Light & Wonder Drops Nasdaq, Eyes Sole Australia Listing

The global gaming tech giant that creates “content, hardware and systems that connect iconic titles across any place or channel”, Light & Wonder, is preparing for a major shift in its market strategy. 

The Las Vegas-headquartered company has expressed its intention to pull out its stock from the Nasdaq Stock Exchange and focus exclusively on the Australian Securities Exchange (ASX). 

The Transition Will Bring “Tremendous Shareholder Value”

The news was introduced by chief executive officer Matt Wilson during the second-quarter earnings report presentation.

Wilson spoke about the “extensive diligence process” that convinced the Board to ultimately “transition to a sole ASX listing”, which the CEO hopes will “deliver tremendous shareholder value going forward”.

The company that is ready for launch in the UAE will likely delist from Nasdaq by the end of November. 

While its shares are down more than 11% over the past year, much of that drop is connected to its ongoing intellectual property dispute with rival Aristocrat Leisure. A trial is set for next year, but Light & Wonder recently secured a favorable ruling in the case.

Bold, But Expected Move

Though this move might surprise some U.S. investors, it’s been brewing for a while. Light & Wonder first listed in Sydney more than two years ago. Ever since, the listing has steadily gained traction, currently accounting for approximately 37% of the company’s overall market cap. 

Earlier this year, the company hired Jarden Australia and Goldman Sachs to help it properly explore the benefits of switching entirely to the ASX.

Australia, a market that is already dominated by Aristocrat Leisure, is seen as a much better option for companies like Light & Wonder seeking investors who are more familiar with gaming tech and more likely to assign a valuation that reflects the company’s true worth.

“With the transition, LNW’s market cap on ASX will move to ~AUD12.2B, making it eligible for the ASX 50,” said Jefferies analyst David Katz. 

Entry into that major index could prompt fund managers to snap up shares, potentially giving Light & Wonder a valuation boost.

In preparation for the upcoming transition, the company is busy buying back shares. In the second quarter alone, it repurchased $100 million worth, bringing the 2025 total so far to $266 million. Light & Wonder plans to use at least half of the $950 million still available in its buyback program before the Nasdaq delisting, even if that move will temporarily push its debt ratio above its preferred range.