The renamed Scientific Games – now Light & Wonder – came good on its promise of double-digit growth and returning substantial capital to shareholders.
Revenue for the first quarter was $572m compared with $453m and net loss was down to $67m from $88m. Company CEO Barry Cottle (pictured) reported that the gaming business demonstrated continued strong momentum in the North American market including growth in all lines of business, with gaming operations revenues exceeding those of 2019.
Debt has been reduced from $8.9bn to $4bn, he said. “We are delivering on our promises to create great content cross-platform while expanding in high-growth digital markets.
“With a reconstituted balance sheet, sustainable double-digit growth and strong cash generation, we now have the ability to significantly enhance shareholder value through a disciplined approach to capital allocation.”
Connie James, CFO, said that Light & Wonder’s strengthened balance sheet had resulted in a $140m return on capital through the repurchase of shares.
Light & Wonder divested its lottery business only last month, resulting in $5.6bn in gross cash proceeds, and the sale of its sports betting business is expected to complete in the third quarter of this year.