Light & Wonder Q4 results: Gaming revenue up 13%
Double-digit growth was also reported in the supplier’s iGaming sector and full-year consolidated revenue.
Light & Wonder has reported its Q4 and full-year results for 2023. In the quarter gaming revenue increased 13% year-on-year, reporting a total of $496m. SciPlay revenue grew 12% while iGaming revenue increased 13%, making $204m and $70m respectively.
The company’s full-year consolidated revenue totaled $2.9bn, up 16%.
Gaming
Gaming revenue was impacted notably by Light & Wonder’s machine sales growth, with sales up 31% globally. In the quarter Light & Wonder has partnered and sold to a variety of bodies and businesses, including the Oregon Lottery in September. The lottery operator purchased over 1,000 Kascada Dual Screen Multi-Game video lottery terminals (VLTs), with Oregon Lottery Manager of Gaming Products Lyndsey Peterson stating, “The placement of these games will continue to support our mission and fund Oregon programs.”
From last quarter, gaming revenue was up 6.7% from the $465m reported in Q3.
SciPlay
Acquiring SciPlay in August, SciPlay’s growth this quarter was driven by the company’s core social casino business. In an exclusive interview with Gaming America, the supplier said, ‘SciPlay is a high-growth digital games business that plays an important role in our cross-platform strategy and they bring with them a proven track record of developing engaging content.’
iGaming
In the iGaming sector, continued growth both at home and abroad contributed to the quarter’s $70m quarterly earnings. In November Light & Wonder made two dealings in Michigan, debuting its Premium Live Dealer product from Authentic Gaming and teaming up with Caesars Digital via its subsidiary, Playzido, to launch the company’s Sweet 16 Blackjack title on the platform.
Playzido also launched in Ontario in December, while Light & Wonder partnered with Hollywoodbets in South Africa in the same month.
Comments
On the quarter’s earnings, Light & Wonder President & CEO Matt Wilson said, “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… I want to congratulate our team on a successful year and know the best is yet to come.”
Light & Wonder CFO Oliver Chow added, “We continue to see healthy trends in the business and were able to capitalize on many of the opportunities presented to us in 2023… Moving forward, we will focus on driving sustainable growth and executing against our balanced and opportunistic capital allocation strategy with discipline, driving value for all stakeholders.”
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