Light & Wonder delivers ninth successive quarter of growth

Light & Wonder has released its financial results for Q2 2023, revealing it to be its ninth consecutive quarter of consolidated revenue growth year-over-year.

The cross-platform games provider’s gaming revenue increased 21 per cent against the previous year to US$471m. This, the report explained, was driven chiefly by “continued momentum in gaming machine sales, which increased 41 per cent driven by increases in North American and Australian machine sales, coupled with strong performance in North American gaming operations, gaming systems and table products.”

“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,” said Matt Wilson, president and CEO of Light & Wonder.

“Year to date, we delivered double-digit top and bottom line growth across all three of our businesses, generated strong cash flows and reduced leverage, resulting in an exceptional second quarter.

“I am also pleased to share that Light & Wonder is expanding its global presence, with a successful ASX listing during the quarter that is gaining momentum with the investment community. 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.”

Connie James, chief financial officer of Light & Wonder, added: “I am proud to have been part of such a diverse and capable team, and of our many accomplishments during my time here as my tenure comes to an end at Light & Wonder. We accomplished a number of meaningful milestones in transforming the company and are now well-positioned with a healthy balance sheet and a strategic capital allocation plan.

“The continued growth we saw in the second quarter reflects the focused execution that is in our DNA. With a wealth of talent, sound financials, and an outstanding portfolio of assets, Light & Wonder continues to be in good hands moving forward as the leading cross-platform global games company.”