Gaming giant Light & Wonder has announced that the group saw a 220 percent increase in profits during the fourth quarter of 2023, topping $67 million, as revenue rose by 13 percent to $770 million.
The group saw double-digit growth across all of its segments during the period, marking its 11th consecutive quarter of yearly growth.
Gaming machine sales during the quarter rose by 31 percent, contributing to a 13 percent rise in the group’s Gaming segment revenue – topping $496 million.
Meanwhile, the group’s SciPlay arm saw another quarterly record (for the sixth consecutive time), up 12 percent yearly to $204 million in revenue, driven by the group’s social casino business
The iGaming arm also saw a record quarter, with revenue up 13 percent yearly, topping $70 million, with continued growth in the US and international markets. Wagers processed through L&W’s iGaming platform topped $21.6 billion in 4Q23.
Regarding the group’s full year results, the company was able to reverse a $176 million loss from 2022 into a $180 million profit, in part due to a lower loss on debt financing transactions.
Revenue for FY23 topped $2.9 billion, up 16 percent yearly, also supported by double-digit growth across all its businesses.
Gaming machine sales were up 36 percent, while table products grew 13 percent, adding to the Gaming segment revenue of $1.85 billion.
Meanwhile, the group’s iGaming segment was up 15 percent yearly, with revenue topping $275 million for FY23.
The group’s social casino business exceeded the market during the year, contributing to a 16 percent rise in revenue from its SciPlay segment, at $777 million.
Speaking of the results, Light & Wonder’s President and CEO Matt Wilson noted that “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.”
