Supplier News
US – Light & Wonder continues ‘strong momentum’ with ninth consecutive quarter of growth
By Phil - 9 August 2023
Light & Wonder continued with strong momentum and delivered a ninth consecutive quarter of consolidated revenue growth year-over-year for the second quarter ended June 30, 2023.
Consolidated revenue in the quarter grew 20 per cent, resulting in strong margins and cash flows as we continued our advancement toward our long-term financial targets. The growth was driven by double-digit growth across all of our businesses, including another quarter of record revenues for SciPlay and iGaming.
Gaming revenue increased 21 per cent compared to the prior year period to $471m, primarily due to continued momentum in Gaming machine sales, which increased 41 per cent driven by increases in North American and Australian machine sales, coupled with strong performance in North American Gaming operations, Gaming systems and Table products.
SciPlay achieved record revenue of $190m, a 19 per cent increase compared to the prior year period, driven by the core social casino business, which once again delivered strong payer metrics and outpaced the market and gained share.
iGaming revenue reached another record quarterly revenue of $70m, a 17 per cent increase from the prior year period, primarily driven by continued growth in the US market.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, said, “Our reported numbers continue to validate the investments that we’ve made in our business and demonstrate the significant progress we are making towards our long-term targets. Year to date, we delivered double-digit top and bottom line growth across all three of our businesses, generated strong cash flows and reduced leverage, resulting in an exceptional second quarter. I am also pleased to share that Light & Wonder is expanding its global presence, with a successful ASX listing during the quarter that is gaining momentum with the investment community. We will continue to execute on our core strategy and product roadmap, and look forward to sharing more with you at Australasian Gaming Expo in August and Global Gaming Expo in October.”
Connie James, Chief Financial Officer of Light & Wonder, added: “I am proud to have been part of such a diverse and capable team, and of our many accomplishments during my time here as my tenure comes to an end at Light & Wonder. We accomplished a number of meaningful milestones in transforming the company and are now well-positioned with a healthy balance sheet and a strategic capital allocation plan. The continued growth we saw in the second quarter reflects the focused execution that is in our DNA. With a wealth of talent, sound financials, and an outstanding portfolio of assets, Light & Wonder continues to be in good hands moving forward as the leading cross-platform global games company.”
