CONTACT:

Christine Taylor, Senior Vice President of MacAndrews & Forbes Holdings Inc. 212-572-5988 917-968-5261

New York, New York, October 10, 2003 - Scientific Games Corporation (NASDAQ: SGMS) and MacAndrews & Forbes Holdings Inc. announced today that MacAndrews & Forbes has agreed to acquire the entire interest in Scientific Games held by Cirmatica Gaming, S.A., a subsidiary of Lottomatica S.p.A. of Italy. The Cirmatica interest which MacAndrews & Forbes is acquiring is held in the form of Series A convertible preferred stock and Series B preferred stock and represents approximately 24% of the equity and voting power of Scientific Games on an asconverted basis. The aggregate purchase price for the preferred shares will be approximately
$194 million.

At the closing, which is subject to customary conditions but is required to occur no later than December 5, 2003, MacAndrews & Forbes will assume Cirmatica’s place as Scientific Games’ largest stockholder and will be subject to substantially the same voting and governance arrangements that currently apply to Cirmatica, including having the right to nominate four members of Scientific Games’ board of directors.

Lorne Weil, Chairman and Chief Executive Officer of Scientific Games, stated, “We are delighted to have MacAndrews & Forbes signing on as a major investor. They bring a wealth of experience and ideas to the table and we look forward to a mutually rewarding relationship.”

Ronald O. Perelman, Chairman and Chief Executive Officer of MacAndrews & Forbes, added, “Scientific Games is an excellent, well-run company with great growth potential in an exciting industry. We are very enthused about the opportunities ahead of us.”

About Scientific Games Corporation
Scientific Games Corporation is the leading integrated supplier of instant tickets, systems and services to lotteries, and the leading supplier of wagering systems and services to pari-mutuel operators. It is also a licensed pari-mutuel gaming operator in Connecticut and the Netherlands and is a leading supplier of prepaid phone cards to telephone companies. Scientific Games’ customers are in the United States and more than 60 other countries. For more information about Scientific Games, please visit our web site at www.scientificgames.com.

About MacAndrews & Forbes Holdings, Inc.
MacAndrews & Forbes Holdings, Inc. is a private diversified holding company with interests in consumer products, entertainment, financial services and other industries. Among the companies in which it holds controlling interests are Revlon, Inc., Panavision and M&F Worldwide.

Safe Harbor Statement
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This information involves risks and uncertainties, including, but not limited to, the risk of noncompletion of the proposed transaction and those described in Scientific Games’ Annual Report on Form 10-K/A for the fiscal year ended December 31, 2002 and its Quarterly Report on Form 10-Q for the period ended June 30, 2003. These risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements.

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