Scientific Games Corp., a maker of casino slot machines, is nearing an Australian initial public offering of its global lotteries business that could raise about A$4 billion ($3 billion), according to people familiar with the matter.

The Las Vegas-based company plans to garner at least A$1.3 billion from cornerstone investors and the rest from others, the people said, asking not to be identified as the information is private. The share sale process, valuing the unit at about 14 times Ebitda, could start as early as this week, they said.

In a June statement, Scientific Games said it was exploring divesting its lotteries and sports-betting units via a merger with a special purpose acquisition company, a sale or a strategic combination with another business, as part of a process to rein in debt. Later, it agreed to sell its sports gambling company OpenBet to Endeavor Group Holdings Inc. for $1.2 billion in cash and stock.