Supplier News
US – Light & Wonder hits new high with best ever revenue in 2023
By Phil - 28 February 2024
Light & Wonder delivered its best ever revenues last year with a record $2.9bn compared to $2.5bn in the prior year, a 16 per cent increase with double digit growth across all its business segments.
The company closed the year with momentum and delivered its 11th consecutive quarter of consolidated revenue growth and sixth consecutive quarter of double-digit growth year-over-year. Fourth quarter consolidated revenue came in at $770m compared to $682m, a 13 per cent increase. Gaming revenue increased 13 per cent in the fourth quarter, driven by another quarter of robust growth in Gaming machine sales, which grew 31 per cent year-over-year, while SciPlay revenue reached another quarterly record and iGaming revenue held at a record level.
Gaming revenue increased to $496m, primarily driven by another quarter of robust gaming machine sales growth, coupled with continued strong momentum in Gaming operations.
SciPlay revenue rose to $204m, a 12 per cent increase from the prior year period, breaking a quarterly revenue record for the sixth consecutive quarter, driven by the core social casino business, which once again delivered strong payer metrics and outpaced the market and gained share.
iGaming revenue increased 13 per cent to $70m reflecting continued growth momentum in the US and international markets.Full year consolidated revenue increased 16 per cent to $2.9bn delivering record results, which showcased its strong financial performance, execution on its growth strategy and transformation, and continued advancement towards our long-term financial targets.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, said: “2023 was a banner year for Light & Wonder. Our businesses delivered double-digit growth across the board throughout the year, enabled by strategic investments and strong execution. We consistently leverage a differentiated product strategy and plan to capitalize on the significant growth opportunities ahead of us. I am thrilled with the momentum we continue to see in the business, and with our winning mentality, experience, and talent in place, we are well-positioned to continue our growth trajectory. I want to congratulate our team on a successful year and know the best is yet to come.”
Oliver Chow, Chief Financial Officer of Light & Wonder, added: “We continue to see healthy trends in the business and were able to capitalize on many of the opportunities presented to us in 2023 to deliver strong top- and bottom-line growth, both in the quarter and for the full year. Our teams continued to deliver quality earnings with improved metrics over the course of 2023. Moving forward, we will focus on driving sustainable growth and executing against our balanced and opportunistic capital allocation strategy with discipline, driving value for all stakeholders.”
