• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 1 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Fitch: Light & Wonder to meet reduced EBITDA leverage target by 2024

Ben Blaschke by Ben Blaschke
Thu 23 Nov 2023 at 04:28
Fitch: Light & Wonder to meet reduced EBITDA leverage target by 2024
11
SHARES
263
VIEWS
Print Friendly, PDF & Email

Global gaming supplier Light & Wonder is tipped to reduce its EBITDA leverage to 3.7x this year and further to 3.3x in 2024, aided by strong cash flow through its gaming equipment and systems operations, according to ratings agency Fitch.

The forecast formed part of a Wednesday note in which Fitch affirmed the Long-Term Issuer Default Rating (IDR) of Light & Wonder, Inc and Light & Wonder International, Inc at “BB”, indicating an “elevated vulnerability to default risk” but with “business or financial flexibility … that supports the servicing of financial commitments.”

In assessing the supplier’s rating, Fitch said it expects EBITDA leverage to not only reach 3.3x next year but to decline further over the forecast horizon.

“The continued momentum of Light & Wonder’s gaming equipment and systems cash flows in 2024, coupled with stable digital cash flows, will allow Light & Wonder to keep its EBITDA leverage metrics in 2023 and 2024 consistent with ‘BB’,” the agency said.

“Notably, LNW’s strong expected FCF generation and strong liquidity remain consistent with the rating.

“Light & Wonder still has about US$200 million available under its 2022 share repurchase program and though acquisitions currently fall low on its priority list in terms of capital allocation, the company has the ability to de-lever back within its targeted net leverage band of 2.5x-3.5x quickly.”

As reported by IAG, Light & Wonder President and CEO Matt Wilson has set an ambitious EBITDA target of US$1.4 million by end-2025 – up from US$913 million in 2022 – after the company was able to ease its once crippling debt obligations via the sale of its lottery and sports betting assets.

Light & Wonder recently announced Adjusted EBITDA of US$286 million for the September 2023 quarter, up 22% year-on-year.

Although the recent acquisition of the outstanding 17% equity interest in its social gaming arm SciPlay for US$485 million has added a “half turn” to Light & Wonder’s leverage, Fitch describes the move as credit positive given the use of cash, the subsidiary becoming part of the restricted group, enhanced balance sheet flexibility and further game development synergies.

Fitch also noted that Light & Wonder continues to make strong moves across Asia-Pacific in another sign of its growth trajectory.

“Light & Wonder considers Australia as a premium market and a bellwether for scaling successful games globally,” Fitch said, pointing to the company’s recent secondary listing on the Australian Securities Exchange.

“It has been able to expand its share in the region, which serves as the home base of [rival supplier] Aristocrat who has a market-leading presence. Asia is another focus area for the company, with Philippines, Singapore and the surrounding markets driving improved ship shares.”

RelatedPosts

Macau GGR comes in at MOP$18.9 billion in April, up 1.7% year-on-year

JP Morgan: Macau GGR surge seemingly sparked by direct VIP, ultra-premium mass gaming customers

Tue 1 Jul 2025 at 18:15
Genting Malaysia’s New York subsidiaries price an additional US$100 million senior notes as equity raising continues

Genting Malaysia says full casino operations could be launched within six months if New York bid successful

Tue 1 Jul 2025 at 06:11
FBM launches slot title “Croc’s Lock” into Mexico

FBM launches slot title “Croc’s Lock” into Mexico

Fri 27 Jun 2025 at 06:00
Light & Wonder sets new US$2 billion Adjusted EBITDA target for 2028

Light & Wonder earns small US courtroom victory in ongoing Aristocrat trade secrets battle

Thu 26 Jun 2025 at 06:00
Load More
Tags: EbitdaFitch RatingsGamingleverageLight and WonderMatt WilsonNorth AmericaSciPlay
Share4Share1
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Macau GGR comes in at MOP$18.9 billion in April, up 1.7% year-on-year

JP Morgan: Macau GGR surge seemingly sparked by direct VIP, ultra-premium mass gaming customers

by Ben Blaschke
Tue 1 Jul 2025 at 18:15

The unexpected resurgence of Macau gaming revenues over the past two months, which culminated in June GGR smashing consensus at 19% year-on-year growth, appears to have been supported by the performance of the high-end gaming segments, according to investment bank...

Thailand in political turmoil as Constitutional Court suspends Paetongtarn as Prime Minister over leaked phone call

Thailand in political turmoil as Constitutional Court suspends Paetongtarn as Prime Minister over leaked phone call

by Newsdesk
Tue 1 Jul 2025 at 15:26

Thailand’s fragile political situation took another dramatic turn on Tuesday as the Constitutional Court suspended Paetongtarn Shinawatra as Prime Minister pending an investigation into her leaked phone call with former Cambodia leader Hun Sen. Paetongtarn may still remain as culture...

On the brink

Macau GGR continues recent resurgence by rising 19% year-on-year to MOP$21.1 billion in June

by Ben Blaschke
Tue 1 Jul 2025 at 12:52

Macau’s casinos generated gross gaming revenue of MOP$21.06 billion (US$2.60 billion) in June, representing a 19.0% improvement over the same month last year and continuing the city’s recent growth spurt. The June figure was only slightly lower than May, when...

PAGCOR donates US$888,000 to Bureau of Immigration to help fund deportation of former POGO workers

PAGCOR donates US$888,000 to Bureau of Immigration to help fund deportation of former POGO workers

by Newsdesk
Tue 1 Jul 2025 at 08:54

Philippine gaming regulator PAGCOR has approved a Php50 million (US$888,000) grant to the Bureau of Immigration (BI) to fund the ongoing deportation of foreign workers previously employed by illegal offshore gaming operators, or POGOs, it revealed Tuesday. In a statement,...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English