Global gaming supplier Light & Wonder saw its consolidated revenues rise by 17% to US$670 million in the three months to 31 March 2023, with strong growth across all business segments helping drive a return to profitability when compared with 1Q22.
Releasing its Q1 financial results overnight, Light & Wonder reported net income of US$27 million for the quarter, up from US$21 million in the December quarter and reversing a US$67 million loss from a year ago. Adjusted EBITDA also increased by 23.3% year-on-year to US$249 million.
By segment, the company saw gaming revenue increase by 18% to US$419 million, primarily driven by continued strength in gaming machine sales, which increased 53%, and strong performance in gaming operations and systems.
Meanwhile, both digital segments recorded record revenues with SciPlay also up 18% to US$186 million – driven by the core social casino business – and iGaming revenue rising 10% to US$65 million on continued growth in the US market.
“We’re off to a strong start in 2023, delivering on all key metrics and once again driving double-digit revenue growth across all three of our businesses,” said Light & Wonder’s President and CEO, Matt Wilson.
“Our strategy and disciplined investments are driving enhanced returns as we continue to develop and execute on our robust product roadmap, building off the strong momentum that we saw in 2022. The teams executed several notable wins and key launches in the quarter, and we have a full pipeline of games that support progress toward our long-term targets.
“With leading talent, technology and products, we continue to strengthen our position as the leading cross-platform global games company.”
The company also confirmed its intention to seek a secondary listing on the Australian Securities Exchange, having announced in March that it would evaluate the opportunity. In announcing its Q1 results, Light & Wonder revealed that an ASX listing has now been approved by the Board of Directors.
“The Board believes there are substantial potential benefits for the company and its shareholders in pursuing a secondary listing on the ASX, including enhancing the company’s profile in Australia, one of the leading markets for the company’s gaming business, and providing the company access to new long- term Australian institutional investors that would complement its strong existing base of shareholders in the US and Australia,” it said.
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