Light & Wonder posts $731m consolidated revenue for Q2
The company also improved its AEBITDA and consolidated net income, as well as diversified by listing on the Australian Securities Exchange this quarter.
Light & Wonder has posted a consolidated Q2 revenue of $731m, up 20% year-on-year, with growth shown through the last nine consecutive quarters as well, the most recent four of which show double-digit growth. US revenue growth rose 32% year-on-year, while Ontario specifically showed an 84% increase in gross gaming revenue (GGR) since Q2 of 2022.
As part of this quarter, Light & Wonder confirmed it will list on the Australian Securities Exchange (ASX), to expand global investment options and increase capital. The company also acquired the remaining 17% of SciPlay after a special committee was formed in June.
Matt Wilson, President and CEO of Light & Wonder, commented, “Our reported numbers continue to validate the investments that we’ve made in our business and demonstrate the significant progress we are making towards our long-term targets.
“We will continue to execute on our core strategy and product roadmap, and look forward to sharing more with you at Australasian Gaming Expo in August and Global Gaming Expo in October.”
Along with increased consolidated revenue, Light & Wonder’s consolidated AEBITDA rose 28% year-on-year to $281m. Gaming revenue rose 21% to $471m. Game sales were up 41% year-on-year, with 5,000 units delivered.
SciPlay increased its revenue 19% to $190m, which was driven by its social casino sector, while iGaming revenue increased 17% to $70m, by growth within the US market.
Light & Wonder’s continuing operations generated net income of $5m, compared to a net loss of $150m in Q2 of 2022. Q1 generated $27m from the company’s continuing operations, however.
Cabinet launches saw Frankenstein become Light & Wonder’s “fastest scaling cabinet in recent history” within the first two months of its launch, while Monopoly, Dancing Drums, Double Dragon and Ultimate Fire Link extensions are also scheduled for release throughout this year.
Connie James, outgoing CFO of Light & Wonder, also commented, “I am proud of our many accomplishments during my time here as my tenure comes to an end at Light & Wonder.
“The continued growth we saw in the second quarter reflects the focused execution that is in our DNA. Light & Wonder continues to be in good hands moving forward.”
James stepped down in July, with Oliver Chow appointed as Interim CFO. Earlier this year in March, Niaz Nejad was also appointed the new Managing Director of Gaming for the Americas.
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