Light and Wonder sees 14% year-over-year increase in gaming revenue for Q2 2024
The company also reported record unit expansion in the North American installed base.
Light and Wonder has reported the company’s financial results for the second quarter of 2024, with this now being the 13th consecutive quarter of consolidated revenue growth as stated by the company.
Second quarter consolidated revenue was $818m, a 12% increase compared to the prior year period. Gaming revenue was reported to be $539m for the second quarter of 2024, up 14% year-over-year and “primarily driven by global gaming machine sales growth,” which increased 32%.
Light and Wonder also reported record gaming operations unit expansion in the North American installed base.
“Light and Wonder continues to capitalize on opportunities underpinned by our scale and diversified product offerings as demonstrated through the growth momentum across the business. We saw strong progress in the gaming business as the expansion of units in the North American installed base reached an inflection point,” Light and Wonder President and CEO Matt Wilson said.
“Our global presence enables further product refinement and market penetration with our suite of games and casino solutions. We continue to develop our catalog of proven, evergreen franchises to bring the most engaging experiences to our players, leveraging the power of our portfolio across land-based, social and iGaming platforms.”
SciPlay revenue grew to $205m, an 8% increase from the prior year period while iGaming revenue was a reported total of $74m, a 6% increase year-over-year.
“Our 13th consecutive quarter of consolidated revenue growth once again reflects the strength of our combined business and solid financial profile,” Light and Wonder CFO Oliver Chow said.
“The new $1bn share repurchase program is a testament to the value we see in the business and confidence in our ability to execute (and) to plan over the long-term. We believe we will continue to create significant value for our shareholders through enhanced cash flow generation initiatives while delivering on our financial targets.”
Net income for Q2 2024 was $82m compared to just $5m in the prior year period, primarily due to higher revenue and strong margins as stated by the company, along with “lower depreciation and amortization (D&A), which was slightly offset by higher restructuring and other costs.”
Consolidated AEBITDA was $330m during the second quarter of 2024, a 17% increase year-over-year, with Light and Wonder’s first half 2024 consolidated revenue increasing 13% to $1.6bn as well.
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