Leading gaming supplier Light & Wonder saw consolidated revenues soar by 20% to US$731 million in 2Q23, including all-time record revenues in both the SciPlay and iGaming segments and continued growth in Global Gaming on strong machine sales in Australia and North America.
Releasing its Q2 financial results overnight, Light & Wonder revealed a 21% increase in revenues for the Global Gaming segment to US$471 million, driven by a 41% increase in gaming machines sales and strong performance in North American Gaming operations, gaming systems and table products.
SciPlay achieved record revenue of US$190 million, up 19% year-on-year driven by the core social casino business, which the company said delivered strong payer metrics and gained market share.
Likewise, iGaming revenue achieved another quarterly revenue record of US$70 million, up 17%, primarily driven by continued growth in the US market.
The June 2023 quarter represented the ninth straight quarter of consolidated revenue growth and helped the company return to a profit of US$5 million versus a US$150 million loss a year earlier. Adjusted EBITDA of US$281 million was also 32.5% higher year-on-year.
For the first six months of the year combined, revenues grew by 18.3% to US$1.40 billion, with profit of US$32 million reversing a 1H22 loss of US$217 million. Adjusted EBITDA improved from US$414 million a year earlier to US$529 million.
“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 Light & Wonder’s President and CEO, Matt Wilson.
“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 (G2E) in October.”
