Global gaming and entertainment company Light & Wonder has announced that its Board of Directors has approved a new three-year $1 billion share repurchase program.
This new program replaces the company’s previous $750 million share repurchase authorization, which was fully utilized as of June 13th, 2024.
Over the course of the prior program, Light & Wonder purchased 11.2 million of its own common shares, representing 11.5 percent of oustanding shares. The average purchase price was $66.72 per share, a 28 percent discount to the June 13th closing price of $92.35.
“I am pleased to announce that the Board has approved a new, upsized share repurchase program as we continue to successfully execute our growth strategy and return meaningful capital to our shareholders,” said Matt Wilson, Chief Executive Officer of Light & Wonder.
“With strong operating performance continuing across the business, we remain on track to achieve our $1.4 billion Consolidated AEBITDA target for 2025 while continuing to invest for the future.”
The first quarter of this year saw Light & Wonder deliver a 12th consecutive period of yearly revenue growth, as gaming revenue topped $476 million, a 14 percent yearly increase, and AEBITDA rising by 13 percent yearly.
In the same statement, Oliver Chow, Chief Financial Officer, commented the group still has significant options “with regards to capital allocation”, with the company aiming to drive profitable growth and upside beyond 2025.”
