Leading gaming supplier Light & Wonder has reported robust financial performance, marking its ninth consecutive quarter of year-over-year revenue growth. In the second quarter of 2023, ended June 30, the company’s gaming revenue reached an impressive $471 million, reflecting a substantial 21% increase compared to the same period in the previous year. The growth was widespread, encompassing all facets of the business, including SciPlay and igaming.
Key Financial Highlights:
Gaming revenue soared to $471 million, showcasing a remarkable 21% YoY growth.
Gaming machine sales experienced a substantial 41% increase, primarily driven by heightened demand in North American and Australian markets.
SciPlay revenue reached $190 million, reflecting a robust 19% YoY growth.
Igaming revenue recorded a notable increase, reaching $70 million, marking a substantial 17% growth.
Leadership Insights:
Matt Wilson, President and CEO of Light & Wonder, emphasized the positive impact of strategic investments on the company’s performance. He highlighted the consistent progress toward long-term targets, with double-digit growth in both top and bottom lines across all three business segments. Wilson also noted the successful ASX listing during the quarter, contributing to the company’s expanding global presence.
Connie James, CFO of Light & Wonder, expressed pride in the team’s accomplishments and highlighted meaningful milestones in transforming the company. With a focus on sound financials and strategic capital allocation, James affirmed the company’s strong position with a healthy balance sheet.
Expansion and Partnerships:
Light & Wonder’s growth trajectory was further bolstered by key strategic moves, including the addition of content from the renowned slot studio DreamSpin to its OpenGaming platform. Additionally, the company expanded its multi-year global licensing deal with Warner Bros Discovery Global Themed Entertainment (WBDGTE). This expansion enhances Light & Wonder’s position as a leading cross-platform global games company.
Outlook and Future Plans:
The company’s leadership remains optimistic about future prospects, with plans to execute core strategies and product roadmaps. Light & Wonder looks forward to sharing more insights and developments at upcoming industry events, including the Australasian Gaming Expo in August and the Global Gaming Expo in October.
Light & Wonder’s exceptional financial performance in Q2 2023 underscores its continued growth trajectory and strategic prowess in the dynamic gaming industry. With a focus on innovation, global expansion, and strategic partnerships, the company positions itself as a key player in the cross-platform gaming landscape.