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Light & Wonder continues steady growth in 3Q23

Light & Wonder, Inc. gaming revenue increased 11 percent in the third quarter of this year compared to the prior year period, to $465 million, primarily due to continued momentum in gaming machine sales, the group revealed.

According to its latest financial report, Light & Wonder gaming machine sales went up 23 percent, driven by growth in North American and Australian machine sales, and a strong performance in North American gaming operations and table products.

Overall, the gaming company delivered a tenth consecutive quarter of consolidated revenue growth and a fifth consecutive quarter of double-digit growth year-over-year, with $112 million provided to shareholders through share repurchases.

For CEO, Matt Wilson, the group also achieved two ‘milestones’, namely the purchase of the remaining shares in SciPlay and inclusion into the ASX 200 index in Australia, both in October of this year.

SciPlay will operate as a wholly-owned subsidiary of Light & Wonder, and SciPlay common stock will no longer be publicly traded on the Nasdaq Global Select Market.

SciPlay revenue increased 15 percent to $196 million in the third quarter year-on-year, with AEBITDA reaching $61 million, up 42 percent compared to the prior year period.

In total, Light & Wonder reported a 13 percent rise in consolidated revenue to $731 million, compared to the prior year period, with net income reaching $80 million.

‘The current year period increased primarily due to higher revenue and operating income as well as a non-cash foreign currency transaction gain included in other income, net, partially offset by $15 million loss on financing transactions associated with the issuance of 2031 unsecured notes and redemption of 2025 unsecured notes in August of 2023,’ Light & Wonder stated.

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