Global gaming giant Light & Wonder recorded consolidated revenue of US$610 million in the three months to 30 June 2022, up 5% over the same period last year on the back of strong growth in the company’s gaming business and digital arm SciPlay.
Publishing its 2Q22 results overnight, Light & Wonder said its gaming business demonstrated “continued strong momentum” including growth in all lines of business year-over-year and robust sequential growth in Gaming Operations and Game Sales.
Revenue also benefited from year-over-year growth at SciPlay, while the iGaming business’ momentum continued despite 7% unfavorable impact of foreign currency translation, the company said.
The improved revenues couldn’t prevent Light & Wonder falling to a US$150 million net loss, primarily as a result of US$147 million in loss on financing transactions associated with the company’s April 2022 debt pay down and refinancing transactions. That pay down helped net debt leverage declined from 6.1x as of 31 March 2022 to 3.6x on 30 June 2022.
Consolidated AEBITDA from continuing operations fell 9% to US$212 million.
“We made great strides in the second quarter as we continued to execute on our vision and the transformation of our Company,” said Light & Wonder President and CEO, Barry Cottle.
“We closed on the sale of our Lottery business for US$5.7 billion in gross cash proceeds, which we used to significantly de-lever our balance sheet as we continue to deliver on our promises. With the Lottery business sale and anticipated closing on the sale of our Sports Betting business by the end of the third quarter, we have achieved a significant milestone in the transformation of our organization.
“We now have all the pieces in place and are singularly focused on building great games fully cross-platform. The success we are seeing this quarter is the result of the fundamental changes we have made throughout the business.
“Adding it all up, we couldn’t be more excited about the progress we are making and our path forward as the leading cross-platform global game company.”
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