Light & Wonder to delist from NASDAQ to take a sole listing on the ASX
Whilst revenue was down one per cent in Light & Wonder’s second quarter, the company secured a 20th consecutive quarterly increase in its premium installed base, adding 845 North American gaming operations units sequentially and over 2,700 units year-over-year.
Following a comprehensive review, the L&W Board has approved moving from the company’s current dual listing on Nasdaq and ASX to a sole primary listing on the ASX and expects to delist from the Nasdaq by the end of November 2025
Light & Wonder delivered earnings growth and margin expansion across all business segments in the second quarter on continued strong game performance and disciplined investment, while advancing its robust content roadmap and cross-platform strategy.
Consolidated revenue of $809m decreased slightly by one per cent, while Net income increased 16 per cent to $95m and Consolidated AEBITDA increased seven per cent to $352m, as compared to the prior year period. The impact of macroeconomic uncertainty during the quarter led to more cautious purchasing behavior and delayed capital expenditure among some of our customers, which impacted the timing of game sales.
The gaming business sold over 9,000 new units globally, maintaining its strong market share momentum. The momentum also continued in its gaming operations business as itcontinued to increase its North American premium installed base and average daily revenue per day, excluding the Grover Charitable Gaming business. SciPlay revenue continued to outpace the market while Light & Wonder’s iGaming business delivered quarterly record revenue. The company successfully completed the acquisition of Grover and is executing on a planned integration ahead of schedule with over 600 active units added since the acquisition announcement back in February 2025.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, said: “We remain committed to R&D investment to further proliferate our high-performing content across channels and continue to realize the benefits of strong game performance. Our North American installed base and revenue per day increased as we continue to execute on the key initiatives to both expand and extend the longevity of our fleet for maximum value. Additionally, I am pleased that the integration of Grover is progressing ahead of schedule, and we are very well-positioned in the charitable gaming business with a range of growth opportunities ahead of us. Following an extensive diligence process, I am excited to announce the Board’s decision to transition to a sole ASX listing(2), which I believe will deliver tremendous shareholder value going forward. I have confidence in our strategy as we continue to execute to our long-term blueprint, which will continue to drive quality of earnings and sustainable value both operationally and financially.”
Oliver Chow, Chief Financial Officer of Light & Wonder, said: “Our financial performance in the second quarter underscores the benefit of our diversified business model and the disciplined execution of the team. Margin expansion was meaningful, reflecting business performance as well as optimization of resource allocation across digital, content and platform innovation. During the quarter, we continued to invest across the portfolio, arranged financing for the Grover acquisition and continued to execute to our share buy-back program. Additionally, with the added $500 million capacity to the program, we expect a smooth transition to our sole ASX listing. We remain within our targeted net debt leverage ratio(3) range on a combined basis following the Grover acquisition and will continue to execute on our capital allocation plan, enabling our flexibility to pursue both growth and shareholder value creation.”
Jamie Odell, Chair of the Light & Wonder Board of Directors, added: “Since we launched the secondary ASX listing back in May 2023, equity traded on the ASX now accounts for approximately 37 per cent of our total equity. Our Board has determined that moving to a sole primary ASX listing is in the best long-term interests of our shareholders. We offer investors a great opportunity to invest in a global growth company, with strong fundamentals, leading market positions in our core segments, growing margins, and strong recurring revenues and operating cash flows. We look forward to engaging with stakeholders throughout this process.
