Casino gaming technology provider Light & Wonder achieved a ninth consecutive quarter of consolidated revenue growth, with a 20% increase in the second quarter of this year due to positive results from its affiliates.
Gaming revenue increased 21% year-over-year to $471 million, primarily due to continued momentum in gaming machine sales, which were up 41% driven by sales increases in North America and Australia.
While SciPlay achieved a 19% increase – year-on-year jump to a record $190 million in revenue, driven by the group’s core social casino business.
Revenue from the group’s iGaming segment also reached another record quarterly revenue of $70 million, up 17% year-on-year, primarily driven by continued growth in the US market.
Light & Wonder ended the quarter with net income of $5 million
Overall, Light & Wonder ended the quarter with a net income of $5 million, compared to a net loss of $150 million in the prior year period.
This included a $147 million loss in financing transactions associated with debt repayment and refinancing transactions in April 2022.
“Year-to-date, we delivered double-digit revenue and profit growth across all three of our businesses, generating strong cash flows and reduced leverage, resulting in an exceptional second quarter,” said Matt Wilson, president and CEO of Light & Wonder in an ad.
“I am also pleased to share that Light & Wonder is expanding its global footprint, with a successful ASX listing during the quarter that is gaining traction with the investment community,” added Wilson.
Light & Wonder undertook a secondary listing on the ASX in May, with the aim of raising the company’s profile in Australia and granting access to new long-term Australian institutional investors that would complement its current shareholder base in the US and Australia.
“We will continue to execute on our core strategy and product roadmap and look forward to sharing more with you at the Australasian Gaming Expo in August and the Global Gaming Expo in October.”
Aquisição da SciPlay
At the same time as it announced its financial results, Light & Wonder revealed it had entered into a definitive agreement to acquire the remaining 17% equity interest in SciPlay that it currently does not own for $22.95 per share in an all-cash transaction. .
L&W currently owns approximately 83% of the economic interest and 98% of the voting interest in SciPlay, a developer and publisher of digital games.
