Light & Wonder Posts Q4 Financials, Reports Robust Momentum

Light & Wonder has reported its results for the fourth quarter and fiscal year ended December 31, 2023, announcing strong momentum. The company’s metrics continued to grow, underpinned by strong performance across all of its business.

Q4 was notably the 11^th consecutive quarter of consolidated growth for Light & Wonder and the 6^th consecutive quarter of double-digit growth year-over-year.

The provider announced that its gaming revenue increased to $497 million in Q4, demonstrating continued growth thanks to robust gaming machine sales. This figure represented an overall growth of 13%.

Revenue from the SciPlay division, on the other hand, rose to $204 million, a growth of 12%. Light & Wonder attributed this strong result to the performance of its social casino business.

Finally, iGaming revenue increased 13% to $70 million thanks to Light & Wonder’s momentum in the US and beyond.

Light & Wonder concluded 2023 with consolidated revenue of $2.9 million, 16% up year-on-year.

The company ended the year with a net debt of $3.9 billion. The year also saw Light & Wonder return $25 million of capital to shareholders.

In January, the company repriced its Term Loan B, reducing interest rate by 35 basic points, resulting in a reduction in annualized interest costs of approximately $8 million.

L&W’s C-Suite Praised the Results

Matt Wilson, Light & Wonder’s chief executive officer, commented on the results, calling 2023 a “banner year” for his company. He praised the stellar growth across the board and congratulated his team on consistently leveraging a differentiated product strategy.

I am thrilled with the momentum we continue to see in the business, and with our winning mentality, experience, and talent in place, we are well-positioned to continue our growth trajectory. I want to congratulate our team on a successful year and know the best is yet to come.

Matt Wilson, CEO, Light & Wonder

Oliver Chow, the company’s chief financial officer, also shared his thoughts, applauding the healthy business trends. He said that Light & Wonder was able to capitalize on many of the opportunities presented to it in 2023 and is looking forward to delivering further growth.

Moving forward, we will focus on driving sustainable growth and executing against our balanced and opportunistic capital allocation strategy with discipline, driving value for all stakeholders.

Oliver Cow, CFO, Light & Wonder

In other news, Light & Wonder recently elevated the gaming experience at Harry Reid International Airport.