Light & Wonder, a prominent player in the gaming industry, has unveiled its robust financial performance for the third quarter of 2023. The company reported gaming revenue totaling $465 million, showcasing an impressive 11% growth compared to the same period in the previous year. This marks the company’s tenth consecutive quarter of consolidated revenue growth, highlighting its sustained success and market influence.
Financial Highlights:
Gaming Revenue: Light & Wonder’s gaming revenue surged to $465 million, reflecting an 11% increase, driven by multiple factors contributing to the company’s diverse business segments.
Gaming Machine Sales: A notable highlight was the 23% rise in gaming machine sales in both North American and international markets, underscoring the company’s strong performance and market demand.
iGaming Revenue: The iGaming sector witnessed substantial growth, with revenue reaching $70 million, showcasing a remarkable 21% increase compared to the corresponding period in the previous year.
SciPlay’s Record Revenue: SciPlay, a subsidiary of Light & Wonder, achieved record revenue of $196 million, marking a significant 15% increase. This accomplishment adds to the company’s overall positive financial trajectory.
Strategic Milestones:
SciPlay Acquisition: In October, Light & Wonder successfully completed the acquisition of the remaining 17% equity interest in SciPlay Corporation, further solidifying its position in the gaming industry.
Inclusion in ASX 200 Index: The company celebrated another milestone with its inclusion in the ASX 200 index in Australia, recognizing its market influence and financial standing.
CEO’s Perspective:
Matt Wilson, President, and CEO of Light & Wonder expressed satisfaction with the exceptional results achieved by the company. He highlighted the tremendous efforts of the company’s team and emphasized the fourth consecutive quarter of double-digit growth across all business segments. The successful milestones, including the SciPlay acquisition and inclusion in the ASX 200 index, underscore the company’s strategic prowess.
Expansion Initiatives:
Caesars Digital Partnership: Light & Wonder has entered into a partnership with Caesars Digital to launch online casino games in Michigan. The collaboration will see Light & Wonder providing customized titles via its Playzido content platform, contributing to the expansion of online gaming offerings.
Light & Wonder’s Q3 financial results depict a thriving company achieving substantial growth in gaming revenue across various segments. The successful SciPlay acquisition, inclusion in the ASX 200 index, and strategic partnerships underline the company’s commitment to innovation and market leadership. As Light & Wonder continues to expand its presence, the financial results reinforce its position as a key player in the dynamic gaming industry.