or definitive plan or proposal’ regarding prospective disposals and that ‘there can be no assurance that any transaction will occur or as to the terms of any such transaction.’
Reportedly read a statement from Vlasto…
“Due to changes in the world both socially and economically, we have decided to reset MacAndrews and Forbes Holdings Limited in a manner that will give us maximum flexibility both financially and personally. This will allow us to be opportunistic and flexible in looking at new situations.”
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